x Abu Dhabi, UAEWednesday 17 January 2018

Tamweel shares rise after fivefold profits

Markets Latest: Tamweel's stock rises at the open after the Islamic mortgage firm reported on Tuesday a fivefold rise in profits for the second quarter.

Tamweel rose the most in a week after reporting on Tuesday a fivefold increase in profits for the second quarter.

Shares of the Islamic mortgage firm rose 3.3 per cent to 90.5 fils at 10am on the Dubai Financial Market, the most since July 13.

Net profit for the quarter rose to Dh27.2 million, compared with Dh5.4 million in the year earlier period.

The Dubai Financial Market General Index added 1 per cent to 1537.31 points.

In the capital, the Abu Dhabi Securities Exchange General Index was flat at 2699.38 points. Aldar Properties was the top traded stock on the Abu Dhabi bourse, rising 1.6 per cent to Dh1.26 a share.

Elsewhere in the region, Kuwait's measure lost 0.1 per cent to 5996.60 points. Bahrain's measure was unchanged 1317.34 points. Oman's index was flat at 5961.33 points. Qatar's benchmark dipped 0.7 per cent to 8382.29 points. The Saudi Tadawul All-Share Index was up 0.2 per cent to 6440.65 points.