x Abu Dhabi, UAEThursday 27 July 2017

Tamweel slips on bourse after a day of climbs

Markets Update: Tamweel, the Islamic mortgage provider, continued its volatile trading run as it reversed a rally it made yesterday - with video

Tamweel, the home finance unit of Dubai Islamic Bank, lived up to the volatile trading it has been subject to since it re-listed last month as it reversed the gains it made yesterday.

Shares in the Islamic mortgage provider slipped 0.7 per cent to 87.4 fils at the open. Yesterday it climbed as much as 3.4 per cent to 88 fils.

It was among the top losers in Dubai today.

It began trading on May 10 after a two-year hiatus when it had been suspended at the height of the credit crisis. After climbing 6 per cent in the first day of trading, it then slumped to its 10 per cent limit in the days that followed.

The overall trading mood was muted this morning as traders awaited the latest flow of financial results. Property stocks, which rose to new highs last week after a government incentive to extend the visa period for homebuyers, also reversed gains as Arabtec and Emaar Properties both fell 2.3 per cent to Dh1.29 and 0.63 to Dh3.13 respectively.

The wider Dubai benchmark, the Dubai Financial Market General Index pared off the gains it made yesterday, which saw the stock market clock its biggest daily gain in 15 weeks.

This morning it was up half a per cent to 1,561.78 points. In the capital, the Abu Dhabi Securities Exchange added 0.2 per cent to 2,713.36 points, propped up by the heavyweight stocks.

Aldar Properties, one of the most heavily traded stocks in the UAE, gained 2.3 per cent to Dh1.31 and energy giant Dana Gas advanced 1.6 per cent to 64 fils.

The summer months are often a period of lacklustre trading in the absence of a strong catalyst and in the run-up to a Ramadan rally.

It has meant the movement of local bourses is more likely to be dictated by international equity moves.