Market report for UAE shares Sunday 17 December 2006
A good show on DFM today with a 2% rise in the index to 4345 points and a healthy 1.37 bn dhs worth of trading from 7110 deals. ADSM fared less well with a marginal drop of 0.05% to 3030 points although volume was a reasonable 103m dhs worth of trading. Saudi's Tadawul index (TASI) was up by 0.8% to 8229 points on a solid 14.5 billion riyals worth of trading - continuing nicely on from the healthy 2.7% rise yesterday to 8162 points. The Kuwait Stock Exchange also had a decent 2.6% rise yesterday after the exchange punished several shareholders for non-compliance with regulations. Today the KSE fell by 1.2% though.
Dubai Financial Market (DFM)
EMAAR and AMLAK once again charged ahead with a 4.7% rise to 13.35 from EMAAR on almost 1 billion dhs worth of trades, and a 4.2% rise to 5.66 for AMLAK, also with a higher than usual 156m dhs worth. That kind of volume and rise for EMAAR amd AMLAK may indicate something more than just positive market sentiment is going on, especially since nothing else rose more than 2% except for GGICO - but that's a relatively illiquid share that bounces all over the place most days. GGICO were up 4.9% to 9.03 today by the way with a grand total of only 3 trades.
Other shares increasing today were DIB (2%), AMAN (1.9%), DIC (1.7%), DU (1%), IAIC (1.6%), and less than 1% from TABREED, TAMWEEL, and UPP.
Only three stocks fell today on Dubai Financial Market. SHUAA down 0.2% to 4.85, NBD down 2.6% to 8.77 and EBI with a solitary trade down 0.4% to 12.90.
Abu Dhabi Securities Market (ADSM)
Despite the marginal fall in the ADSM index, 20 stocks rose while only 12 fell, with 5 remaining flat.
The biggest rises from FOODCO (5.2%) and SCIDC (4.6%) with only 7 trades between them. GCEM was up 3.2% to 4.13 on reasonable volumes for them. ADCB very active today with 11.6 m dhs worth traded and a 1.6% rise to 5.60. BILDCO also surprisingly busy with 8.4m dhs of deals done but share price flat at 4.17. Both of them ahead of ADIB by value which had a small 0.1% rise to 56.60. RAKCC was up 1% and SUDATEL up 0.1%. No other rises of more than 2% amongst the less active stocks.
FGB was the most active by volume with a huge (for them) 22m dhs worth traded and a 0.4% fall to 11.95. In the absence of any other news, my best guess is that FGB is buying back shares. Other falls today from TAQA down 3.3% to 2.32, RAKPROP down 0.7% to 1.39, AGTHIA down 2.3% to 1.27, DANA down 1.2% to 1.61 and ALDAR down 1% to 4.03.
AABAR and SOROUH traded but price was unchanged from Thursday's close.
RAKBANK had a rare single trade and the record fall of 9.5% to 7.15. FH also with a good drop - 4.8% to 8.50 and only 4 trades. Big ones though, over 300,000 shares changed hands.
RAKNIC (Ras AL Khaimah National Insurance Company) EGM from 13 Dec 2006 announced that up to 25% of its shares could be owned by foreigners now. Not that anyone got particularly excited with no trades going through today. The last time RAKNIC traded was 19 Oct 2006. Still, that's the third UAE insurance company to open up to foreign ownership this year. Perhaps indicative of more to come?
