Market report for UAE shares Monday 18 December 2006
It was one of those days that didn't really go anywhere in the end. DFM was down a fraction by 0.3% to 4331 points - the responsibility for that lying mostly with EMAAR and AMLAK which both retreated about 2% after yesterday's 4% scramble upwards. ADSM was down by an even smaller amount, only 0.2% to finish at 3024 points but on slightly increased volume. While the Tadawul in Saudi (TASI) nears the closing bell today on a slight rise of 0.2% with over 16 billion riyals worth of trading.
Dubai Financial Market (DFM)
A bit of a wobbly start with a fall to 4321 points in the first part of trading but then a steady rise to the day's high of 4368 before falling quickly back to 4321 points and a small jump before closing. Just over 1 billion dhs worth of trades today.
AMLAK was down 1.9% to 5.55 and EMAAR also down 1.9% to 13.10. Small drops of less than 1% from DIC and DU, while GGICO once again gpt thumped 4.8% on only 2 trades.
Despite the overall fall in the DFM general index, only 5 stocks fell while 9 rose. Biggest rise was 2.6% to 9.00 from NBD from only 3 trades. Other rises were AMAN up 1.9%, SHUAA (0.6%), TABREED (1.2%), UPP (1%), ARIG (0.7%), ARTC (1.3%), ARMX (1.4%), DIB (0.8%) and IAIC up 1.3% to 3.14 on almost 100m dhs worth of trading - a bit higher than usual for them and second only to EMAAR by value.
TAMWEEL remained the same at 4.45.
Abu Dhabi Securities Market (ADSM)
Large increases on low volumes from ASMAK (9.4%), NMDC (7.7%), AWNIC (6.1%). Other rises worth noting from JULPHAR (1.6%), NBAD (1.5% and unusually high volume - 7.8m dhs), OILC (1%), AGTHIA (0.8%), and SOROUH (0.4%). DANA Gas price remained unchanged as did UNB's, but volumes higher than normal for UNB with 4m dhs worth traded.
Big volumes from ADCB (11.6m dhs, no price change), ADIB (12.1m dhs, down 2%), ALDAR (12.7m dhs, down 0.25%), TAQA (13m dhs, down 3%), ETISALAT (14.2m dhs, down 0.3%), and FGB with the highest trading for the day by value - 16.2m dhs and a decrease of 2.1%. Still no obvious news on the reason for the increased interest in FGB and ADCB shares recently. Biggest fall for the day was from TKFL with a 5.8% drop to 3.44.
FH (Finance House) once again had a single trade of only 10 shares (worth 83 dhs). Same thing happened last week with FH. Most odd.
There appears to be increased interest in the banking sector with several bank shares trading increased volumes. A hopeful guess would be that they'll be paying out a decent dividend for 2006 so investors are loading up.
Meanwhile, on the forum, lalicom is looking for estimates of where the Emaar share price will be in 3 years time. Throw in your best try now - we'll have some fun digging up that topic again in three years time!
Regards,
ShareWadi
Discuss and view previous reports at Dubai Share Talk discussion for December 2006.
