Dubai – Mubasher: RAK Bank’s stock went up 1.04% to AED 4.85 on Tuesday on the Abu Dhabi Securities Exchange (ADX) following the disclosure of its quarterly financial results.
By: 11:15 am UAE time, the stock’s trading volume reached 993,000 shares, with a turnover of AED 4.81 million through eight transactions.
RAK Bank’s profits more than doubled in the third quarter of 2017 to AED 224.80 million, from AED 108.77 million in Q3-16.
RAK Bank’s stock is one of the most active stocks on the ADX, which was supported by the positive quarterly results that reflected its solid financial position, financial analyst Ahmed Ismail told Mubasher.
The small number of the stock’s transactions on Tuesday confirmed that investors are keen on holding its shares, as the stock aims to reach the AED 5.2 level by the end of October, Ismail added.
In the meantime, the ADX's general index sank 0.35% to 4,482.76 points.
