Debutant Takaful Emarat jumped 346 per cent on its first day's trading on the Dubai Financial Market.
The Islamic insurer, which became the 61st company to list on the DFM, closed at Dh4.46 after seeing more than 40 million shares change hands, while its traded value of Dh199 million was more than a quarter of the index total.
"Takaful is hot, but it's a sector that has yet to be prove itself – we have yet to see any phenomenal results," said Mohamed Alami, Naeem Shares and Bonds international desk manager.
Takaful Emarat raised Dh85m in an April initial public offering, issuing shares at Dh1 each. The company's fully-paid capital is Dh150m.