The Abu Dhabi index hit a 14-month on Tuesday, lifted by real estate stocks which gained on the prospect of consolidation in the struggling sector.
Aldar Properties and Sorouh Real Estate were the main drivers, together accounting for nearly 75 percent
of all shares traded on the bourse.
The firms said due diligence on their proposed merger was ongoing but the discussions were at an advanced state, in a joint statement to the stock exchange on Tuesday. This followed a senior Sorouh executive saying on Sunday that an announcement would be made within a month.
No comments:
Post a Comment