|01-19-2015, 05:19 PM||#1|
Gulf Finance House says no info to provide after Sunday`s shares jump
Bahrain-based Gulf Finance House (GFH) stated on Monday that the behavior of its shares on the Dubai and Kuwait exchanges was market-based and it has no information to disclose on that.
“We would like to advise our shareholders and the markets that there is no current material information that requires to be disclosed and that such trades are due to the market’s own circumstances,” it said in a brief statement to the Dubai market.
On Sunday, shares on the Dubai exchange jumped their 15% daily limit to AED0.35 in the stock’s heaviest trading session since the middle of December.
The firm started showing signs of a better outlook in November when it posted a highly profitable third quarter after recording a loss in the same quarter of 2013.
The company’s debt position was very threatening after the global financial crisis which prompted a wave of debt restructurings.
GFH’s shares rose earlier this month after it made an announcement it had won a $11.5 million legal case, and another $13.8 million case was dismissed against the company by its former chairman.
Investors seem to believe the company will report an even stronger fourth-quarter results.
Even after Sunday’s gain, the company’s stock fell 3% on Monday, hovering around its all-time low.
Shares could be undervalued after the recent selloff but a good fourth-quarter earnings report could provide the boost needed.
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