United Arab Emirates shares rose, led by real-estate companies, as Abu Dhabi’s Aldar Properties PJSC said it is in talks with the government for funding. Dubai’s index climbed the most this month, while Kuwait stocks fell.
Aldar, the capital’s biggest developer, climbed 3.2 percent, lifting the ADX General Index 0.2 percent to 2,755.3. Emaar Properties PJSC, builder of the world’s tallest skyscraper, led the gain in Dubai after shareholders approved a $500 million convertible notes issue. The DFM General Index advanced 1.3 percent, the most since Oct. 28, to 1,715.68 at the 2 p.m. close in the emirate. Kuwait’s index lost 1 percent.
Investors are optimistic as “the market is now expecting that Aldar will get some non dilutive support given their announcement of explicit talks with the government,” said Shehzad Janab, head of asset management at Dubai-based Daman Investments PSC. “When Aldar moves up, it drags other real- estate names in the U.A.E.”
No comments:
Post a Comment