Another good day at DFM today with a 1.8% increase and a significant improvement in volumes to just over a billion dhs worth of trading. ADSM was also up 1.4% while the Tadawul index (TASI) in Saudi went the opposite way - down 1.2% so far today to 7900 points and 10 billion riyals of trading (still an hour or so of trading left).
Dubai Financial Market (DFM)
DFM index opened at 4076 and climbed quickly to 4138 before pulling back a little. It then climbed further to 4159 by mid session and wobbled around there for the rest of the day before a final small dip and a rise back to 4152 points. Only one share, or bond rather, fell - that was the Emirates Airlines EK-2013 which had a single trade of 1000 units at 99.65 dhs, down 0.4% from the last trade - which was probably several months ago. Oddly though, the DFM marketwatch screen shows the total value of the trade as 99 million dhs rather than 99 thousand. That might have been a nasty surprise for the purchaser (and a pleasant one for the seller).
It's a happy day when everything is going up (I wouldn't say we're out of the woods yet, we've seen a mini-recovery more than once in the past couple of months). A solid 4.7% rise from TAMWEEL to 4.46 and 240m dhs worth of trading - not far behind EMAAR with 322m dhs worth of trades and a 3% rise to 12.00. No obvious specific news to explain the TAMWEEL rise - maybe just punters getting excited about all the talk of the real estate sector in Dubai continuing to grow. That may yet prove to be a false hope...
AMLAK was also up by 2.5% to 5.38, SHUAA a pleasing 2.9% to 4.94 and the rest of the traded shares up by 0-2%. EBI perhaps deserves a mention with their 4.1% pop but there were only three trades went through.
Abu Dhabi Securities Market (ADSM)
ADSM saw only six stocks dropping with the worst ones DRIVE (8.1%) and FCI (7%). TAQA fell 2.3% and still no news about what sparked the big jump yesterday. Volumes for TAQA were down to 2.4m dhs worth - less than a tenth of what was traded yesterday. ADCB, NCTH, and RAKBANK were also down 0-2%. ADCB a bit of a worry. Although the drop was only 1.5%, the volume of trading at 9.3m dhs worth was much higher than normal. Yesterday there was news of a purchase of some payment processing software by ADCB. I'd be surprised if this drop in price was a reaction to that.
TKFL was the winner today with a 7% increase. BOS up 5.3%, NBAD up 4.4% and JULPHAR up 4%. Few trades amongst this lot though - about 25 deals all together. All the more liquid stocks (except for TAQA) were up only 0-2% with RAKPROP and ETISALAT the best of them with a rise of just over 2%.
DANA and ADIB were back at the top of the list by volume traded with 17m and 16m dhs worth respectively, ADIB up 3.6% to 56.15 and DANA up 1.3% to 1.58.
Discuss and view previous reports at Dubai Share Talk discussion for December 2006.
