x Abu Dhabi, UAEMonday 24 July 2017

Ajman Bank shares up as investors await earnings results

Markets Wrap: Ajman Bank's shares jumped yesterday ahead of expected third-quarter results to be released on Wednesday.

Ajman Bank shares shares rose 3.5 per cent, closing at 99 fils on the Dubai Financial Market. Delores Johnson / The National
Ajman Bank shares shares rose 3.5 per cent, closing at 99 fils on the Dubai Financial Market. Delores Johnson / The National

Ajman Bank's shares jumped yesterday ahead of expected third-quarter results to be released on Wednesday, as investors optimistically awaited for good news.

The shares rose 3.5 per cent, closing at 99 fils on the Dubai Financial Market (DFM).

"There is a lot of retail investor speculation on Ajman Bank's stock," said Wadah Al Taha, the chief investment officer at Al Zarooni Group in Dubai.

Banks have published strong results in the quarter so far. Emirates NBD, for example, registered a net profit of Dh640 million in the period ended September 30, compared with Dh175m last year.

The DFM General Index slipped 0.2 per cent to 1,618.56 points.

In Abu Dhabi, Dana Gas shares declined 2.3 per cent to 41 fils. Dana shares have lost more than 10 per cent of their valuesince the company sought a debt standstill on the maturity of a Dh920m Islamic bond.

Taqa, also known as Abu Dhabi National Energy, fell 2.9 per cent to Dh1.30. Agthia fell 3.4 per cent to Dh1.96 yesterday after the Abu Dhabi food producer said it planned to restructure its Egyptian business after a disappointing tomato and chilli harvest.

The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,669.50.

Elsewhere in the region, Kuwait's measure slipped 0.1 per cent to 5,650.02; Bahrain added 0.1 per cent to 1,052.74; Oman rose 0.2 per cent to 5,702.63; Qatar lost 0.4 per cent to 8,564.84.

The Saudi Tadawul All-Share Index rose 0.1 per cent to 6,813.62.

 

halsayegh@thenational.ae