Dubai - Mubasher: A bulky transaction was executed on Islamic Arab Insurance Company’s (Salama) stock on Thursday at a combined value of AED 155.69 million on the Dubai Financial Market (DFM).
The deal saw the trading of 370.7 million shares at a value of AED 0.42 per share, according to the DFM’s data.
The DFM launched the “Direct Deals Service”, that enables investors and brokerage companies to accomplish bulky transactions on shares of a listed firm while exempting from the price cap in effect, 15% up and 10% down.
“The price must not exceed the previous closing price by 25% up or down, will not be reflected on the closing price, the DFM General Index, and high and low prices during the session or the 52 weeks,” according to the bourse data.
By 12:00 pm UAE time, Salama’s stock surged 10.6% after 74.88 million shares were traded, generating a turnover of AED 40.36 million.