x Abu Dhabi, UAEWednesday 26 July 2017

Tamweel back in fashion as UAE markets lack direction

Market Update: Markets lack direction at the open, but Tamweel, the Islamic mortgage finance company, is increasingly attracting speculators, brokers said - with video.

Tamweel was in focus on trading in Dubai this morning as markets lack direction as news was light on the ground, brokers said.

"Speculators have been focusing on this stock of late," said Ameed Kanaan, the general manager at Al Jazira Financial Services in Dubai.

Shares of the Islamic mortgage finance company rose 2.5 per cent to 89 fils a share.

Dubai's benchmark, the Dubai Financial Market General Index was up 0.2 per cent to 1581.94 points.

On the Nasdaq Dubai, DP World was up 0.1 per cent to 68 cents a share.

"There is light domestic news overall for the UAE, the focus is on externalities, predominantly international and commodity news," said Anastasios Dalgiannakis, a trader at Mubasher Financial Services in Dubai.

Oil for June delivery gained 1 per cent to $97.86 a barrel in New York, halting a two day, 2.7 per cent slump, after a industry funded report showed gasoline stockpiles dropped.

Copper for three-month delivery gained as much as 1.7 per cent to $8,950 a metric ton on the London Metal Exchange and traded at $8,940.

In the capital, Ras al Khaimah Cement was up 5 per cent to Dh1.04 a share. Dana Gas, the UAE explorer and producer, was up 66 fils a share. The Abu Dhabi Securities Exchange General Index was up 0.2 per cent to 2658.44.

Elsewhere in the region, Kuwait's index was down 0.1 per cent to 6503.60. Bahrain's measure was unchanged at 1377.51. Oman's index lost 0.7 per cent to 6074.80. Qatar's benchmark lost 0.1 per cent to 8616.39. The Saudi Tadawul All-Share Index added 0.2 per cent to 6651.37.