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MIDEAST STOCKS-Waha Capital's buy-back may lift Abu Dhabi; Qatar tweaks index
September 18, 2014 / 5:37 AM / 3 years ago

MIDEAST STOCKS-Waha Capital's buy-back may lift Abu Dhabi; Qatar tweaks index

DUBAI, Sept 18 (Reuters) - Shares in Abu Dhabi’s Waha Capital may rise further on Thursday after its board approved a buy-back of up to 10 percent of outstanding stock, while some companies in Qatar may come under pressure after being dropped from the main index.

Waha Capital, an investment firm, said early on Thursday it would repurchase up to 194 million shares, but did not disclose the price it would offer.

The stock has already risen 7.5 percent since the company said its board would consider the matter; it closed at 3.15 dirhams on Wednesday. The buy-back will be carried out within 12 months of approval by the Securities and Commodities Authority.

In Qatar, some investors may sell shares in Al Khaliji Commercial Bank and Al Meera Consumer Goods Co after the bourse said on Wednesday it would exclude them from the main index on Oct. 1.

Ezdan Holding and Mazaya Qatar Real Estate Development will replace them in the 20-stock benchmark, which hit an all-time closing high of 14,165 points on Wednesday.

On global markets, Asian shares outside Japan fell to 12-week lows on Thursday after the U.S. Federal Reserve delivered an outlook for rising interest rates, although it continued to say rate hikes would not happen for a “considerable time”, and because of slower economic growth in China. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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