Stock News: Earnings Lift Abu Dhabi; Dubai Slips

Positive third-quarter earnings supported Abu Dhabi’s bourse in early trade on Thursday while Dubai pulled back after posting strong gains earlier in the week.

Abu Dhabi’s index climbed 0.1 per cent. Waha Capital dominated trading volumes and jumped 2.9 per cent. The company said on Sunday its third-quarter profit more than doubled, and the stock’s strong performance afterwards has attracted an increasing number of buyers.

Shares in Aldar Properties, the emirate’s largest listed developer, rose 0.6 per cent after it reported a 41 per cent rise in third-quarter profit to Dhs584 million ($159 million), well ahead of analysts’ estimates.

SICO Bahrain and HSBC had expected the firm to make a quarterly profit of Dhs382.6 million and Dhs441.9 million respectively.

Dubai’s bourse edged down 0.3 per cent as Arabtec, the most traded stock, lost 0.9 per cent on continued profit-taking. In a move long expected by investors, Abu Dhabi state fund Aabar Investments raised its stake in contractor Arabtec Holding to 34.93 per cent from 18.94 per cent with an off-market trade on Tuesday.

Qatar’s benchmark was nearly flat with an even spread between winners and losers.