Dubai and Abu Dhabi Market news & discussions today
- AHI - Arab Heavy Industries listing on DFM today 27 Dec 2006
- DU fixed line service details for 2007 - ET 27 Dec 2006
- DU - Startup delayed till 2007 Q1 27 Dec 2006
- Abu Dhabi GDP predicted to be AED 367 bn for 2006 - ET 27 Dec 2006
- NBD Aafaq funds - MENA Fund and Gulf Balanced Fund
- Pakistan political uncertainty affects investment in 2007 - GN 27 Dec 2006
- DU and ETISALAT network and tariff agreements - Jun... 2006
- Emirates Airline - compensation expected for A380 delay - AFP 25 Dec 2006
- UNB Best Service Branch Award ceremony - PR 24 Dec 2006
- Prediction Game - Novice Trader suggests a stock prediction game in the forum, put in your best guess for tomorrow!
UAE Market Report for Wednesday 27 December 2006
Almost the last trading session on DFM and ADSM for 2006 ended on a bit of an upbeat with First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB) Al Dar Properties (ALDAR), Abu Dhabi Ship Building (ADSB), and RAK Properties (RAKPROP) all having an especially splendid day today. It was of course an overall miserable year for anyone who piled in anytime in the first six months of 2006 but with strong economic growth forecast for 2007 for the UAE, you would expect to be looking at much better returns on your investments by this time next year. TASI (Saudi's Tadawul Index) is up 0.4% so far today.
Dubai Financial Market
DFM started off at 4072 points and after an initial hiccup bottoming out at 4055, the DFM general index charged ahead to finish at 4127 for the day. Very thin trading volumes with only AED 222m of shares by value from 2394 deals. All the actively traded stocks, except for ARMX (-0.4%, 2.64) and DU (-1.1%, 6.54), increased today with SHUAA (+2.4%, 4.69) the best of them. DU possibly depressed about their launch delay until 2007 Q1. Newly listed Arab Heavy Industries scored a grand total of 0 trades.
EMAAR (+1.7%, 12.20) traded half the total value for the day as usual, AMLAK, IAIC (+2.1%, 2.96), DIC, DIB, TABREED, TAMWEEL all rose 1-2% while ARTC and UPP rose less than 1%. Big rises from stocks rarely traded: MAZAYA (+15%, 8.05, 1 trade), CBD (+4.8%, 7.60, 2 trades), GGICO (+4.2%, 8.40, 2 trades), OIC (4.7%, 16.85, 2 trades) - second day in a row we've seen activity from them. Only three stocks fell on DFM today, the third was NBD (-0.4%, 9.00, 2 big trades). And EBI stayed flat at 13.00 dhs/share.
Abu Dhabi Securities Market
Total trading volume on ADSM was 121m dhs from 1334 deals. There seem to be an increasing number of stocks traded, albeit in small amounts, on ADSM recently - perhaps investors are finding better value in some of the more obscure companies.
As mentioned, the stars on ADSM today with strong rises on healthy volumes were ADCB (+1.8%, 5.69, 15m dhs) - much higher than normal volume, ADSB (+7.4%, 2.75, 1.5m dhs) - big rise on abnormally high volume, FGB (+2.1%, 12.05, 16.5m dhs) - higher than normal volume, NBAD (+2.7%, 20.70, 9.2m dhs) - high volume, and RAKPROP (+3.5%, 1.49, 14m dhs) - decent rise on good volume and that comes after two previous days of solid increases in RAK Properties shares.
TAQA, RAKCC, OILC, AGTHIA, ETISALAT, all rose less than 1%, and DANA and AABAR rose 1-2%. Biggest rises from FCI (+7.4%, 4.50, 3 big trades), NBQ (+5.2%, 5.50, 1 trade), ADNH (+5.1%, 4.73, 2 trades), ADNIC (+6.3%, 8.50, 1 trade).
Biggest losers were EIC (-3.2%, 12.10, 3m dhs), JULPHAR (-2.1%, 1.85, 5 trades), while DRIVE, ADIB, FOODCO, UNB and INVESTB all fell 1% or less.
Tomorrow is the last day of trading for ADSM and DFM in 2006. After that they will be closed for Eid Al Adha break, reoopening on Tuesday 02 January 2007.
Discuss and read UAE company news at Dubai Share Talk.
