Thursday 29 December 2011

Abu Dhabi Shares Rise Most in Three Weeks on Aldar State Support - Businessweek

Abu Dhabi shares advanced the most in three weeks, led by Aldar Properties PJSC after the emirate’s government agreed to buy assets valued at 16.8 billion dirhams ($4.6 billion) to support the company.

Aldar jumped 9.5 percent, the most since December 2010. Sorouh Real Estate Co. surged 7.6 percent. The benchmark ADX General Index climbed 0.8 percent, the most since Dec. 4, to 2,385.54 at 10:44 a.m. in the emirate, trimming its losses this year to 12 percent. Dubai’s DFM General Index rose 0.3 percent.

The agreement “shows the significant support that the government has for Aldar,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments. “The market is taking the news very positively.”

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