Aldar, Sorouh shares see double-digit rises

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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.

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Market Performance

ALDAR Properties
3.77
0.18 5.01 (%)
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