Both ADSM and DFM were looking good today with a 1.4% rise in the ADSM index on much higher volumes than usual, and a 2.1% rise in the DFM index to 4239 points. The TASI (Saudi's Tadawul index) was closed today as usual, but yesterday ended up down 1.2% to 7906 points.
Dubai Financial Market (DFM)
Total volume traded on DFM was 1.24 bn dhs from 7495 trades. Increasing volumes on a rising market is a positive indication but may well reflect investors preparing for the DFM IPO funds being returned next week - we may see a drop again then.
Biggest rises from ARIG (7.4% from only 2 trades) and a big jump of 12.9% from GGICO to 9.48 - only 5 trades though. Contrast that with 1640 deals in EMAAR shares which rose a healthy 3.8% to 12.45 and 521m dhs worth of trading. TAMWEEL has the second highest volume of 190m dhs worth of trading with a 1.1% rise to 4.51, no doubt TAMWEEL's proposed 20% dividend getting the punters enthused. DIB did well with a 3.4% increase to 8.30 - perhaps investors decided that DIB receiving the UAE Bank of the Year award was worth something after all. UPP also had a good 2.3% rise to 3.05. Most other stocks rose 0-1%.
Only two companies saw a fall in their share price on DFM today. WARE (Public Warehousing PWC) with a 9.5% plunge to 20.00 on only 5 trades but all of them for almost 1 million shares each and all going through at about 12:40 pm. Which made them the third highest traded share by value today - and usually they're near the bottom of the list. Maybe something to do with WARE buying back their shares? The other loser was AMAN which also had a relatively busy day for them with 74 trades and a drop of 1.7% to 22.70.
Abu Dhabi Securities Market (ADSM)
ADSM start of trading was delayed an hour due to a systems upgrade - session was from 1100-1400 instead of the usual 1000-1300. Despite this inconvenience, volume of trading on ADSM was up to a whopping 236m dhs worth - almost half of that from trading in ADIB shares. Nothing obvious to explain why although there was news today that HSBC Amanah would be the lead arranger in the AED 18 billion Trust Certificate Issuance Program initiated by Abu Dhabi Islamic Bank. Share price was up by 1.4% to 56.95 dhs. DANA Gas was the other heavily traded share, up by 3.2% to 1.63 and 32m dhs worth.
Biggest rises from CBI (9.4%), FH (9.3%) and NMDC (6.6%) with 1, 13 and trades respectively. Other significant movements up from AABAR up 2.7% to 2.31, BILDCO up 4.8% to 3.97 - high volume of 6.6m dhs worth but no news seen, and GCEM up 3% to 4.15 with only 14 trades but over a million shares traded. Other rises of 0-2%.
Only 7 shares fell with the worst drops of 4.2% from UCC and 3% from AKIC. Other falls from INVESTB (1.9%), SOROUH (1.9%), AGTHIA (1.5%), FCI (1.3%), ALDAR (0.2%).
