Dubai and Abu Dhabi Market news & discussions for Thursday 11 January 2006
Dubai and Abu Dhabi Market news & discussions today
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UAE finance and economy related news and discussions today
- US/ROTW accounting impasse - solved with technology? FT 04 Jan 2007 - new
- Dubai Property Market in 2007 - any comments?
- UAE stock markets 2007 - your comments?
UAE Market Report today
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It was up for DFM - a mere 0.3% to 4143 from 427m dhs worth of trading, nothing spectacular and no big price movements either. While ADSM headed the other way with a 1.2% fall from 131m dhs of trading, half of it from ARKAN and Abu Dhabi Commercial Bank (ADCB) dragging the index down. Fujairah Building Industries on ADSM was the fourth new listing on the UAE markets this week, with its debut and first actual trade today (only one though).
Comprehensive reports from EFG-Hermes released yesterday rated Emaar Properties a buy and Etisalat a buy - although Etisalat fair value was adjusted downwards from their previous report.
Dubai Financial Market
Dubai Financial Market index started off at 4128, yoyo-ed to a low of 4105, and then crawled back up to finish the day at 4123. Dubai Islamic Bank (DIB) led the increases of the actively traded shares with a 1.5% rise to 8.20, the others all rose less than 1% except for Shuaa Capital PJSC (SHUAA) and National General Cooling Company PJSC (TABREED) which fell 0.9% and 1.4% respectively.
MAZAYA had a 4% fall from one trade and Arab Insurance Group (ARIG) had a 2.7% rise from 1 trade - those two stocks providing the movement extremes for the day on DFM.
Abu Dhabi Securities Market
ARKAN bottomed out at 1.30 today but recovered slightly to finish at 1.36, only a 1.5% fall, from 26m dhs worth of trading. It would seem the sell-off has eased. Abu Dhabi Commercial Bank (ADCB) with 25m dhs worth of trades put it in second place by value on ADSM, a fall of 2% to 6.14 not looking too healthy.
Sudan Telecom Company Ltd (SUDATEL), Union National Bank (UNB), and Gulf Pharmaceutical Industries (JULPHAR) rose 1-2% from moderate volumes, Aldar Properties PJSC (ALDAR) more heavily traded but a rise of just 0.3%. Biggest rises from thin trading for National Marine Dredging Company (NMDC) and TKFL of 5% and 4.8% respectively.
The other busier stocks all fell 0-2% except for Aabar Petroleum Investments Company PJSC (AABAR) which took a 3% nosedive to 2.07, Dana Gas PJSC (DANA) with a 2.6% hit to 1.50, and Emirates Telecommunications Company (ETISALAT) down 2.4% to 16.45. Foodco Holdings PJSC (FOODCO) had the dubious honor of the biggest fall - down 8.7% to 4.49 from just three trades.
- Discuss and read UAE company news at Dubai Share Talk.