Tuesday, Jul 31, 2012
0858 GMT [Zawya Dow Jones]--U.A.E. real estate stocks are rallying after a series of good earnings this week, says The National Investor. "After Emaar and Sorouh both published results which exceeded investors' expectations there is now some buying into other real estate names on expectations that they will also post stronger results," says Ali Adou, portfolio manager at TNI. He adds however that Sorouh's stock should be viewed with caution. "Sorouh was above estimates, but going forward it is difficult to predict what will happen as the merger will take place. On a company basis we may see Sorouh revenues rise but investors are now watching closely the merger."
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