x Abu Dhabi, UAEWednesday 26 July 2017

Dubai's DIB does its best on the stock market.

Market Wrap: Dubai Islamic Bank, the country's largest Islamic lender, was a top gainer as it took a controlling stake in Tamweel to boost mortgage financing

Dubai Islamic Bank rose to its highest point in 6 weeks as the bank paid more than $100 million (Dh367m) to buy a controlling stake in Tamweel to boost mortgage financing in Dubai.

Shares in the country's largest Islamic lender, in which the Dubai government has a 30 per cent stake, ended 0.45 per cent higher to Dh2.23.

But Air Arabia dragged on the Dubai Financial Market as investment bank Nomura, last week cut the target price for the low-cost carrier as higher jet fuel prices are expected to cut into the company's cost base. It fell 0.8 per cent to 754 fils.

In the capital, First Gulf Bank led the way as it climbed 1.2 per cent to Dh16.2. The chief executive of the bank said the bank would shut its operations in Libya to comply with UN sanctions just months are opening a second branch there.

The Abu Dhabi Securities Exchange ended marginally higher to 2,608. 72 points and the Dubai Financial Market General Index fell 0.1 per cent to 1,554.45 points.

Nomura cut the target price for Air Arabia to Dh1.1 from Dh1.3 but reiterated its buy rating on the stock.

Egypt's exchange moved one step closer to normal trading yesterday, as it resumed its normal 4-hour trading session. The market had been open for just 3 hours to limit the impact of any shock to the market. Egypt's EGX 30 Index traded 1.6 per cent higher at 5552.27 points.

Elsewhere in the region, stock markets ended mixed. Bahrain shares ended down 0.5 per cent at 1418.14 points while the Muscat stock market gained 1.2 per cent to end at 6228.82 points. Qatar's stock exchange rose 0.09 per cent to 8,463.76 points and Saudi's Tadawul index slipped marginally to 6619.26 points.