Amlak was one of the biggest casualties of Dubai’s property crash in 2008, which devastated the Islamic lender's loan book and property portfolio. Sammy Dallal / The National
Amlak was one of the biggest casualties of Dubai’s property crash in 2008, which devastated the Islamic lender's loan book and property portfolio. Sammy Dallal / The National

Amlak shares defy predictions as retail and institutional investors pile in



Shares of Amlak Finance continued to confound predictions following Tuesday's resumption of trading in the mortgage provider.

Its share price soared yesterday as retail and institutional investors piled into the stock.

After a day of wild fluctuations on Tuesday, shares in the Sharia-compliant lender rose in early morning trading yesterday, hitting the upper limit of 15 per cent just before 11am.

Amlak shares ended trading yesterday at Dh1.17, up 14.7 per cent, the best performing stock by far on the Dubai Financial Market.

More than 165 million Amlak shares changed hands yesterday, nearly a third more than Gulf Finance House, the DFM’s next most traded stock.

Amlak's performance came as "something of a surprise", said Julian Bruce, the head of institutional trading at EFG Hermes in Dubai.

"It's likely that investors are taking the view that since November 2008 the DFM General Index has doubled, and so Amlak is undervalued at Dh1.02," said Mr Bruce. "Unfortunately it is a case of pure novelty value taking precedence over fundamental value, with analysts suggesting a fair value considerably lower than where the stock is trading."

Although a number of Amlak shareholders exploited the company’s resumption of trade by selling their shares, investors were united yesterday, said Khaldoun Jaradat, trading manager at Brokerage House Securities in Dubai. “Everyone was buying – retail investors, institutions, everyone,” he said. “I can’t see it hitting its upper limits like this for many more days, but Dh1.20 to Dh1.30 is seen as an attractive price.”

jeverington@thenational.ae

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The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

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COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

Jebel Ali results

2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m

Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)

2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m

Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard

3pm: Handicap (TB) Dh 64,000 (D) 1,600m

Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe

3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m

Winner: Gabr, Sam Hitchcott, Doug Watson

4pm: Handicap (TB) Dh 96,000 (D) 1,800m

Winner: Just A Penny, Sam Hitchcock, Doug Watson

4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m

Winner: Torno Subito, Sam Hitchcock, Doug Watson

5pm: Handicap (TB) Dh 76,000 (D) 1,950m

Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer

Last 10 winners of African Footballer of the Year

2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)

THE CARD

2pm: Maiden Dh 60,000 (Dirt) 1,400m

2.30pm: Handicap Dh 76,000 (D) 1,400m

3pm: Handicap Dh 64,000 (D) 1,200m

3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m

4pm: Maiden Dh 60,000 (D) 1,000m

4.30pm: Handicap 64,000 (D) 1,950m

MATCH INFO

Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')

Olympiakos 2 (El-Arabi 06', Semedo')