By: Mahmoud Gamal
Dubai – Mubasher: Five stocks in the insurance sector on both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) rose on Tuesday amid the positive prospective of the sector’s quarterly results.
By 10:40 am UAE time, the DFM-listed Salama’s stock topped gainers with a turnover of AED 19.2 million, to acquire around 18% of a market’s liquidity of AED 106.85 million.
The growth of the insurance stocks is attributed to the governmental support along with the increased positive expectations in relation to the financial results of the sector’s companies, capital market analyst Mohamed Al Azmi told Mubasher.
As for Salama’s stock, Al Azmi added that there are news concerning the acquisition of 33% of its shares by Emirates NBD, which were not confirmed nor denied.
Several portfolios begin to focus on those small stocks because of their attractive prices, Al Azmi explained.
On the DFM, Dar Al Takaful grew 3%, while AMAN insurance added 1.5% to reach AED 0.950 with a turnover of nearly AED 878,350.
Meanwhile, the insurance sector on the ADX increased by 0.11% on the back of Al Khazna Insurance, which jumped 3.4% with a turnover of around AED 847,600.
Methaq Takaful Insurance went up 1.2% to AED 0.86 with approximately 127,700 traded shares, generating AED 109,070.
Translated by: Muhammad Abdulwakeel
