Dubai and Abu Dhabi Market news & discussions today
- Abu Dhabi utilities privatisation nets AED 40 bn - GN 28 Dec 2006
- ADIB board meeting 10:30 today delays trading - ADSM 28 Dec 2006
- AHI - Arab Heavy Industries information - first day of trading - GN 28 Dec 2006
- DANA receives visit from SABIC, talks on cooperation - PR 28 Dec 2006
- DFM trading cancelled due to Etisalat cable breakdown Thu 28 Dec 2006
- ETISALAT denies it will buy part of MTC (Kuwait) - ADSM 28 Dec 2006
- FCI - Fujairah Cement Industries capital increase - 27 Dec 2006
- NBAD Islamic subsidiaries. Server contract to Fujitsu Siemens - PR 27 Dec 2006
- UAE banks declining asset growth to 2010 - EFG report - KT 27 Dec 2006
- UNB - launches Al Awwal savings certificates - AME 27 Dec 2006
- Prediction Game - Novice Trader suggests a stock prediction game in the forum, put in your best guess for 02 January 2007!
UAE Market Report for Thursday 28 December 2006
As it turns out, the report sent yesterday was halfway accurate after all, but who would have guessed! Ironic that today of all days is when DFM is shut down after the erroneous claim made in yesterday's Share Wadi email (yesterday's post was edited to remove the error sent in the email). The Dubai Financial Market was closed due to technical issues - a problem with one of Etisalat's cables into the Trade Center. It should be resolved by Tuesday 02 January 2007 when it is scheduled to reopen. ADSM was still trading and had another positive day with a 1% rise to close a hair below 3000 points at the end of 2006 - 2999.66 to be precise.
Dubai Financial Market
Closed due to technical problems.
Abu Dhabi Securities Market
ADSM had another increase in volume to 143m dhs from 1940 trades (maybe because no one could trade on DFM). Most stocks increased - 28 out of the 37 traded today - while 3 were unchanged and 6 fell. FOODCO (-5.9%, 4.31) the worst while OILC, UNB, RAKPROP, ADNH, SIB/NBS all fell around 1% or less.
Most notable stock was Dana Gas (DANA) with a 3.3% rise to 1.57 on a mighty 37m dhs worth of trading - much higher than usual volumes in recent weeks. Just over 40% of the total volume was traded in the last 5 minutes of today's session when the market must have become aware of the news that SABIC (Saudi Basic Industries Corporation) is in talks with DANA Gas about avenues for cooperation.
Al Dar Properties (ALDAR) another one with a big increase in volume on a 3.7% rise to 3.92 and 24m dhs worth traded. RAKPROP (-0.7%, 1.48, 23m dhs) still busy but a slight decrease after the solid gains this week, and OILC (-1.2%, 9.81, 14m dhs) on surprisingly large volumes today with a 10.15 dhs peak during the day but down by the end of the session.
Of the more active stocks today, there were decent increases from ADSB (+3.6%, 2.85), AGTHIA (+3.2%, 1.30), SUDATEL (+3.3%, 7.80), BILDCO (+2.9%, 3.97) RAKBANK (+4.8%, 7.42) and 0-2% increases for AABAR, ADCB, ETISALAT, FGB, RAKCC, SOROUH, TAQA, JULPHAR, GCEM.
Big increases from ABNIC (+10%, 9.68) and NMDC (+8.8%, 4.35) out of a single small trade from each of them, while FH (+4.3%, 8.34) saw just 3 trades completed.
ADIB didn't trade at all in the end after the notification of a delay due to ADIB's board meeting this morning.
ADSM and DFM will be closed for Eid Al Adha break, next trading day is Tuesday 02 January 2007.
Eid Mubarak and Happy New Year!
Discuss and read UAE company news at Dubai Share Talk.
