Waha Capital boosts bourse

Abu Dhabi's bourse finished with positive gains for the fourth time this week yesterday, bolstered by further strength from Waha Capital. The company's Netherlands-based unit Waha Aerospace this week announced plans to raise bonds worth US$5 billion and retail speculators continued to bid up the shares of the parent company. Waha Capital shares jumped 8 per cent to 67 fils and rose almost 7 per cent on Wednesday.

The Abu Dhabi Securities Exchange General Index closed up 0.5 per cent to 2,550.98. Aabar Investments retreated for the first time since July 12. The shares dropped by 0.5 per cent, closing at Dh1.92. Aabar's majority shareholder will purchase shares back from minority shareholders at Dh1.95 a share. The Dubai Financial Market General Index ended 0.1 per cent lower at 1,528.97. The bourse bellwether Emaar Properties after the close of trading posted profits of Dh802 million compared with Dh1.2bn in the same period last year.

"I think the results were very strong. For a company like Emaar, with all we see in terms of the slowdown in real estate and the drop in prices, to come up with Dh802 million is a great achievement," said Mohammed Ali Yasin, the chief executive at Shuaa Securities based in Abu Dhabi. "It's a testament to the company to build a model that generates enough cash flow to continue in bad times." Elsewhere in the region, Kuwait's index moved up 0.2 per cent to 6,852.60. Bahrain's bourse dropped 0.1 per cent to 1,401.42. Oman's measure dropped 0.9 per cent to 6,117.25 and Qatar's index remained largely unchanged at 6,951.89. The Saudi Tadawul was closed for the day.

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