Abu Dhabi’s shares rose to the highest in four months after Aldar Properties, the emirate’s biggest developer, posted second-quarter earnings that more than tripled.
The company, which is in talks to merge with Sorouh Real Estate Co., rose to the highest since March. Sorouh, the second-biggest real estate company in Abu Dhabi, gained 0.9 per cent.
The stocks, the most traded on the emirate’s index on Thursday, pushed the ADX Real Estate Index up 1.2 per cent. The ADX General Index climbed 0.8 per cent to 2,534.72, the highest since April 10, at the close in Abu Dhabi. Dubai Financial Market General Index rallied 1.1 per cent as Emaar Properties rose 2.1 per cent.
Aldar’s results helped “boost overall sentiment; a big part of the revenues was attributed to profits made on assets sold to the government as part of the support package and rental income also grew,” said Talal Touqan, Abu Dhabi-based head of research at Al Ramz Securities. The Bloomberg GCC 200 Index and Qatar’s QE Index gained 0.2 per cent.
Oman’s MSM30 Index and Bahrain’s benchmark stock index rose 0.5 per cent. Kuwait’s gauge slipped 0.2 per cent. Saudi Arabia’s market is closed for the weekend.