By: Mahmoud Gamal
Dubai – Mubasher: SHUAA Capital’s stock rose 4.6% in Sunday's mid-session to AED 1.14, its highest price level recorded since October 2014.
The stock saw a precautionary demand by some speculators as it reached attractive price level and the SHUAA is expected to announce its third-quarter financials soon, according to capital market analyst Mohamed Al-Azmi.
SHUAA’s financial results are likely to improve by the end of 2016 and early 2017, especially because the company serves as the market maker for Nasdaq Dubai's equity futures market, the analyst added.
The market saw trading of 18.81 million shares by 12:04pm UAE time, with a turnover of AED 21.32 million.
On the flipside, the investment sector fell 0.73%.The bourse’s main index also declined 0.70% or 23.12 points to reach 3,275.31 points.
The company’s stock targets to reach AED 1.16-1.20, technical analyst Mosaeed Alkadi said, adding that the support levels stand at AED 0.900-0.950.
By: Mahmoud Gamal
