Dubai and Abu Dhabi Market news & discussions Thursday 21 December 2006
- ADSM reforms to improve transparency and professionalism - 20 Dec 2006
- Hichens Harrison (London's oldest stockbroker) joins DIFX - 21 Dec 2006
- CBI - Board votes to make CBI Islamic bank - 06 May 2006
- DANA and Crescent problems with Iran - Mar 2006 to...
- DIB to issue AED 381m sukuks in Pakistan - 21 Dec 2006
- DIC 2006 FY annual report. Profit forecast 0.9-1 bn dhs - 21 Dec 2006
- DIFC and London Business School joint venture, MBAs offered - 20 Dec 2006
- DRIVE - Capital increase - meeting 20 Dec 2006
- Dubai Property market trends - summary of opinions and articles
- EFG-Hermes Dubai property report & Damac comments - 20 Dec 2006
- GFH disclosure Khaleeji Commercial Bank share capital increase - 21 Dec 2006
- Google cache blocked in the UAE - 20 Dec 2006
- NBAD appoints Abhijit Choudhury as GM and Chief Risk Officer - 20 Dec 2006
- NBD partnership with HDFC in India for NRI services - 20 Dec 2006
- SHOP - Kuwait Commercial Markets Complex - new DFM listing 20 Dec 2006?
- UPP to showcase MotorCity at Abu Dhabi Motor Show - 20 Dec 2006
- Other latest market news and discussions on Dubai Share Talk
UAE Market Report for Thursday 21 December 2006
A distasteful day for Abu Dhabi Securities Market with a 1.3% fall to 2969, dropping through the 3000 points level for the second time in recent weeks. Dubai Financial Market was less worrying with much lower volumes and a fall of only 0.2% to 4153 points. Similar to the behaviour yesterday on Saudi's Tadawul (TASI) where it dribbled down by 0.3% to 7865 points. The TASI trading week runs Saturday to Wednesday.
Dubai Financial Market
The DFMGI (DFM General Index) started off poorly enough with an intial drop to 4147 before sharply rising to 4187 points - the peak of the day. It stumbled about for most of the rest of the day before a final dip and rise to close at 4153 points. ARTC tried to keep the index up with a 2% rise but couldn't fight the negative sentiment from TABREED and TAMWEEL, both with falls of 2%. EMAAR and AMLAK and other actively traded shares moved less than 1% each.
Biggest rise from GFH (+4.4%, 9.50, only 1 trade), other rises from ARTC (+2.3%, 5.37), DIC (+1.2%, 4.39), SHUAA (+1.7%, 4.76), NBD (+2.2%, 9.00, 4 trades), EBI (+0.4%, 13.05, 2 trades). Dubai Investment's dividend forecast today didn't appear to get the market that excited even though it makes the shares look reasonably cheap at current prices with a PE of less than 9.
A bit of a clanger of a day for ARIG (-13.2%, 2.56, only 1 trade), and NRE (-15%, 7.67, only 1 trade). AMAN also looking unsteady with a 3.3% fall to 129.15
Other falls from AMLAK (0.8%, 5.21), ARMX (0.7%, 2.78), DU (0.6%, 6.72), DIB (-1.1%, 8.11), EMAAR (0.45, 12.30) and IAIC (0.7%, 2.99). UPP no change at 3.01.
New listings BAYAN and SHOP had no trades today.
Abu Dhabi Securities Market
Abu Dhabai Securities market had 1170 deals and total volume of just below 100m dhs with 29 stocks dropping, 4 unchanged and 6 going up. There were several rarely or thinly traded stocks that saw substantially increased activity - usually on falling prices. Could be disappointing 2006 profit information leaking in to the market.
Biggest rise from EIC (+6.8%, 12.50). Other stocks rising were BOS (+3.8%, 2.75), RAKWCT (2.9%, 1.80), ADSB (2%, 2.55), and FGB (+0.8%, 12.00, volume of 4.6m dhs still high).
Big tumbles from ASMAK (-10%, 4.15), RAKBANK (-9.9% to 7.08) and CBI, NBQ, JULPHAR (increased volumes), NMDC, DCI, TKFL all dropping 7-9% on very few trades.
High volume trading from ADIB with 26m dhs worth on a 4.2% fall to 50.15 - worrying, and no news today to explain it. NMDC with almost 7m dhs worth of trading - more than the total for the past 2 months - and a fall of 7.5%. There must be some bad news coming. ADCB also still up there with 10m dhs worth but no change in price. DRIVE much busier than usual with 1.4m dhs of trading and a hefty 4% fall to 1.88 - news of a capital increase for Emirates Driving Company doesn't seem to be good. FCI (Fujairah Cement Industries) rarely trades but saw 2.8m dhs worth go through with a nasty 7.4% fall to 3.99 - biggest one day volume since it listed in Nov 2005.
A couple of insurance companies also saw increased interest. AKIC up 3.6% to 2.01 from 1.3m dhs and 15 trades, TKFL down 7% to 3.17 from 1.4m dhs worth of deals.
Other actively traded shares taking a dive were SOROUH (-2.8% to 2.41), AABAR (-2.3% to 2.15), DANA (-1.9% to 1.56), SUDATEL (-1.8% to 7.56), ETISALAT (-1.8% to 17.05), and BILDCO (-1.8% to 3.86).
Discuss and read UAE company news at Dubai Share Talk.
