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Tamweel shares soar as Islamic home financing firm postpones issuance of mortgage-backed securities

Despite opening higher that yesterday, the Dubai Financial Market could not sustain its bullish momentum and closed Wednesday trading 0.84% lower at 1,489.58 points. Emaar, the UAE's first developer, was the most liquid share, dropping 1.62% to Dhs3.03. Islamic home financing provider Tamweel was the top gainer, ending up 2.44% to hit Dhs1.26. Earlier in the day, Tamweel said that it decided to postpone the issuance of asset-backed, USD-denominated residential mortgage-backed securities "based on market feedback". The issuance was preliminary rated by Moody's with Aa3(sf). The decision was taken after Tamweel conducted a roadshow, arranged by Abu Dhabi Commercial Bank, Emirates NBD and UBS Investment Bank, in the Middle East, Europe and Asia.