Dubai: Shares of Amlak, which resumed trading on Tuesday after a gap of more than six years, continued its gaining streak on Wednesday to near its upper circuit, making it the most active share in terms of value.
Amlak Finance was up 14.71 per cent to trade Dh1.17 on Wednesday morning.
An upper limit of 15 per cent spike in share price is currently in place for the mortgage provider.
Amlak contributed to atleast half of the total volumes on Dubai Financial Market (DFM), triggering some activity in an otherwise dead market.
Amlak shares earlier witnessed a wild ride with buyers and sellers during its first day of relisting after a suspension of more than six years.
Shares of Amlak Finance traded last Tuesday in a wide range of Dh0.75-Dh1.11, and closed the trade flat at Dh1.02.
“The trading range was above the fair value estimate as of the end of first quarter of 2015. But there was a lot of buying support and many people who wanted to sell changed their mind,” Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities told Gulf News.
“People’s attitude changed after the stock went to Dh1 and above. A lot of sell orders were pulled,” Manibhandu added.
