Dubai and Abu Dhabi Market news & discussions Wednesday 20 December 2006
- ADCB $2 bn REIT with Macquarie Bank reports denied - sort of, high volume of ADCB shares traded.
- DFM investors able to trade shares on any GCC market
- Dubai Bank to become Islamic from January 2007
- Dubai Bank AED 1 bn rights issue & DFM listing
- EBI - Emirates Bank extended opening and expansion plans - and market couldn't care less, only 2 deals went through.
- EMAAR to open 4 Armani hotels by 2011 - but market pulls down Emaar price by 5%
- EMAAR rumours of KSE or DIFX listing?
- INVESTB buys 18% of Lebanon's First National Bank - but no trading in Invest Bank shares today.
- OILC AED 477m aircraft lease agreement with Saudi's NAS - small rise on large volume of OILC shares.
- SHOP - Kuwait Commercial Markets Complex - new DFM listing? - and a 15% rise in stock price today.
- SIB/NBS expansion - to open first overseas branch in 2007
- TAQA to buy CMS Energy for AED 2-2.5 bn [rumour?] - no news and muted trading in the market today.
- UAE Brokers must increase capital from 5m to 30m dhs
- Other latest market news and discussions on Dubai Share Talk
UAE Market Report for Wednesday 20 December 2006
So much for any positive sentiment on DFM in the past week or so. With a 3% decline on just over AED 1 billion worth of trading, the bear still appears to have the market in it's grip. The decline on the ADSM accelerated a little today with a 0.6% drop to 3009 points - that 3000 level is approaching once again - and most stocks declining on increased volume from yesterday. Saudi's TASI continues the fall from yesterday albeit less hair-raising with a 1% drop so far today to 7814 points.
Dubai Financial Market
The DFMGI (DFM General index) opened encouragingly at 4290 points but then declined steadily to finish the session at 4154 points with 6232 deals going through and 16 falls out of 22 traded stocks - EMAAR, DIC and AMAN leading the downward spiral. Of the other 6 companies, 3 were up and 3 stayed the same.
Largest rise was a 15% jump to 5.68 from SHOP (Kuwait Commercial Markets Complex) - not a name I've seen traded before, it appears that today was the first day of trading on DFM for SHOP. MAZAYA also looked good with a 12.5% rise to 7.99 but from only 2 rare trades. Other rises on very few trades from ARIG (0.3%) and EBI (3.1%).
AMAN had the highest fall with a 5.5% drop to 19.80 dhs. EMAAR down a gut-wrenching 5% to 12.35 with 686m dhs worth of trading - about two-thirds of the total DFM volume.
Other falls from ARTC (2.2%), ARMX (2.8%), DU (2.5%), DIC (5% to 4.34), DIB (3.3% to 8.20), AMLAK (4.2% to 5.25), IAIC (3.2% to 3.01), SHUAA (2.5% to 4.68), 3.6% to 2.38), TAMWEEL (3.6% to 4.26), UPP (3.2% to 3.01).
Abu Dhabi Securities Market
ADSM saw 1269 deals go through with a total value of 106m dhs - slightly more than average trading volume in recent weeks - with 10 stocks up and 28 down.
Most heavily traded shares by value from ADCB with 15.5m dhs worth and a 0.7% fall to 5.56. Perhaps a reaction to the denial of the ADCB / Macquarie Bank / DIFX tie up which will supposedly be signed off in a weeks time anyway. ADIB pipped ADCB by value with 15.8m dhs worth of trading but a disagreeable fall of 3.2% to 52.35. No other stocks traded more than 10m dhs worth today but a few unusually high volumes from some stocks that are normally rather quiet. FGB saw 8m dhs worth (up 0.9% to 11.90) - down a bit from previous days but still high for them. GCEM also up there with 4.8m dhs of trading (down 1% to 4.03), and NBAD much higher than normal with 8.5m dhs worth (up 2.5% to 20.35). OILC after news of the leasing deal with NAS had 4m dhs of stocks traded (up 0.5% to 10.15) and FH for no apparent reason had 1.1m dhs of trades.
Biggest rises from CBI (up 9.6% to 2.98 - almost exactly reversing yesterday's drop), ALAIN (up 6.9% to 177.40), JULPHAR (up 4.4% to 1.90).
Heavy falls from EIC (9.7%), FOODCO (8.5%), and DRIVE (4.4%). Other popular stocks falling were BILDCO (3.4%), ETISALAT (2.3%), DANA (0.6%), UNB (2.8%), SOROUH (2.4%), RAKPROP (2.2%), TAQA (1.8%), ALDAR (1.7%) and AGTHIA (1.6%).
Discuss and read UAE company news at Dubai Share Talk.
