By: Mahmoud Gamal
Dubai – Mubasher: Four insurance stocks across the UAE’s two bourses witnessed strong trading on Sunday indicating the sector’s stable outlook and the entrance of strategic investors, analysts told Mubasher.
By 11:35 am UAE time, Salama Insurance Co’s stock, on the Dubai Financial Market (DFM), grew 2.4% to AED 0.639, registering a turnover of AED 71.26 million or around 6.3% of the DFM’s total liquidity.
Last week, Salama’s stock shrugged off the market’s losses and surged 38.67% on the back of news that the Abu Dhabi Financial Group (ADFG) had acquired a 30% stake in the firm.
In the meantime, Dar Al Takaful’s stock led gainers on the DFM, adding 3.4% to AED 0.667 and logging a turnover of AED 41.10 million. Similarly, DFM-listed AMAN increased 3.41% to AED 0.668, achieving AED 149,220 in turnover.
On the Abu Dhabi Securities Exchange (ADX), the insurance sector edged up 0.04%, backed by Methaq Insurance’s 1.25% rise and turnover of AED 315,590.
Earlier on Sunday, the DFM’s general index fell 9.12 points or 0.33% to 2,800.75 points, shrugging off analysts’ forecasts.
Translated by: Nada Adel Sobhi
