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Al Salam Bank Bahrain hits limit-up at sluggish Dubai market
- United Arab Emirates: Tuesday, December 25 - 2012 at 14:08
While most Western exchanges remained closed Tuesday on the occasion of Christmas holidays, the Dubai market index DFMGI fell 0.90% to 1,594.12 points. Investors booked profits at Ajman Bank, which lost 0.74% as the most liquid shareto close at Dhs1.34, and at Emaar (down 1.33% at Dhs3.70). Some 115m shares worth Dhs131.5m changed hands. Shuaa Capital ended 1.40% higher at Dhs0.507. Islamic financial institution Al Salam Bank Bahrain jumped 15% to hit Dhs0.517, representing a 9-month high. Investors on the Dubai market floor said the share price's rise came "out of nothing" as no new information was available on the Bahraini bank today. In Q3 this year, Salam Bank Bahrain generated a net profit of BD6.8m, up from BD1.35m in 2011. Basic and diluted earnings per share reached BD4.6, up from BD0.9. Earlier in Feb. this year, Bahrain Islamic Bank called off merger talks with Al Salam Bank Bahrain which both sides entered in Aug. 2011.
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Gérard Al-Fil, Financial JournalistTuesday, December 25 - 2012 at 14:08 UAE local time (GMT+4)
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This article was updated on Wed Dec 26 2012.
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