Amlak extends losses as it hits limit down for second consecutive session on DFM

Amlak plunged again in morning trading following on from its dizzying rise last week.

Gulf stock markets were narrowly mixed in early trade on Sunday after oil prices fell on Friday, giving up most of the gains made earlier in the week.

Dubai’s stock index edged up 0.6 per cent with most stocks positive but Amlak Finance, which was the most traded stock in the emirate, tumbled its daily 10 per cent limit for the second session in a row.

Shares in the mortgage lender had more than doubled in price earlier this month after it resumed trading following a six-year suspension during which it restructured debt.

Meanwhile, the Dubai-listed shares of Kuwaiti firm Al Madina for Finance and Investment led gains and surged 10.3 per cent after the company reported a 71 per cent decrease in first-quarter net loss per share.

Qatar’s bourse edged down 0.3 per cent as most stocks fell. Industries Qatar, whose petrochemicals business is sensitive to oil price movements, was down 0.7 per cent.

Abu Dhabi’s benchmark edged up 0.2 per cent as heavyweight Etisalat rose 0.9 per cent. Markets in Oman and Kuwait were nearly flat.

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