Shares of Amlak Finance continued to confound predictions following Tuesday's resumption of trading in the mortgage provider.
Its share price soared yesterday as retail and institutional investors piled into the stock.
After a day of wild fluctuations on Tuesday, shares in the Sharia-compliant lender rose in early morning trading yesterday, hitting the upper limit of 15 per cent just before 11am.
Amlak shares ended trading yesterday at Dh1.17, up 14.7 per cent, the best performing stock by far on the Dubai Financial Market.
More than 165 million Amlak shares changed hands yesterday, nearly a third more than Gulf Finance House, the DFM’s next most traded stock.
Amlak's performance came as "something of a surprise", said Julian Bruce, the head of institutional trading at EFG Hermes in Dubai.
"It's likely that investors are taking the view that since November 2008 the DFM General Index has doubled, and so Amlak is undervalued at Dh1.02," said Mr Bruce. "Unfortunately it is a case of pure novelty value taking precedence over fundamental value, with analysts suggesting a fair value considerably lower than where the stock is trading."
Although a number of Amlak shareholders exploited the company’s resumption of trade by selling their shares, investors were united yesterday, said Khaldoun Jaradat, trading manager at Brokerage House Securities in Dubai. “Everyone was buying – retail investors, institutions, everyone,” he said. “I can’t see it hitting its upper limits like this for many more days, but Dh1.20 to Dh1.30 is seen as an attractive price.”
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Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
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Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
The Case For Trump
By Victor Davis Hanson
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out