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|06 September, 2018

Salama’s stock sees $42.1mln deal Thursday

The deal saw the trading of 370.7 million shares at a value of AED 0.42 per share

Dubai: A bulky transaction was executed on Islamic Arab Insurance Company’s (Salama) stock on Thursday at a combined value of AED 155.69 million on the Dubai Financial Market (DFM).

The deal saw the trading of 370.7 million shares at a value of AED 0.42 per share, according to the DFM’s data.

The DFM launched the “Direct Deals Service”, a new mechanism that enables investors and brokerage companies to accomplish bulky deals on shares of a listed firm while exempted from the price cap in effect, 15% up and 10% down.

“The price must not exceed the previous closing price by 25% up or down, will not be reflected on the closing price, the DFM General Index, and high and low prices during the session or the 52 weeks,” according to the bourse data.

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By 12:00 pm UAE time, Salama’s stock surged 10.6% after 74.88 million shares were traded, generating a turnover of AED 40.36 million.

Source: Mubasher

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