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Shares of Aldar Properties and Sorouh Real Estate surged in heavy trading yesterday, by 12.9% and 11.7% respectively. This is close to their daily upward limit of 15%, which is higher than in Dubai where the limit is 10%. The both property developers were for many years top performers on ADX and favorite market leaders to local investors and traders.
The two companies are expected to complete their merger in June, which will result in Sorouh being delisted from the bourse. However, change in policy would not be unexpected or unwelcome, given the size of the both property developers portfolios. Property investment analysts do not foresee rents and real estate prices increase in Abu Dhabi in 2013 due to to the tremendous news supply of residential units. However, the long term vision for the emirate suggest that the coming years will see strong performance across all sectors of the economy.
Companies were net sellers of AED 86.37 million worth of shares on Abu Dhabi Securities Exchange (ADX) yesterday. They purchased shares at a total value nearing AED 161.98 million, while their sell trades amounted to AED 248.35 million.
Individual investors recorded a buy/sell difference of AED 86.3 thousand worth of shares. It purchased and sold shares at a total value nearing AED 730.14 million and AED 643.77 million respectively.
Foreigners executed buy and sell transactions worth AED 133.26 million and AED 177.70 million, accounting for 35.81% and 47.75% respectively of total trades on ADX.