Abu Dhabi shares rose to a one-week high, led by Aldar Properties PJSC (ALDAR) and Sorouh Real Estate Co. (SOROUH), as the emirate's biggest developer (more)
Abu Dhabi shares rose to a one-week high, led by Aldar Properties PJSC (ALDAR) and Sorouh Real Estate Co. (SOROUH), as the emirate's biggest developers were said to be considering appointing advisers for a possible merger. Saudi shares rallied.
Aldar and Sorouh rose to the highest levels in two weeks. The stocks pushed the ADX Real Estate Index (ADRE) up 3.5 percent. The ADX General Index (ADSMI) gained 0.1 percent to 2,471.05, the highest since May 15, at the 2 p.m. close in Abu Dhabi. Saudi Arabia (SABIC)'s Tadawul All Share Index advanced 1.1 percent, the most in a month. Emerging-market stocks rose the most in eight weeks.
"Investors have interpreted the appointment of advisers as positive as it shows the merger talks are progressing well," said Waleed Al Khateeb, the senior finance manager at Daman Securities in Dubai. "A merger would be extremely positive for the real estate sector in Abu Dhabi."
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