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Waha Capital decline continues as first quarter profit dives

The Abu Dhabi market gauge ended off 0.20% at 2,481.13 points Wednesday only a handful financials bucked the regional and global downtrend. National Takaful Company, known as Watania, lost the most, closing down 9.82% to hit Dhs1.01. Leasing specialist Waha Capital closed 1.64% lower at Dhs0.60. Earlier in the day, Waha reported a 46.70% decrease in net profits in the first quarter, amounting to Dhs15.9m. Waha Capital CEO Salem Rashid Al Noaimi said in a statement to the ADX that Waha was reviewing its portfolio and that the firm took measures to increase operational efficiency. Since Waha hit a nine-month high at Dhs0.73 in April, the share has lost 17% of its value. Trading turnover increased slightly in Abu Dhabi, as 46.16m shares were traded valued at Dhs64m.