By: Mahmoud Gamal
Dubai – Mubasher: SHUAA Capital’s stock saw a positive performance, amid expectations that the company is likely to trim its quarterly losses.
The stock rose 3% by 11:50am UAE to AED 1.05, its highest level in 22 months.
SHUAA’s losses are expected to fall below AED 50 million by the end of the third quarter of 2016, according to financial analyst Mohamed Mehdi.
The company seeks to cut its provisions and expenses amid relative stability of the financial market, Mehdi noted.
SHUAA Capital incurred AED 50.8 million ($13.8 million) losses in Q2-16, against net profits of AED 1.7 million ($462,000) in the prior-year period. Provisions worth AED 56.9 million were allocated to cover the losses of Gulf Finance Corporation's bad loans.
Translated by: Julian Nabil
