The Dubai Financial Market, in coordination with the Emirates Securities and Commodities Authority, has ordered cancellation of Sunday's trades on Dubai Islamic Bank, due to manipulation by some investors.
The DFM management said in a statement, cited by WAM, that it turned that most of Sunday's transactions on DIB were carried out by two investors who made phony deals, apparently to make quick gains. The management has also decided to cancel all transactions done Sunday on DIB and all subsequent changes, including closing price.
Before the announcement, DIB counter saw its turnover hitting a new record high of Dh9.34 billion, 55 per cent higher than the highest ever market turnover reported in UAE and one of the highest ever daily turnovers in the world recorded on a single counter, Khaleej Times reported.
Market sources said the rise in demand for DIB started with a rumor that the bank was about to float a rights issue.
