Dubai – Mubasher: SHUAA Capital’s stock saw a positive performance in Sunday's mid-session, rising to the highest price level in two years.
The company’s stock rose 1.56% to reach AED 0.978 by 11:30am UAE time, pushing the investment sector to add 0.46%.
Speculators tended to build new positions in mid-cap stocks, which reached attractive price levels, especially SHUAA and Amanat Holdings, capital market analyst Amir Mansour told Mubasher.
SHUAA’s stock becomes attractive for investors after the company joined Nasdaq Dubai’s new equity futures market as the “market maker”, the analyst noted.
Recovery of global exchanges and oil markets positively affected investors’ appetite despite anxiety over geopolitical events in the region, Mansour said.
The stock generated AED 15.33 million from the exchange of 15.6 million shares.
SHUAA’s stock targets to reach AED 0.985-1.01, while its support stands at AED 0.800-0.950, according to capital markets analyst Sultan Mohamed.
Dubai bourse’s main index rose 0.49% or 16.52 points to reach 3,357.01 points during the same time.
