UAE daily stock market reports for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM) - RSS feed

Thursday, December 14, 2006

UAE equities 14 Dec 2006

UAE Market report for Dubai Financial Market and Abu Dhabi Securities Market 

Thursday 14 December 2006

It was a bit of a mixed day in the markets today. DFM volumes were up to a respectable 1.5 bn dhs worth of trades from almost 9000 deals but the index fell very slightly in the end by 0.1% to 4262 points. ADSM also had increased volume of 143m dhs from 1426 deals and possibly the smallest rise on record - just 0.01% to close at 3031.85, a difference of less than 1 point from yesterday. The TASI was closed today as usual after a reasonable 1.5% rise yesterday with 11.5 bn riyals worth of trading.

Dubai Financial Market (DFM)

The DFM index started the day at 4262 points and shot up to over 4300 points in early trading with a slight fall and then rose again to 4334 points before falling back to about where it started at 4262 points.

Biggest rise from ARIG up 15% to 2.92 but nothing to get excited about - only one small trade, no doubt someone throwing in an order at market price before looking at the bid/ask spread. Other big jumps from WARE up 10% on two smallish trades, and NBD up 4% to 9.00 from 8 trades.

DIC up a reasonable 2.2% to 4.61 on higher than normal volumes of 160m dhs worth - probably related to the news of the completion of Dubai Investment's purchase of Saudi American Glass Company.

Other small rises of less than 1% from DIB, EBI, SHUAA, and UPP.

EMAAR fell back 0.8% to 12.75 but was up to 13.15 at its peak during the day. Once again responsible for about two-thirds of total DFM volume with 846m dhs by value. It looks like the strong rise yesterday may have been related to the annoucement about Emaar's Dead Sea project in Jordan, although it's relatively small as Emaar projects go. Other falls from AMAN (3%), IAIC (1.3%), AMLAK (1.8%), ARTC (0.7%), ARMX (0.7%), and DU (1.3%).

Abu Dhabi Securities Market (ADSM)

Biggest rises from NBAD up 4.2% to 19.85, FOODCO up 3.7% to 5.61, and RAKCEC up 3.5% to 6.25. Most of the high volume shares showed an increase but not quite as dramatic as the top three. ADCB up 2% to 5.51, OILC up 1.55 to 10.25, AABAR up 1.4% to 2.25, UNB up 1.2% to 7.00 and SOROUH, DANA, TAQA, GCEM, and BILDCO all up less than a percent. BILDCO with only 1 trade going through - a sharp contrast from busy trading in previous days.

Significant falls from CBI (9.9%) on higher than normal trading. The only recent news was about the rights issue yesterday. PALTEL (Palestine Telecommunications) down 9.9% to 35.05 on a single small trade - the last time they traded on ADSM was Sep 2006. There was a disclosure yesterday saying they'd changed the date of the BOD meeting. QCEM (Umm Al Quwain Cement) down 6.7% to 1.93 from only 3 trades.

ALDAR had the highest trading by value on ADSM today with just below 30m dhs worth and an unpleasant 2.4% drop to 4.07. Unknown at this stage if there's any reason for that - the sukuk and foreign ownership is old news now. ADIB also heavily traded with 28m dhs worth but closing flat at 56.55 dhs.

Other falls of note were ADAVIATION (3.7%), ETISALAT (1.4%), RAKCC (0.5%) and FGB - still with much larger than normal trading volumes down 0.4% to 12.00.

Discuss and view previous reports at Dubai Share Talk discussion for December 2006.

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