Dubai: Amlak shares witnessed a wild ride with buyers and sellers on Tuesday, its first day of relisting after a gap of more than six years even as shares ended flat.
Shares of Amlak Finance traded 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.
The exchange had allowed stock to go up or down more than the usual limit. The upper limit was pegged at 15 per cent, while the lower limit was pegged at 10 per cent.
Most active stock:
Amlak shares were the most active scrip in trade contributing about a little less than half of the total volumes.
About Dh202 million worth of Amlak shares were traded, and the total volumes in value stood at Dh480 million.
“People who didn’t sell today are waiting to see if there is any support on Wednesday,” Manibhandu said, adding “any one who want to buy would want to do it by having a margin of safety say at Dh0.90.”
