Gulf Finance House (GFH), the Manama, Bahrain-based investment bank, said it isn’t able to explain a 10-fold jump in trading activity and surge in its share price.
Gulf Finance surged as much as 12 percent today while Abu Dhabi-based Waha Capital PJSC (WAHA) gained as much as 10 percent. Waha said earlier this week that it wasn’t aware of any information that could explain the rise in its stock after it also gained 27 percent on Sept. 23.
“No additional major event has taken place other than GFH’s improved credit rating to BBB and the effects of market rebounding due to an improvement in regional political situation,” Gulf Finance House said today in a statement posted on the website of the Dubai stock market.
Gulf Finance gained 3 percent to 55.7 fils in Dubai, the highest since June 20. Volumes were about 10 times the three-month daily average at 639 million.
To contact the reporter on this story: Stefania Bianchi in Dubai at email@example.com