Cheer for Amlak as shares top DFM for second consecutive day

Amlak Finance was the top performer on the Dubai stock exchange for the second day in a row on Thursday as investors continued to pile into the mortgage lender’s recently relisted shares.

After a brief sell-off in early trading, Amlak’s shares once again hit the daily limit, ending up 14.5 per cent at Dh1.34.

The shares have risen by nearly a third since their relisting on Tuesday on the Dubai Financial Market after a more than six-year absence, in spite of analysts warning that the stock is severely overvalued.

Dubai Parks & Resorts was the day’s other main winner, surging to a new high after the company announced the release of 220,000 square feet of leasable space for dining and retail at the operator’s theme park development in Jebel Ali.

The company’s shares were the most traded stock on the DFM, ending up 8.5 per cent at Dh1.14.

The Dubai Financial Market General Index, however, ended the day virtually unchanged at 4,032.24, a rise of just 0.08 per cent.

Arabtec Holding was among the index’s poorer performing stocks, ending the day down 1.71 per cent at Dh2.30.

It was a similarly quiet day for the capital’s headline share index, with the Abu Dhabi Securities Exchange General Index closing down a hair at 4,587.23.

Al Waha Capital was among the index’s main gainers, surging 9.3 per cent to Dh2.69, its highest close for seven weeks.

The company’s shares rose on news that the American insurer AIG had sold US$3.7 billion worth of stock in aircraft leasing company AerCap – in which Waha owns a 12.6 per cent stake – including 15.7 million shares that AerCap itself acquired.

At the other end of the spectrum, Eshraq Properties ended the day down 2.5 per cent at 78 fils.

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