Markets Wrap: Retail investors take advantage of arbitrage opportunities on Tamweel, the Dubai-listed Islamic mortgage company.
Tamweel shines at speed
Tamweel was a bright spot among local equities yesterday as retail investors took advantage of arbitrage opportunities, boosting its price.
The Islamic mortgage company was the top traded stock, with volumes surpassing Dh32 million on the Dubai Financial Market (DFM).
Tamweel surged as much as 5 per cent during the trading session before paring some of its gains before the close. The shares ended up 4.7 per cent at Dh1.33 each.
"It was all quick buying and sharing activity on Tamweel today," said Khaldoun Jaradat, a stockbroker at Brokerage House Securities in Abu Dhabi. "Speculators played the stock, which was also helped by support from the broader market."
Emaar Properties, the region's biggest developer, rose 2 per cent to Dh3.44. The DFM General Index ended 0.9 per cent higher to 1,571.39.
Sorouh Real Estate rose once again yesterday, bringing its total gain since last Thursday to 13.1 per cent amid heavy retail buying after it exceeded key technical levels. The stock rose 1.6 per cent to Dh1.22, and about 35 million shares were traded.
The Abu Dhabi Securities Exchange General Index closed 0.1 per cent higher to 2,601.62.
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 5,834.69; Bahrain's index was little changed at 1,072.17; Oman's MSM 30 Index gained 0.2 per cent to 5,563.18; Qatar's QE Index advanced 1.1 per cent to 8,569.64. The Saudi Tadawul All-Share Index rose 0.25 per cent to 7,104.50.