Manazel, Salama shares buck market trend in UAE
Manazel shares also witnessed continued buying
Dubai: Salama Insurance rose as much 4 per cent in trade on Sunday, while Manazel also continued its gain, defying a weak trend on bourses.
Salama Insurance jumped 4 per cent to witness an intra-day high of Dh0.71, before closing at 0.69, up 0.59 per cent. Salama shares have gained 55 per cent since May 14.
About 43 million shares were traded on the name, compared to the 30-day average of 22 million shares. Goldilocks Investment Company, which is subsidiary of Abu Dhabi Financial Group (ADFG) indirectly. owns 13 per cent in Salama Insurance.
Manazel shares also witnessed continued buying. About 100 million shares were traded in the last four sessions, compared to 30-day average of 10-15 million shares.
Manazel shares rose 2.78 per cent to be at Dh0.41 after gaining 33 per cent since June 18.
The Dubai Financial Market general index closed 0.86 per cent lower at 2,739.26 as selling pressure intensified. The Abu Dhabi Securities Exchange general index closed 0.33 per cent higher at 5,235.37. Elsewhere in the Gulf, Saudi Tadawul index was 0.86 per cent lower at 8,957.80.