Amlak was one of the biggest casualties of Dubai’s property crash in 2008, which devastated the Islamic lender's loan book and property portfolio. Sammy Dallal / The National
Amlak was one of the biggest casualties of Dubai’s property crash in 2008, which devastated the Islamic lender's loan book and property portfolio. Sammy Dallal / The National

Amlak shares defy predictions as retail and institutional investors pile in



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.”

jeverington@thenational.ae

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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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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.

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The Case For Trump

By Victor Davis Hanson
 

 

 

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Tips for job-seekers
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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


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