New year optimism boosts Aldar on Abu Dhabi bourse

Aldar Properties starts 2011 on a high as traders began the new year on a positive note.

Shares in Aldar Properties reflected a spirited start to the first day of UAE trading this year as the heavyweight stock was one of the highest gainers at the open.

The Abu Dhabi builder moved 0.8 per cent higher to Dh2.3, the highest point in over a week, and a volume of 1.7 million in shares being traded.

Sorouh Real Estate rose 1.2 per cent to Dh1.65 and RAK Properties increased 2.23 per cent to 45 fils.

In Dubai, Arabtec also benefited from the positive momentum as it jumped 1.5 per cent to Dh2.00, the highest point in a week and a half. It was also the most traded stock by volume with over 7.7 million shares changing hands.

No stocks were down at the open, with six companies up in Dubai and three gaining in Abu Dhabi.

National Bank of Abu Dhabi, a banking bellwether and the largest bank in the UAE by market capitalization, rose 2.1 per cent to Dh12, an almost three-week high.

The Abu Dhabi Securities Exchange gained 0.3 per cent to 2,729.14 points and the Dubai Financial Market (DFM) General Index climbed 0.7 per cent to 1,643.14 points.