Mortgage lender Tamweel records losses at Ramadan onset
Following the onset of the Muslim holy month of Ramadan, shares of Islamic mortgage lender Tamweel slipped 2.2 per cent on UAE indices on Sunday, while most other leading UAE indices closed lower in what has been termed by some the “Ramadan lull.”
Property major Emaar also fell by 2.2 per cent reaching Dh13.20, while Amlak and Aramex were down 3.4 per cent and 5.2 per cent, respectively, according to Khaleej Times. Property share Union Properties also slipped by 2.5 per cent, reflecting an across-the board fall for the bourses service sector.
Industry experts stressed that the trend was not a reason for concern, but rather, a common reaction to the onset of the holiday.
“There is nothing unusual about this lull. Traditionally, during the month of Ramadan, business activities and trading on GCC bourses slow down,” said one broker on the Dubai Financial Market (DFM), which fell 2.1 per cent to 416.2 by the end of the day as Abu Dhabi index fell 0.85 per cent to 3533.9. National benchmark, NBAD General Index fell 1.2 per cent to 11,676.3.
Both bourses reported a total market turnover of Dh843 million against an average Dh2 billion daily turnover a week ago, with the DFM traded 115.7 million shares worth Dh785 million.