Business | Markets

Sorouh shares sparkle in steady UAE market

Sorouh Real Estate yesterday succeeded in overtaking Aldar Properties to become the largest listed developer in terms of market value in Abu Dhabi.

  • By Ahmed A. Elewa, Senior Reporter
  • Published: 00:53 March 6, 2008
  • Gulf News

Abu Dhabi: Sorouh Real Estate yesterday succeeded in overtaking Aldar Properties to become the largest listed developer in terms of market value in Abu Dhabi.

The mega developer surged 3.92 per cent to Dh10.60 on heavy trading, lifting the market capitalisation to Dh26.5 billion exceeding Aldar by more than Dh737 million.

Aldar stood unchanged at Dh11.10, maintaining its market value at Dh25.76 billion.

Abu Dhabi Security Market's general index was almost flat by the close, retreating by a minute 0.02 per cent to 4,821.55, though the value of traded shares there exceeded Dh985.5 million, higher than the Dh714 million recorded in Dubai.

Sorouh's performance came in contrast to the other leading shares that mostly ended the session in the red, including etisalat which plunged 1.4 per cent to Dh24.90 and the National Bank of Abu Dhabi which dropped 0.22 per cent to Dh23.

Dubai down

Dubai Financial Market (DFM) ended the session in negative territory on a day when the general index fell 0.9 per cent to 5,804.77.

Emaar Properties fell again below the Dh12 mark, losing 1.23 per cent to close at Dh11.95, leading the downtrend recorded by all the listed developers, including Deyaar Development which retreated 0.77 per cent to Dh2.57.

The banking sector was also hit as Emirates NBD, the largest listed bank in terms of market capitalisation in the country, fell 1.72 per cent to Dh14.25.

Dubai Islamic Bank which 0.41 per cent to Dh11.95. Overall, the Emirates Securities general index dropped 0.41 per cent to 6,090.39, and the value of traded shares did not exceed Dh1.7 billion.

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