Business | Markets
Abu Dhabi rises on real estate gains
Gains in real estate stocks in anticipation of strong earnings result of Sorouh Real Estate Company lifted Abu Dhabi shares yesterday, closing higher for the second straight session.
- By Gaurav Ghose, Financial Features Editor
- Published: 23:37 July 24, 2008
Dubai: Gains in real estate stocks in anticipation of strong earnings result of Sorouh Real Estate Company lifted Abu Dhabi shares yesterday, closing higher for the second straight session.
The Abu Dhabi Securities Exchange added 0.42 per cent to close at 5005.70, with the real estate index rising 1.70 per cent.
Sorouh Real Estate Co., the capital's second biggest developer, which was scheduled to announce the second quarter results later in the day, advanced 2.49 per cent to Dh9.47. It was the highest traded stock, both in terms of volume and turnover-29.12 million shares were traded at a total value of Dh275.95 million.
Aldar Properties, Abu Dhabi's biggest developer, rose 1.59 per cent to close at Dh12.75. With a 36 per cent decline in their second quarter net income, RAK Properties, however declined 2 per cent to Dh1.92.
The banking index was up 0.24 per cent, with 1.19 per cent rise in National Bank of Abu Dhabi shares while declines in Abu Dhabi Commercial Bank and First Gulf Bank offset some of the gains. NBAD closed at Dh21.20. ADCB and FGB closed at Dh27.70 and Dh5.12 respectively.
The Abu Dhabi benchmark gained 2.37 per cent over last week and is up 10 per cent for the year.
After Wednesday's substantial jump of 3.02 per cent, Dubai shares fell marginally with traders closing position as the week came to an end. Volumes fell 36 per cent from 536.83 million shares to 338.42 million with a turnover of Dh1.37 billion.
The Dubai Financial Market General Index declined 0.36 per cent to close at 5437.54. The index was up 4.12 per cent over last Thursday's close.
Emaar held on to the previous day's close at Dh10.60 and was the most active stock in terms of turnover totalling Dh348.32 million.
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