Positive news as Islamic home loans company sees near four-fold rise in full-year profit
Shares in Dubai's Tamweel surged 6.3 percent after the sharia-compliant
mortgage lender posted a near four-fold rise in full-year profit.
"It was a positive surprise on the numbers and while
there is not a great deal to compare it against, the fourth-quarter profit was
way ahead of our expectations," said Julian Bruce, director of institutional
equity sales at EFG-Hermes.
"So that was good news in itself but the cherry on top
was the 5 fils dividend. They have not paid a dividend for four years so it was
bid strong in the pre-market, is now up and I expect this strength to
Other real estate-linked stocks on the Dubai bourse were
mixed. Deyaar gained 3.2 percent and National Central Cooling Co (Tabreed) rose
4.3 percent, but Arabtec slipped 1.1 percent.
Dubai's index fell 0.4 percent to 1,396 points. Emirates
NBD, Dubai's largest bank by market value, is the main drag, fell 0.7 percent.
Abu Dhabi's benchmark also fell, dropping 0.5 percent to
Dana Gas accounted for more than two-thirds of all shares
changing hands. Dana was up 2.7 percent after posting its full-year earnings
before the start of trading.
In Qatar, investors' reaction to full-year numbers from
another sharia-compliant financial institution was less positive as Masraf Al
Rayan dropped 2.2 percent.
The Islamic bank reported a 16 percent rise in full-year
profit on Sunday.
Qatar's bourse slipped 0.3 percent to 8,416 points.
In Kuwait, the main share index was 0.1 percent higher at
Kuwait Finance House slipped for a second day, down 1.1
Kuwait investors continued to target small-cap companies.
Abyaar Real Estate Development Co was the most traded stock on the exchange, up
Oman's index traded in marginally positive territory, up 0.1
percent at 5,600 points.