Tamweel PJSC (TAMWEEL), the home finance company majority owned by Dubai Islamic Bank PJSC, surged 12 percent on speculation the drop in the past two days was overdone.
The shares, which had been suspended for more than two years until May 10, soared to 89.7 fils. They rose 9 percent to 87.4 fils at 11:36 a.m. in Dubai. Earlier they slid to 72.2 fils. Tamweel tumbled 19 percent in the first two trading sessions since Nov. 20, 2008.
“Investors started seeing value at current prices,” said Mohammed Galal, head of foreign institutional sales trading at HC Securities in Dubai. “Whether it’s sustainable or not is yet to be seen, but my take is that it’s not, as it seems that the buyers were mostly looking for a fast buck. Nevertheless, I don’t think today’s lows will be seen again for the short to medium term at least.”
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