Dubai’s penny stocks see mild traction:
Small stocks, those whose prices are below Dh1, witnessed buying in the last hour of trade in Dubai, led by a Gulf Finance House (GFH) recovery after traders saw positive movement in US futures.
GFH closed more than 5 per cent higher to end at Dh0.846, after the company reassured investors that the recent fall in share prices had nothing to do with its fundamentals.
“The stock has been affected primarily due to the international and regional market pressures and margin calls that have impacted investors in the stock markets,” GFH said in a statement posted on Dubai Financial Market (DFM) website.
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