Tamweel bounces back as shares climb 6 per cent

Tamweel, the Islamic mortgage lender, reversed losses earlier in the week to end higher as investors poured back into the company for the first time in more than two years.

Tamweel rebounded strongly yesterday from losses earlier in the week as investors returned to the Islamic lender.

Tamweel shares climbed 6 per cent to 85 fils. The surge followed a near 20 per cent slump in the first two days of trading since the shares were suspended in November 2008 during the credit crisis. It was trading at 99 fils before the suspension.

The Dubai Financial Market General Index dropped 0.7 per cent to 1,596.80 points. The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,672.89.

Most regional stock markets ended the week lower as declines in US markets and a sharp drop in oil weighed on sentiment.

As the last set of first-quarter results trickled through, specific company news dictated the movement of the market, said Sachin Mohindra, the lead manager for Invest AD's GCC Focus Fund.

"Most of the results are out of the way, [but there was] trading on specific news flow," Mr Mohindra said, adding that investors were keeping an eye on liquidity, which has subsided since the high volumes seen during the first couple of months of the year.

Deyaar International was the most actively traded stock in Dubai after the company announced it had swung to a profit in the first quarter. It closed 2.6 per cent higher at 31.3 fils.

In the capital, Dana Gas rose 1.5 per cent to 69 fils. It said its first-quarter net profit had almost tripled to Dh92 million compared with the same period a year ago, beating most analysts' expectations.