uae property stocks in focus in early trade
Last Updated : GMT 13:26:10
Arab Today, arab today
Arab Today, arab today

UAE property stocks in focus in early trade

Arab Today, arab today

Arab Today, arab today UAE property stocks in focus in early trade

Dubai - Arabstoday

UAE property stocks will be in focus on Monday as fresh quarterly results shed light on the sector\'s state of recovery. Dubai builder Arabtec\'s quarterly net profit soared more than fivefold to AED39.1m, beating expectations of AED33.6m. Abu Dhabi\'s Sorouh Real Estate is likely to face selling pressure after posting a 13.4 percent rise in third-quarter net profit, aided by higher handovers and increased rental income, but missed analyst\'s forecasts. \"The disappointment in the earnings came from unexpected impairments to properties,\" EFG-Hermes said in a note. \"The impairments most likely reflect the bearish sentiment on prevailing market trends in rental yields and property prices in Abu Dhabi in anticipation of the upcoming supply, which is likely to put further pressure on profitability,\" it added. An additional 11,000 homes are scheduled to be handed over in the capital during the fourth-quarter, according to a report by property consultants Jones Lang LaSalle. Meanwhile, Aldar Properties , Abu Dhabi\'s largest developer by market value, says it will cut its workforce by 105 people, 24 percent of the organisation, scaling down certain functions as part of new strategy plan. \"People know that there will be a peak in delivery for developers,\" says an Abu Dhabi-based trader. \"People are worried that those who bought units will not pay the last payments. The risk of not taking the unit and not paying last payments is higher in some projects where you pay only a little before the hand-over.\" On the telecoms front, du on Monday said its third-quarter net profit was AED244.3m versus AED163.1m a year ago. Elsewhere, Qatar Telecommunications (Qtel) will also be in focus after it reported a 13 percent fall in third-quarter net profit, missing estimates. The heavyweight blamed the drop on seasonal promotions and foreign exchange losses. Most regional markets rose on Sunday in a relief rally and playing catch-up with recent gains in world stocks as investor sentiment was lifted by a deal last week to solve Europe\'s debt crisis. On Monday, Asian shares fell following Japan\'s intervention in the foreign exchange market, prompting investors to book profits after last week\'s rally.

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