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Tamweel and Amlak gain over 10%

Amlak Finance and Tamweel, the UAE's two biggest mortgage lenders, jumped 10 per cent in Dubai as investors hunted for bargains after the shares fell to one-year lows last week.

  • Bloomberg
  • Published: 00:04 September 22, 2008
  • Gulf News

Dubai: Amlak Finance and Tamweel, the UAE's two biggest mortgage lenders, jumped 10 per cent in Dubai as investors hunted for bargains after the shares fell to one-year lows last week.

Amlak rose 15 per cent to Dh3.76, while Tamweel rose 10 per cent to Dh4.19 after rising 11.3 per cent earlier. Amlak lost almost 14 per cent in the past two weeks and Tamweel fell 34 per cent, both hitting 52-week lows on September 15.

"This is an expected rebound after prices dropped to very attractive levels last week," said Nadine Wehbe, a senior analyst at Orion Brokers in Dubai.

"The investigations into Tamweel had an impact on the entire sector ... and the shares were affected badly."

Amlak trades at a price-earnings multiple of 10.03 times to its estimated 2008 earnings and Tamweel at an estimated price-earnings of 5.5.

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