Abu Dhabi: Aldar Properties and Sorouh Real Estate shares fell the most in two weeks on bets last month's rally, spurred by the Abu Dhabi developers' merger plan, was overdone as the emirate's housing market faces excess supply.
Aldar and Sorouh tumbled the most since January 22 as Bank of America Merrill Lynch said in a note that the combined company was five per cent overvalued. Aldar fell 4.2 per cent to Dh1.38 and Sorouh lost 2.3 per cent to Dh1.72. The stocks were the second and third-biggest decliners on the benchmark ADX General Index, which rose 0.3 per cent.