"Shuaa Capital PSC (SHUAA) advanced to the highest in more than a year after the investment bank controlled by Dubai’s ruler was raised to buy at Arqaam Capital Ltd.
The shares climbed 3.4 percent to 0.76 dirham, the highest close since May 8, 2012. About 5.7 million shares traded, or almost four times the three-month daily average. Shuaa was the second-biggest mover after Commercial Bank of Dubai on the emirate’s benchmark DFM General Index (DFMGI) in percentage terms. The measure lost 0.8 percent.
Shuaa, which reported a narrower first-quarter loss, said in October it plans to boost lending to small- and medium-sized businesses and high-net-worth individuals. The company completed a restructuring program to reduce non-core assets, cut jobs and generate recurring revenue. Shuaa has reported annual losses since 2008 as the global financial crisis led to a drop in volumes on local stock markets."
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