Text size:

  • Small
  • Normal
  • Large
The DFM General Index yesterday declined 0.5 per cent to 1,480.18. Photo by Jeff Topping / The National
The DFM General Index yesterday declined 0.5 per cent to 1,480.18. Photo by Jeff Topping / The National

Telling tumble for Tamweel

Dubai's stock market declined yesterday, weighed by Tamweel, after the Islamic mortgage company reported a 33 per cent decline in first quarter profit.

The Dubai Financial Market (DFM) declined yesterday, weighed down by Tamweel, after the Islamic mortgage company reported a 33 per cent decline in first-quarter profit.

Tamweel's shares fell 3.1 per cent to Dh1.24. The DFM General Index declined 0.5 per cent to 1,480.18. Net income at Tamweel declined to Dh18.5 million from Dh27.2m last year.

"The drop is really significant," said Wadah Al Taha, the chief investment officer at the Dubai investment company Al Zarooni Group. "There was a lot of hope among investors about the company's large market share, but it doesn't reflect the financial statements. Tamweel needs more time to heal and recover, and we need to be more realistic."

Other property-related stocks also declined.

Emaar Properties, the region's biggest developer, declined 0.3 per cent to Dh3.04. The district cooling company Tabreed dropped 2.3 per cent to Dh1.23. Arabtec Holding, the region's biggest contracting company, fell 1.4 per cent to Dh2.82.

On the Abu Dhabi exchange, Aldar Properties, the developer behind Yas Island, fell 0.9 per cent to Dh1.09. Sorouh Real Estate, the developer behind Reem Island's Sun and Sky Towers, declined 0.9 per cent to Dh1. The Abu Dhabi Securities Exchange General Index slipped 0.3 per cent to 2,465.41.

Elsewhere in the region: Kuwait's measure rose 0.2 per cent to 5,868.20; Bahrain's slipped 0.1 per cent to 1,112.63; Oman's MSM 30 Index fell 0.7 per cent to 5,456.06; and Qatar's QE Index slipped 0.2 per cent to 8,249.46.

The Saudi Tadawul All-Share Index declined 0.8 per cent to 6,659.58.

halsayegh@thenational.ae

twitter: Follow and share our breaking business news. Follow us

iPad users can read the digital edition of business section as it was printed via our e-reader app. Click here

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National