By: Mahmoud Gamal

Dubai – Mubasher: Islamic Arab Insurance Company’s (Salama) stock levelled up 3% to AED 0.468 on the Dubai Financial Market (DFM) by 11:10 am UAE time, registering its highest level in four months, or since 12 April 2017.

The stock pushed the insurance sector 0.46% up, and in the meantime, the DFM edged up 0.3%.

The interest of financial institutions in raising investments in Salama’s stock affirms the insurance sector’s positive outlook, and the attractive prices which its stocks reached, technical analyst Salman Khalaf said.

The stock aims to reach the price of AED 0.500, after large purchases may push it up to AED 0.550, Khalaf added.

The stock saw its highest activity in a month, ranking third in the DFM after 14.87 million shares were exchanged through 134 transactions, at a value of AED 7.13 million.

The stock’s trading volume made up 22.23% of DFM’s total trade, while it acquired 6% of the liquidity.

Translated by: Mohamed Hesham Azab