Dubai and Abu Dhabi Market news & discussions today
- UAE building material costs up by 10-15% in early 2007 - ET 24 Dec 2006
- ACICO AGM and EGM 23 Dec 2006 - AED 50m capital increase
- UNB Best Service Branch Award ceremony - PR 24 Dec 2006
- CBI capital increase and rights issue to AED 1 bn
- Mishal Kanoo predicts property crash in Dubai - AME 15 Oct 2006
- DIC - DIREC looking at Qatar real estate market - ET 24 Dec 2006
- UAE bank recommendations for 2007 from EFG Hermes - ET 24 Dec 2007
- ETISALAT upgrades in 2007 - lower prices & cost savings - GN 24 Dec 2006
- SOROUH - AED 500m Central Park project on Al Reem Island - KT 24 Dec 2006
UAE Market Report for Sunday 24 December 2006
Saudi's Tadawul index (TASI) dropped 0.9% to 7798 points yesterday which wasn't a lot but it's still a fall. More significant was the news that Saudi fashion retailer Fawaz Abdulaziz Alhokair & Co closed below its IPO (initial public offering price) on its first day of trading yesterday. This was the second listing in Saudi to float at less than its IPO price in two months and is possibly a disturbing indication for the many upcoming IPOs next year in in this region. Saudi news not so good today either with the TASI tumbling another 2% in trading by lunchtime.
Dubai Financial Market looked glum today also with a 2.8% drop in the index to 4038 points from a discouraging 500m dhs worth of trading - most of it from a heavy fall in EMAAR shares. Will we see it drop below 4000 again tomorrow? Abu Dhabi Securities Market was less bad with only a 1.5% drop to 2925 points and 109m dhs worth of shares traded but many stocks not normally very active being traded in larger quantities on falls of disturbing sizes. The index appears to have been saved from worse by heavy trading in ADIB, ADCB, NBAD, and FGB on smaller drops - possibly investors taking note of a recent report from EFG Hermes on UAE bank stocks. There was an obscure article about increased building costs for 2007, it seems unlikely but perhaps that prompted a bit of activity - a lot of developer and building material stocks were active today.
Dubai Financial Market
There was no hope today on DFM. It started off at 4142 points and headed resolutely down with a couple of minor hiccups along the way. ARIG the only share to increase (+3.5%, 2.65, only 3 trades). CBD stayed flat (7.25), and EMAAR dragging the index down with an almost 5% loss for the day (-4.9%, 11.70, 317m dhs by value). There appear to be a few anomalies between trading information from DFM site 1 and DFM site 2. It looks like DFM 2 is the correct version (DFM 1 shows EBI, GGICO, and UPP all showing an increase for the day).
Other losses from AMLAK (-3.5%, 5.03), ARTC (-3%, 5.21), ARMX (-3.6%, 2.68), DU (-1.8%, 6.60), DIC (3.9%, 4.22), DIB (-1.7%, 7.97), AMAN (4.4%, 18.30), IAIC (-3.7%, 2.88), SHUAA (-1.9%, 4.67), TABREED (-3.9%, 2.24), TAMWEEL (-2.2%, 4.08), UPP (-1.3%, 2.97) and the biggest drop from GLOBAL (-8.6%, 12.80, only 4 trades).
Abu Dhabi Securities Market
Abu Dhabi Securities Market saw losses from 31 traded stocks, 2 unchanged, and 5 increasing. The most significant increase that of Abu Dhabi Commercial Bank - only 0.7% to 5.60 but on a still significant 12m dhs worth. It rather knocks the EFG-Hermes report on UAE banks into touch - they did not rate ADCB very well compared to the other banks, which all fell today.
Other rises from AKIC (+1.5%), QTEL (+1.3%), SUDATEL (+0.8%)
Stone parrots come to mind when looking at AABAR (-5.6%, 2.03), TAQA (-3.7%), SOROUH (-2.5%), RAKCC (-1.5%), RAKPROP (-3%), DRIVE (-3.7%), FH (-3.6%), FCI (-3.5%), BILDCO (-4.4%, 3.69), OILC (-5.5%, 9.44), QCEM (-8.4%, 1.74), NMDC (-7.7%, 4.20) and an obnoxious 9.2% drop to 2.88 for TKFL - many in this list seeing more active trading than usual. Other big drops on thin trading for RAKBANK (-9.5%, 6.41), and FOODCO (-8.2%, 5.04).
The most active shares by value were ADIB (-1.6%, 49.35, 14m dhs), FGB (-0.8%, 11.90, 13m dhs), NBAD (-0.5%, 20.25, 16m dhs), DANA (-3.2%, 1.51, 10m dhs). Unusual to see NBAD in that list, no obvious news to explain it unless people are reacting to the EFG-Hermes report, similarly for FGB.
Discuss and read UAE company news at Dubai Share Talk.
