Abu Dhabi’s shares rose the most 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, Abu Dhabi’s biggest property developer, rose for a third day this week. Sorouh Real Estate, the emirate’s second-largest developer, rallied 3.4 percent. Abu Dhabi’s ADX General Index rose 0.1 percent, the most since Feb. 2, to 2,466.74 at the 2 p.m. close in the emirate, trimming this week’s drop to 0.4 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.
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