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Tamweel shares get under pressure amid profit decline

The Dubai Financial Market General Index fell for the fourth session straight Wednesday, closing off 0.55% at 1,480.18 points. Islamic home financing company Tamweel, as the most liquid share, dived 3.13% to Dhs1.24. Earlier in the day, Tamweel said its second quarter net profit fell by a third to hit Dhs18.6m. Last week, Tamweel, whose majority is owned by Dubai Islamic Bank (down 0.53% at Dhs1.89), postponed a mortgage-backed bond issuance planned at $235 after a road-show revealed a lack of interest among potential investors. Emaar slipped 0.33% to Dhs3.04. The UAE's first developer said it conducts fixed income investor meetings in London starting from July 11 with the aim to launch a benchmark sukuk under its $2bn dollar-sukuk program. Investment bank Shuaa Capital gained the most (up 4% at Dhs0.65). Some 67.5m shares worth Dhs80m changed hands.