A qualified engineer, CP Rizwan is a technically correct batsman who can also take wickets with his part-time spin
The ADX General Index advanced 0.2 per cent, the most since November. 7, to 2,761.66, at the 2 pm close in Abu Dhabi. Qatar’s QE Index climbed 0.5 per cent to 8,040.78, the highest in more than two years led by Qatar National Bank.
“The strong Taqa earnings helped lift Abu Dhabi shares,” said Humam Al Shamaa, economic adviser at Al-Fajer Securities in Abu Dhabi. “The drop last week was overdone and investors are buying Aldar on yesterday’s news.”
A decline of 2.4 per cent last week has left the 66 companies in Abu Dhabi’s benchmark index valued at 10 times estimated earnings, data compiled by Bloomberg show.
That compares with 13.5 times for the MSCI Emerging Markets Index. The United Arab Emirates economy may expand 2.4 per cent this year from a previous estimate for growth of 1.3 per cent, the International Monetary Fund said in an October 24 report. Taqa increased the most since October 11 to Dh1.45. Net income rose to Dh218 million ($59.4 million) from Dh90 million a year earlier.
Separately, the company expects to complete the refinancing of a $3 billion loan by the end of the year, Chief Financial Officer Doug Fraser said on Wednesday. Aldar, the biggest property developer in Abu Dhabi, jumped to Dh2.34, the highest level since November 3. Aldar yesterday reported a third-quarter loss of Dh731.2 million compared with profit of Dh270.1 million a year earlier. The median estimate of three analysts was for a loss of Dh215 million, according to Bloomberg data.
“Investors had been shorting Aldar in anticipation of weak third-quarter results,” said Omar Abdallah, director at A/T Capital Management in Dubai. “Once they came out, there’s been short-covering on the stock, which has pushed the price up.”
Short-covering refers to the closing out of bets that an asset would weaken. Qatar National Bank climbed to the highest in more than five years, adding 1.3 per cent to 170.2 riyals.
The country’s biggest lender by assets received orders worth $6 billion for its $1.5 billion bond sale.
Dubai’s DFM General Index dropped 0.5 per cent, while Kuwait’s gauge and Oman’s MSM30 Index advanced 0.2 per cent. Bahrain’s gauge retreated 0.5 per cent. Saudi Arabia’s Tadawul All Share Index decreased 0.1 per cent. —
A qualified engineer, CP Rizwan is a technically correct batsman who can also take wickets with his part-time spin
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