UAE Takaful companies 'flying high'
Lion's share of liquidity for listed Takaful insurance companies, says WAM.
Small-cap stocks of less than one dirham in value got the lion's share of liquidity Tuesday, securing considerable gains across the country's two main bourses, with the Takaful insurance companies flying high led by the Dubai Islamic Insurance & Reinsurance Company, AMAN, which rallied 13.7 per cent closing high at AED1.04, regaining its nominal value for the first time since the beginning of the year with AED51 million worth of trades, stated the UAE state news agency WAM.
Islamic Arab Insurance Company, SALAMA, grew 3.54 per cent, closing at AED0.468, with Dar Al Takaful edging high 1.8 per cent and closing at AED1.15. At Abu Dhabi Securities Exchange, Methaq Takaful Insurance closed on a high note of 87 fils.
The beaten-out price of small-cap stocks in comparison with their value was the main factor behind the buying spree among leading investors who sought to make the best use of their mouthwatering rates.
In the meantime, ADX closed high 0.04 per cent at 4541 points while DFM edged slightly down 0.13 per cent at 3594.
In terms of volume of trades at both bourses, 6155 deals were done over 390 million shares worth AED425 million against AED375 million at the previous session.