Wednesday 13 December 2006
A good enough day really. Even though ADSM was down slightly, there were more stocks rose than fell (just), and DFM was up by 1.7% on healthy trading volume. Saudi's Tadawul index (TASI) is up by 0.7% so far today on relatively light trading so far - but it's only halfway through the trading session there.
Dubai Financial Market (DFM)
DFM opened at just below 4200 points, drifted up slightly, down again to 4180 after an hour of trading and then climbed steadily to close at almost 4280 points with 1.2 bn dhs worth of trading from 7090 deals. Only 3 stocks fell, the other 15 that were traded all rose.
EMAAR and AMLAK surged ahead with a 4.3% rise to 5.53 from AMLAK, and a 3.6% rise to 12.85 for EMAAR - EMAAR volumes almost two-thirds of the DFM total at 722m dhs. Presumably general market sentiment rather than excitement over the appointment of the new director of EMAAR Healthcare.
All the actively traded stocks increased today - ARTC (1.9%), ARMX (1.8%), DU (0.6%), DIC (1.3%), DIB (1.8%), AMAN - Dubai Islamic Insurance (0.2%), IAIC (1.6%), SHUAA (0.8%), TABREED (1.6%), and TAMWEEL (0.4%).
DNIR had a single trade today (it's not often they even have one) with a fall of 4.4% to 3.25. WARE (PWC Logistics/Agility) had only 5 trades but almost a million shares were traded on a small drop of 1.5% to 20.00 dhs. Perhaps WARE were buying back more shares. NBD was unusually busy today with just over a million shares traded and a 3.9% drop to 8.65.
Abu Dhabi Securities Market (ADSM)
Just over 100m dhs worth of trading on ADSM today from 1252 trades with 16 stocks up, 15 down, and 5 unchanged. Overall the index was down only 6 points to 3032.
Biggest rises from ADSB (5.8%), ADAVIATION (4.3%) with busier than normal trading for both companies. JULPHAR had a 4% jump to 1.84 on a single trade of only 9 shares. How odd. Trade value was 17 dhs, broker fees would have been 75 dhs. The buyer will need to see almost a 1000% increase in share price to be able to break even.
BILDCO (Abu Dhabi National Building Materials) were relatively active today - they might still be buying back shares. 3m dhs worth changed hands and the price was up by 3.7% to 4.16. TKFL (Abu Dhabi National Takaful) also a bit busier than usual with a 3.5% rise to 3.52 from 1.6m dhs worth of transactions.
Other increases from actively traded stocks were RAKPROP (1.5%), DANA (0.6%), GCEM (0.25%).
ETISALAT price was unchanged but had the highest level of trading activity by value with 34m dhs worth changing hands - well above the 7m dhs worth from DANA Gas (which is often the highest). Possibly the activity today is related to their hopeful prospects in Egypt.
ADIB catching up on the trading suspension yesterday with 22m dhs worth today but a fall of 1.3% to 56.55. The only news from yesterday's board meeting was consideration of a Sukuk deal.
FGB also had another hectic day with a fall of 1.6% to 12.05 from 8.7m dhs worth. The short term traders taking a quick profit from the previous couple of days perhaps.
Big falls from thin trading for FOODCO down 9.9% to 5.41, and GMPC (Gulf Medical Projects Company - rarely traded) down 10% to 4.88.
Other falls from ADCB (0.6%), TAQA (1.2%), SOROUH (0.8%), ALDAR (0.5%). AABAR share price was unchanged from yesterday.
Discuss and view previous reports at Dubai Share Talk discussion for December 2006.
