Business | Markets

Rally in Salama and Tamweel shares lifts Dubai bourse

Islamic insurer Salama and home finance firm Tamweel helped drive Dubai shares up one per cent on Wednesday but Abu Dhabi slipped half a per cent.

  • By Arif Sharif, Staff Reporter
  • Published: 00:00 September 14, 2006
  • Gulf News

Dubai: Islamic insurer Salama and home finance firm Tamweel helped drive Dubai shares up one per cent on Wednesday but Abu Dhabi slipped half a per cent.

Trading was heavy in Dubai with shares worth Dh3.39 billion changing hands, the highest since May 20, as speculators and day traders returned to the market, analysts said.

Islamic Arab Insurance Co, Salama, surged 8.82 per cent to Dh3.70 on rumours foreigners will soon be allowed to buy shares in the company.

Islamic mortgage firm Tamweel jumped 7.66 per cent to Dh4.78, continuing its bull run this week.

"The market is good. It is the return of the speculators, the day traders but it will be volatile as well, as speculators will book profits at every 10-20 per cent rise in the market," said P Krishna Murthy, head of the financial services division of the Al Rostamani group.

The Dubai Financial Market index rose 1.02 per cent to 453.54 points with gainers beating losers 13 to five.

The Abu Dhabi index closed 0.58 per cent lower at 3,659.94 points in average trade worth Dh240.7 million.

Market heavyweight Emaar Properties rose 1.05 per cent to Dh14.45 while Islamic mortgage firm Amlak fell 0.13 per cent to Dh7.77.

In Abu Dhabi, top traded Dana Gas climbed 2.55 per cent to Dh1.91 but analysts said outlook for the share was clouded by its gas supply contract with Iran.

Analysts said Islamic shares shone with brisk activity in Tamweel, Amlak, Dubai Islamic Bank and Abu Dhabi Islamic Bank.

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