By: Mahmoud Gamal
Dubai – Mubasher: Five insurance stocks listed on the UAE stock markets saw a positive performance in Monday’s mid-session.
Islamic Arab Insurance Co. (Salama) was the value leader after generating AED 9.17 million, accounting for 9.5% of the market’s AED 96.64 million liquidity.
An official at the UAE Insurance Authority (AI) confirmed positive outlook for the insurance sector amid the rise of insured persons, pushing the insurance stock to see higher gains capital market analyst Mohamed Kamal.
The insurance market is expected to grow by not less than 10% to reach AED 41 billion in 2016, alkhaleej quoted AI general manager Ibrahim Obaid Al Zaabi as saying.
Dubai Islamic Insurance and Reinsurance Co. (AMAN) was the best performer with a 4% rise, while Dar Al Takaful levelled up 2.4% to AED 1.36 after generating AED 8.2 million.
The insurance sector increased 0.04% in Abu Dhabi bourse, backed by Methaq Takaful Insurance which advanced 4% after trading AED 2.35 million.
Translated by: Julian Nabil
