By: Mahmoud Gamal

Dubai – Mubasher: Amanat Holdings’ stock on Tuesday added 0.8% to AED 1.2 by 12:30 pm UAE time, its highest level in eight months.

The services sector went up 0.9%, pushed up by Amanat Holdings, while the Dubai Financial Market’s (DFM) main index shed 0.35%.

Amanat Holdings’ newly-announced expansion plans were the cause behind the stock’s growth, financial analyst Razan Shahwan told Mubasher.

Earlier in October, the company expressed its intention to invest around AED 1 billion in the coming period, in addition to executing new acquisitions in healthcare and educational sectors in Saudi Arabia and the UAE.

Amanat’s stock reached an attractive level and is targeting levels ranging between AED 1.3 and AED 1.5 on the medium-term, said Shahwan.

If the portfolios maintain their interest to buy the company’s shares, Amanat's stock will rise in the next week to AED 1.35, Shahwan concluded.

In the meantime, the DFM’s trading volume reached around 23.28 million shares, generating AED 27.90 million through 146 transactions.

Amanat Holdings last reported a 12.8% year-on-year rise in net profits in the first six months of 2017 to AED 26.86 million.

Translated by: Muhammad Abdulwakeel