Investors booked profits today after gains made yesterday on speculation that Aldar Properties will secure government funding.
Roy Cherry, an analyst at Shuaa Capital based in Dubai, said: "In the near-term, Aldar's shares will continue to be driven by speculation on the funding plan being negotiated with the government." Aldar posted a third quarter loss of Dh731.2m, compared with a profit of Dh270m last year.
"Fundamentally, the company is facing a very challenging period as it is being squeezed between an increasingly distant real estate market recovery and rising debt levels with rapidly approaching maturities," Mr Cherry said.
23 million shares of Aldar changed hands, trading up as much as 3 per cent midday before closing just 0.8 per cent higher to Dh2.31. Shares of Aldar rose as high as 9 per cent yesterday. The Abu Dhabi Securities Exchange General Index added 0.3 per cent to 2765.22.
Positive sentiment in the market pushed other property stocks higher. Sorouh Real Estate, Abu Dhabi's second biggest developer, lost 0.6 per cent to Dh1.66. RAK Properties, based in the emirate of Ras Al Khaimah, remained unchanged at 47 fils.
In Dubai, Emaar Properties, developer of the world's tallest skyscraper, was the most actively traded stock on the Dubai Financial Market exchange. Shares of Emaar lost 0.5 per cent to close at Dh3.75. The Dubai Financial Market General Index lost 0.5 per cent to 1706.39.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m, Winner SS Lamea, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer).
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,400m, Winner AF Makerah, Sean Kirrane, Ernst Oertel
6pm: Handicap (PA) Dh80,000 1,600m, Winner Maaly Al Reef, Brett Doyle, Abdallah Al Hammadi
6.30pm: Handicap (PA) Dh90,000 1,600m, Winner AF Momtaz, Antonio Fresu, Musabah Al Muhairi
7pm: Handicap (PA) Dh80,000 2,200m, Winner Morjanah Al Reef, Brett Doyle, Abdallah Al Hammadi
7.30pm: Handicap (TB) Dh100,000 2,200m, Winner Mudarrab, Jim Crowley, Erwan Charpy
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)