By: Mahmoud Gamal
Dubai – Mubasher: GFH Financial Group’s stock, on Monday, hit its highest level since five years, amid expectations of a recovery in annual profits and good dividends.
By 12:45pm UAE time, the stock leapt 9.8% to AED 2.67, the highest level since 23 June 2011, with a turnover of AED 277.7 million.
The rise pushed the Dubai index to an increase of 0.16% and the banks sector to a 0.7% rise.
“The stock has attracted the attention of investment funds and portfolios in the fourth quarter of 2016, in conjunction with the expectations of positive annual results and high cash dividends,” Technical analyst, Zayed Al Mutawa, told Mubasher.
The group’s financial position was backed by the recent series of acquisitions, in addition to plans to acquire Bank Al Khair and Falcon Cement Company, Al Mutawa said.
Translated by: Elwy el-Manzalawy
