Dubai – Mubasher: Air Arabia’s stock topped the Dubai Financial Market’s (DFM) risers on Monday, reaching its highest level in four months.
Air Arabia gained 2.6% to AED 1.17, by 11:40 am UAE time, its highest gain since 30 May 2017.
The stock’s trading volume has reached 10.56 million shares, generating AED 12.29 million through 109 transactions.
In the meantime, the DFM’s main index added 0.3% or 10.36 points to 3,556.34 points.
The high trading activity on Air Arabia’s stock are an attempt to boost the stock to between AED 1.2 and AED 1.4, capital market analyst Amer Al Mohannadi told Mubasher, indicating that this high trading volume coincides with forecasts that the company will disclose positive results for the third quarter of 2017.
Projections indicate up to 30% surge in profits, Al Mohannadi said.
This follows statements by Air Arabia’s CEO Adel Al Ali who said that his company recorded a strong performance during the summer season, forecasting that this performance will continue.
Air Arabia last reported a net profit of AED 158 million, up 21% year-on-year from AED 131 million and exceeding analysts’ expectations.
