This rally in Dubai is a mystery.
Within seven days, shares of Amlak Finance PJSC, a financial services company, doubled, according to a report by Bloomberg’s Dana El Baltaji.
The company doesn’t know and investors cannot figure it out.
Wadah Al Taha, a chief investment officer in Dubai, told Bloomberg, “There is no reason for this move, and speculation and gambling have now completely taken over Dubai’s market.”
This company’s stock resumed trading last Tuesday after being suspended for six and a half years. Amlak had gone through a restructuring process that included a bailout from the United Arab Emirates’ government.
Within the last few days, the stock is up more than 100%. And literally no one knows why.
Here’s a chart of the spike: