By: Mahmoud Gamal
Dubai – Mubasher: Amanat Holdings’ stock saw a negative performance following the announcement of its financials for the first nine months of 2016, according to a bourse statement.
Amanat rose 4.1% to AED 0.96 after trading 179.79 million shares through 983 transactions, with a turnover of AED 173.62 million.
The company’s profits reached AED 36.75 million in the first nine months of 2016, up 417.6% to AED 7.1 million in the prior-year period. In Q3-16, profits rose 135.5% to AED 12.95 million in Q3-16, compared to AED 5.50 million in Q3-15.
Traders tended to build new positions in the stock, backed by Amanat’s operational plans and good returns on deposits, in addition to investments pumped by the company’s associates, capital market analyst Amir Mansour said.
Amanat targets to reach AED 101 if investors continue to invest in the stock, Mansour added.
Dubai bourse’s main index fell 1.27% to 3,232.49 points during the same time.
Translated by: Julian Nabil
