Aldar, Sorouh shares see double-digit rises

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Abu Dhabi developers Aldar Properties and Sorouh Real Estate surged in heavy trading on Sunday, in what analysts say is overall positive market momentum.

Aldar and Sorouh shares rallied 12.9 and 11.7 percent respectively - close to their daily upward limit of 15 percent.

Aldar declined to comment, while Sorouh wasn't immediately available for comment.

The two firms are expected to complete their merger in June, which will result in Sorouh being delisted from the bourse.

Abu Dhabi's benchmark climbed 1.4 percent to 3,562 points, a fresh 52-month high.

Analysts say that following sharp early-year gains in many UAE stocks, investors are picking up laggards.

Kuwait's bourse hit a psychologically key level of 8,000 points as strong buying small-caps helped the index extend its rally.

Kuwait's benchmark rose 1.4 percent to 8,013 points, its highest level since June 2009. The next target is 8,438 points, the previous peak.

Companies have posted improved earnings in the last two quarters with banks - which hold shares as collateral for loans - profiting from the equities rally and improved economic outlook as political unrest steadied.

Related:

Market Performance

ALDAR Properties
4.23
0.05 1.2 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

'The gold rush is over'

'The gold rush is over'

Many blue chips are reviewing their emerging-market strategies...

Money talks for Gulf SWFs

Money talks for Gulf SWFs

The Gulf’s oil-rich sovereign wealth funds are seeking to increase...

2
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams