Abu Dhabi's Aldar at four-year high; Egypt's bourse hits eight-week low

Abu Dhabi's Aldar Properties hit a four-year high on Sunday after it unveiled tentative plans to float a subsidiary, lifting the emirate's bourse, while Egypt's market slumped to an eight-week low. Other Middle East markets were muted as Saudi Arabia investors showed little reaction to a slew of first-quarter earnings, and Dubai eased from Thursday's five-year peak.
In Abu Dhabi, Aldar surged 5.1 percent to its highest close since May 2010. The state-run developer said it might float property management unit Khidmah through an initial public offer sometime in coming years.
RAK Properties, a favourite target for retail investors' speculation, climbed 14.5 percent, while Abu Dhabi's main index rose 0.9 percent to a five-week high.
Neighbouring Dubai eased 0.6 percent, its first decline in six sessions. Emaar Properties and Dubai Financial Market were the main drags, sliding 1.7 and 2.0 percent respectively.
In Saudi Arabia, Almarai fell 0.8 percent after the dairy firm posted a 7.3 percent increase in first-quarter profit that was marginally below analysts' estimates.
Saudi Hollandi Bank's 20 percent rise in first- quarter profit helped the lender's shares end only 0.8 percent higher.
The bank "will maintain double-digit growth in net profit in 2014 and 2015 and will outperform peers", NBK Capital wrote in a note, adding however that the stock's sustained surge - it has gained 79 percent since the start of 2013 - meant it had limited upside.
Riyad Bank rose 0.3 percent after the kingdom's third-largest lender by assets said it made a first-quarter profit of 1.08 billion riyals ($288 million), up 13.5 percent from a year earlier.
Egypt's main index dropped 2.3 percent to its lowest close since February 11. The benchmark has fallen 14.7 percent from March 26's five-year closing high.
Telecom Egypt fell 9.4 percent, Citadel Capital slid 9.2 percent and property developer Talaat Moustafa dropped 8.5 percent.
A gradual weakening of the Egyptian pound to multi-month lows against the US dollar in recent days has also hurt market sentiment, reviving talk that Egypt may eventually have to depreciate its currency further to stimulate growth.