By: Mahmoud Gamal
Dubai – Mubasher: GFH Financial Group’s stock saw an active trading on Dubai bourse in Thursday’s mid-session, acquiring 50% of the market’s liquidity.
The stock was backed by the news that the company is expected to distribute annual dividends.
GFH rose 2.8% to AED 2.51, generating AED 366.45 million from the exchange of 149.24 million shares.
The Dubai Financial Market (DFM) rose 0.54% to 3,698.73 points, with a turnover of AED 737.3 million.
In Boursa Kuwait, the stock added 2% to 204 Kuwaiti fils and saw a turnover of KWD 567,210 from the exchange of 2.89 million shares.
The stock stabilised at $0.695 in Bahraini bourse during the same time.
The stock attracted portfolio investors and funds following GFH’s announcement of its plans to repay debts and expectations that the group will distribute dividends for 2016, capital market analyst Mohamed Al Azmi said.
The group has made a series of acquisitions in the past period, in addition to talks over the purchase of a majority stake in Bank Alkhair, Al Azmi told Mubasher.
The stock sees strong purchases that may enable it to reach AED 3 next week, technical analyst Gamal Sayed noted.
Translated by: Julian Nabil
