UAE markets mixed; Aldar, Sorouh slip

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Abu Dhabi's market edges lower in early trade, slipping off multi-month highs as investors book gains, while Dubai's bourse extends gains.

Abu Dhabi's Aldar Properties and Sorouh Real Estate each shed 2.5 percent. The two developers surged on Tuesday after sources told Reuters the firms reached an initial merger agreement.

Aldar on Wednesday said its merger talks with Sorouh are at an advanced stage.

Abu Dhabi's measure slips 0.3 percent to 2,715 points, down from an 18-month high.

Dubai's index gains 0.3 percent to 1,733 points, a fresh 10-month high.

Emaar Properties climbs 1.2 percent as investors bet on rising housing prices despite concerns of a new limit on mortgage lending.

Commercial banks in the United Arab Emirates plan to ask the central bank to delay and soften new rules placing caps on mortgage loans for residential housing, banking industry sources said on Sunday.

A central bank circular last week said mortgage loans for foreign individuals should not exceed 50 percent of the property value for a first purchase of a home, and 40 percent for second and subsequent homes. The caps for UAE citizens were set at 70 percent and 60 percent.

Carrier Air Arabia slips 0.6 percent, while contractor Arabtec extends gains after winning a US$653m Louvre project on Tuesday. Its share are up 1.2 percent.

Elsewhere, Oman's benchmark rises 0.5 percent to 5,806 points, while Kuwait and Qatar trade near-flat.

Related:

Market Performance

ALDAR Properties
2.73
0.13 5.0 (%)
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
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Most Discussed