Monday, 2 May 2011 at 16:55, Bloomberg
Aldar Properties PJSC rose the most in more than two weeks on investor speculation first-quarter results may beat estimates. Sorouh Real Estate Co advanced as the developer starts handing over properties.
The shares of Aldar, the biggest real-estate company in Abu Dhabi, climbed two per cent, the most since April 17, to Dh1.55 at the 2:30pm close in Abu Dhabi today. Sorouh, the second-largest by market value, added 2.8 per cent, the most since April 19. Abu Dhabi’s benchmark ADX General Index was little changed.
The increase in Aldar’s share prices is “on speculation the company might surprise to the upside on first quarter results,” said Saad Al-Chalabi, an institutional trader at Al Ramz Securities in Abu Dhabi. The mean estimate of five analysts is for a loss of Dh195.8 million ($58m), according to data compiled by Bloomberg.
Sorouh delivered about 25 per cent of its commercial space in the Sun and Sky Towers to buyers and will start handing over keys of residential units this month. “There was renewed interest in Sorouh as they are finally handing over units,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment at Royal Capital.
Your comments