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Aldar at 4-wk high, traders bet on govt aid
Abu Dhabi’s Aldar rises 2.9 percent.
January 9, 2011 2:17 by Reuters
Abu Dhabi’s Aldar Properties hits a four-week high on fresh speculation a government support package for the indebted developer is imminent.
Aldar rises 2.9 percent to its highest level since Dec. 12.
Aldar has 14 billion of debts maturing in 2011 according to investment bank EFG-Hermes, and has made losses for four straight quarters, while its shares are down 49 percent since March 28.
In November, Aldar said it was in the final stages of talks with the government over its cash needs.
“It’s obvious that whichever investors are buying Aldar think a deal should happen, while technically the stock has found a bottom at 2.20 dirhams and rally towards 2.6,” says Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments.
Banks also rise. National Bank of Abu Dhabi climbs 1.3 percent, First Gulf Bank adds 1.9 and Abu Dhabi Commercial Bank rises 3.6 percent. Combined trade for this trio totals less than 150,000 shares.
Abu Dhabi’s index rises 0.6 percent to 2,769 points.
(Reporting by Matt Smith in Dubai and Patrick Werr in Cairo; Editing by Dinesh Nair)