Dubai and Abu Dhabi stock market report Wednesday 17 January 2007
| top stock rises |
| symbol |
price |
change |
| NCTH |
4.51 |
+0.40 |
+9.7% |
| CBI |
2.85 |
+0.24 |
+9.2% |
| EBI |
12.70 |
+0.60 |
+5% |
| NBAD |
23.60 |
+0.75 |
+3.3% |
| ADSB |
2.95 |
+0.06 |
+2.1% |
|
| top stock falls |
| symbol |
price |
change |
| UAB |
7.20 |
-0.80 |
-10% |
| NBF |
4.50 |
-0.45 |
-9.1% |
| ADAVIATION |
2.03 |
-0.12 |
-5.6% |
| CBD |
7.00 |
-0.25 |
-3.4% |
| TKFL |
3.24 |
-0.10 |
-3% |
|
| top volume |
| symbol |
value (AED) |
price |
| EMAAR | 230,347,626 | 12.40 | |
NBD | 41,400,748 | 9.00 | |
DIC | 30,824,385 | 4.40 | |
AMLAK | 14,392,044 | 5.10 | |
DIB | 14,369,325 | 8.19 | |
Both an interesting and yet a very subdued day on the markets. DFM very slightly down, by 0.3% to 4089 points while ADSM was up by the same amount to 2986 points. Trading volume for both markets was down, 83m dhs for ADSM and 364m dhs for DFM with National Bank of Dubai (NBD) the only stock trading unusually high volumes once again - perhaps related to the departure
of one of the Board of Directors announced today. First results trickling out while the ESCA
is reported in the press today as prodding listed companies to hurry up and release financial statements.
NBS released an underwhelming 8%
increase over 2005 profits, while Aldar Properties PJSC (ALDAR) pulled a rocket out of the bag with its 270%
profit increase from 2005. As of December 2006, foreigners could buy Aldar Properties PJSC (ALDAR) shares. All of a sudden they're looking remarkably cheap with a PE of only 4 or so.
A couple of other newsworthy items today. Abu Dhabi National Energy Company (TAQA) bought AED
2 billion worth of Talisman Energy's assets, Aabar Petroleum Investments Company PJSC (AABAR) picked up a couple
of Indonesion oil concessions, and EFG-Hermes
released a report giving a BUY rating for Union Properties PJSC (UPP).
Dubai Financial Market
DFM muddled about between 4090 and 4115 today with very little of any interest in terms of trading. Emaar Properties PJSC (EMAAR) as usual responsible for the bulk of trading, National Bank of Dubai (NBD) with its 40m dhs worth a surprising second place on volume again (but no change in price at 9.00 dhs). Dubai Investments PJSC (DIC) still going strong with 31m dhs worth traded on a small fall of 0.7%.
All of the actively traded shares fell less than 1% except for Shuaa Capital PJSC (SHUAA) with its 1.3% fall from very thin trading (only 7 deals). Commercial Bank of Dubai (CBD) had the biggest drop of 3.4% but from only 2 trades. Emirates Bank International Group (EBI) had the biggest rise of 5% from just one deal, and AMAN was the only other stock on DFM to increase.
Abu Dhabi Securities Market
Of the stocks in the green today, National Bank of Abu Dhabi (NBAD) with its 3.3% rise to 23.60, and First Gulf Bank (FGB) with a 1.6% rise stood out today - both on heavier volumes. National Bank of Abu Dhabi (NBAD) in particular seems to be slowly but steadily on the way up. Biggest rises NCTH and Commercial Bank International (CBI) of close to 10% from very few trades. Most of the busier stocks traded flat or up slightly, by less than 1%, today with the highest volumes from Aabar Petroleum Investments Company PJSC (AABAR), Abu Dhabi Commercial Bank (ADCB), Dana Gas PJSC (DANA), Emirates Telecommunications Company (ETISALAT), and Aldar Properties PJSC (ALDAR) of course after its profit news. NBS/SIB volumes up nicely, perhaps people working out that the announced dividend is a nifty 6% yield on today's prices.
UAB suffered a 10% drop on its first trade this month. Nicely matching the 10% gain on its only trade last month. NBF not far behind with a 9% drop, also from just one trade. ARKAN still sliding away with a 1.5% fall to 1.30. Abu Dhabi Islamic Bank (ADIB) and AGTHIA the only other losers amongst the more active stocks with falls of less than 1%. Although ADNH and TKFL had 2-3% falls on over 1m dhs worth of trading each.
