Tamweel gains raise analyst's suspicions

Abu Dhabi: UAE markets posted mixed results with Dubai Financial Market recovering from the massive profit bookings to gain 2.24 per cent and close at 447.61 points yesterday, with some raising suspicions over a surge in Tamweel shares.

Abu Dhabi Securities Market (ADSM) ended the session flat, losing less than a point representing a minute 0.01 per cent to close at 3656.10 points. In Dubai Emaar managed to recover back to the Dh14 level.

But Tamweel kept attracting investors' attention gaining 7.55 per cent to close at Dh4.13.

"There is no news to justify the rally on Tamweel's share, and we hope that this is not another episode similar to Abu Dhabi Islamic Bank where the market gets to know that there is a good reason behind this rally at a later stage," commented an analyst, adding that "by the end of the session there were bids for 3 million shares with no offers on the screens."

All the sectors ended the session in the green, led by the services sector which gained 3.11 per cent.

"The correction was strong at this stage, which indicates that investors, or rather speculators, were eager for profit bookings, yet the liquidity is there, and Dubai's market rebound of today is an indication for the resumption of the upward trend," the analyst explained.

In Abu Dhabi the sub-indices posted mixed results, with the telecommunications sector gaining 1.27 per cent, and the energy sub-index advancing by 1.99 per cent.

"Etisalat is trying to test the Dh20 mark again with a close price of Dh19.90 it is expected to try and break the barrier again, though Abu Dhabi Islamic Bank (ADIB) remained to be the focus of the attention, and Bildco continuing the gains on account of the company's policy to buy-back at levels above the Dh3," he added.