Tuesday 12 December 2006
DFM recovered slightly today with a rise but ADSM was down another fraction by 0.1% to 3038 points. Saudi's Tadawul index (TASI) so far today not looking so healthy with a 1.2% drop to 7700 points and a couple of hours of trading still to go.
Dubai Financial Market (DFM)
DFM kicked off at 4160 points and had a quick rise to 4184 points before gradually dropping to 4148 by mid-session. It then picked up again and ended the day with a sharp rise to 4196 points. Volumes a bit thin with 400 m dhs worth from 3035 trades.
Biggest rise was from GGICO - up 3.6% to 8.61 from only 6 trades. TAMWEEL was popular with a 2.5% rise to 4.40 and 30m dhs worth of trading. EMAAR had a 1.2% increase to 12.30 dhs and, as usual, trading value at 218m dhs was half the DFM total for the day. Other rises from AMLAK (1.2%), ARMX (1%), DU (0.9%), DIB (0.7%), IAIC (0.3%), and TABREED (1.7%). UPP was unchanged.
Only four stocks fell on DFM today. ARTC down just one fil to 5.26, DIC down 0.5%, AMAN down 1.4%, and SHUAA down 1.4% to 4.75 continuing the 2.6% fall from yesterday - perhaps that critical article in Trend Magazine about Shuaa Capital still bothering investors.
Abu Dhabi Securities Market (ADSM)
ADSM was relatively more hectic than DFM. Despite no trading from ADIB - presumably related to ADIB's suspended board meeting - there was still 96m dhs worth of trades from 907 deals with 10 stocks up, 19 down and 1 unchanged.
Biggest rise was 9.9% from ASMAK to 4.00. Well behind were FH (up 3.7%) AKIC (2%), and TKFL (1.5%) with only 1 or 2 trades each. FH (Finance House) with the record for the smallest trade today - only 10 shares in a single trade. The broker fees were almost as much as the value of the deal. INVESTB, UNB, OILC, FGB, ETISALAT and ADCB all rose less than 1% with ADCB more popular than usual - over 1 million shares traded.
FGB (First Gulf Bank) again busier than usual with the third highest volume by value - 10.5m dhs worth and a rise of 0.4% to 12.25. No news of any buy back, perhaps there's some other good news coming? SOROUH headed the ADSM volume tables with 17.6m dhs worth of trading and a 1.2% fall to 2.52. DANA pushed to second place with 13.7m dhs worth on a 1.2% fall to 1.61.
QTEL suffered the most today with a 7.8% drop to 214.80. EIC, DHAFRA, GCEM and TAQA all fell about 2% and the remainder including the more active stocks - RAKPROP, SOROUH, ALDAR, AABAR - falling 0-2%. NBAD fell 0.8% to 18.80 with volumes up from usual levels.
ALDAR price didn't move much even though the EGM yesterday approved a 12.8 bn sukuk and allowing 40% foreign ownership.
DHAFRA (Al Dhafra Insurance) saw only 2 trades go through but they added up to over a million shares. The last time any Dhafra shares were traded was in Sep 2006 - and that was only 75,000 shares. SUDATEL also more active than normal today with 6.5m dhs worth traded and a 1 fil fall to 7.88 dhs.
Discuss and view previous reports at Dubai Share Talk discussion for December 2006.
