Abu Dhabi shares headed for the biggest gain in a week amid speculation earnings at the emirate’s biggest real-estate companies will improve and they will benefit from infrastructure spending plans.
Aldar Properties PJSC (ALDAR), Abu Dhabi’s biggest property developer, rose for a third day this week. Sorouh Real Estate (SOROUH), the emirate’s second-largest developer, rallied 3.4 percent. Abu Dhabi’s ADX General Index (ADSMI) rose 0.3 percent, poised for the biggest gain since Feb. 2, to 2,471.01 at 12 p.m. in the emirate, trimming this week’s drop to 0.2 percent. The Bloomberg GCC 200 Index fell 0.1 percent.
“Sentiment for real estate stocks has improved slightly as soon to be announced earnings are expected to be substantially better for both Aldar and Sorouh,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-biggest bank by assets. “That said, volumes remain very weak in Abu Dhabi.”
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