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Aldar Properties shines as investors await good news

By Hadeel al Sayegh  www.thenational.ae

Aldar properties made its biggest gain in more than two weeks yesterday, snapping a six-day streak of trading losses as investors speculated about a positive surprise from first-quarter results.

Al Raha BeachShares in Abu Dhabi’s largest publicly traded developer closed 2 per cent higher at Dh1.55 on the Abu Dhabi Securities Exchange, their highest since April 17. Aldar has declined by 6 per cent since April 24.

Sorouh Real Estate, the second-largest developer in the emirate, added 2.8 per cent, its biggest gain since April 19. The Abu Dhabi Securities Exchange General Index was unchanged at 2,692.02 points.

“Investors who are expecting first-quarter results to beat expectations are building their positions,” said Ameed Kanaan, the general manager at AlJazeera Financial Services brokerage in Dubai. A consensus of analyst estimates at Bloomberg News expects the developer to post a loss of Dh195.8 million.

Property and construction stocks fell in Dubai. Emaar Properties, the developer of the Burj Khalifa, lost 0.3 per cent to close at Dh3.24. Union Properties, the company behind Dubai’s Motor City, declined 0.9 per cent to 40 fils a share, while DeyaarDevelopment lost 0.6 per cent to 31 fils. The Dubai Financial Market was unchanged at 1,627.86.

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