UAE Market report for Dubai Financial Market and Abu Dhabi Securities Market
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Sunday 10 December 2006
A wobbly day today with DFM all over the place and finally closing down by only 0.05% to 4237 points. ADSM performed a little better with an increase of 0.8% to close at 3042 points. Saudi's Tadawul index (TASI) was down 1% yesterday and is down another 1.5% to 7700 points so far today (and still trading).
Dubai Financial Market (DFM)
Total volume traded on DFM was just over 1 billion dhs worth from 6428 trades. The index started off the day at 4266 points and dropped to 4206 fairly quickly, it then wobbled about for the rest of the day and closed at 4237 points with only 3 stocks marginally up (DIC, EMAAR, SHUAA), 1 stayed flat (EBI) and 12 stocks fell.
EMAAR traded 599m dhs worth, more than half the total DFM volume, with the largest rise of the day - up 1.2% to 12.60. DIC was up a single fil to 4.51 and SHUAA also up by a fil to 5.00. EBI remained unchanged at 12.55 with only 4 trades going through.
GGICO got the largest thumping with a 7.2% fall to 8.80 but on a single small trade. AMAN (Dubai Islamic Insurance) a little busier with 26 trades and a fall of 2.4% to 22.15. The rest of the usual basket of liquid stocks only fell 1% or less.
GFH won a best bank award from Arabian Business and the market responded in a completely nonplussed fashion - not a single trade today. Same with WARE (Agility - PWC Logistics) despite news of more contracts possibly being cancelled, share buybacks, and ownership of Geologistics.
Abu Dhabi Securities Market (ADSM)
ADSM went the opposite way to DFM at the beginning of trading with a quick rise. It then levelled off for the rest of the session to close at 3042 with 1516 trades and decent volume of 110m dhs worth - a third of that coming from trading in DANA and ADIB (Abu Dhabi Islamic Bank). 21 stocks were up, 12 were down and 3 unchanged.
Biggest increase from FCI (Fujairah Cement Industries), up 9.9% to 4.34 - a single trade. ADNH up 4.7% (only 5 trades) and FOODCO up 4.5% (a single trade). BILDCO, BOS, ETISALAT, and RAKWCT all up 2-3%. The others rising 0-2%. Worst falls from CBI - down 10% to 3.35 (only 2 trades), and NMDC down 9.4% to 4.51 from one trade. DRIVE fell 2.9%, ADSB down 2% and the others falling less than 2%.
ADIB rose only 0.8% to 57.40 but 23m dhs worth of trading made it the highest by volume today. DANA not far behind with 20m dhs worth and a small rise of 0.6% (only 1 fil) to 1.64.
A busy day for BILDCO with higher than normal volumes. Share price peaked at 4.23 during they day before falling back to 4.08 by the close of trading and 5.2m dhs worth being traded. Perhaps a few more buybacks going on for BILDCO? FGB also unusually popular with 7.4m dhs worth of trading but a fall of 0.4% to 12.05. FGB was another company that were talking about buying back their shares.
Discuss and view previous reports at Dubai Share Talk discussion for December 2006.
