UAE Market report for Dubai Financial Market and Abu Dhabi Securities Market
Monday 11 December 2006
Not the most encouraging day on DFM (down 1.5% to 4176 points) or ADSM (down 0.09% to 3040 - just two points down from yesterday) today. And yet Saudi's Tadawul index (TASI) is up by 1.5% today so far. It seems the UAE and Saudi markets are moving in contrary directions these days. Still, after a couple of good days on DFM, it's no surprise there's a bit of a pull back. Volumes are down a bit which is a good sign too.
Dubai Financial Market
It was down, down and down the whole day, from 4237 points at the start to 4160 by the close. Volumes where reduced by 50% from yesterday with 541m dhs worth of trading and 4522 deals.
Only three thinly traded shares showed a gain. CBD up 1.4% with only 3 trades, NBD up 0.6% to 9.00 and WARE up 1.5% to 20.30, the latter two stocks with only 6 deals going through although the volumes were reasonable for such illiquid stocks.
Stocks falling included the rest with the worst falls from MAZAYA with a 5.3% drop to 7.10 but only 1 trade (and the first one this month) and GGICO with a hearty 4.5% dip to 8.40. Ominously for them though, volumes were higher than normal, and this was after yesterday's 7.2% fall.
The big names all fell with the worst of them being EMAAR down 2.8% to 12.25 (and 300m dhs worth of trades), AMLAK down 3% to 5.24, ARMX down 2.5% to 2.78, TABREED down 2.4% to 2.43, and TAMWEEL down 2.5% to 4.36. Other falls were less than 2%. SHUAA's CEO was in the press defending their record after a less than complimentary report appeared in this month's Trend Magazine, but still their shares dropped 2.6% today to 4.87. Only 8 deals went through though - unusually low for Shuaa Capital.
Abu Dhabi Securities Market
ADSM also drifted down but only very slightly. Volumes of 99m dhs worth from 1262 trades were slightly lower than yesterday but still respectable enough. That may not be correct. ADSM website is showing total volume of 89m dhs and 1096 trades.
Biggest rise was a splendid 10% from AWNIC (Al Wathba Insurance) to 6.60 but from a single small trade of 1000 shares. Other rises from ADCB marginally up by 1 fil to 5.42. About time they headed in that direction though. ETISALAT up by only 5 fils to 17.75, FH with only 3 trades had a 3.5% rise to 8.62, FGB again relatively busy with 5.5m dhs worth traded and a small rise of 0.8% to 12.20 - share buyback in progress? NBAD also surpisingly active with 7.2m dhs worth traded and a slight increase of 0.8% to 19.15. QCEM not quite so busy with just one trade and a 3.5% increase.
Our favorite chicken stock, RAPCO (RAK Poultry) saw some action today. A magnificant three deals exchanged with a 4.7% jump to 4.50. Last time they traded was over two months ago at the end of September 2006.
The more active shares mostly took a fall today. SOROUH down 2.3% to 2.55 with higher than normal volume of 19m dhs worth. TAQA down 1.2%, RAKPROP down 1.4% to 1.40, DANA gas the busiest with 17.6m dhs of trading and a single fil reduction to 1.63. AABAR down 2.2% to 2.23 and ALDAR down 0.5% to 4.21. ADIB halted it's climb with a slight pullback and reduced volumes to close at 57.30, down 0.2%. Some mutterings about ADIB allowing foreign ownership may explain the big volumes recently but no concrete news seen so far.
The biggest fall was from ASMAK (International Fish Farms) which flopped 8.3% from two trades to close at 3.64. EIC (Emirates Insurance Company) also with a biggish hit of 4.8% from two trades to close at 12.95.
