UAE market news & discussions
for 31 January 2007
All results from today, with comments, are after the market report. |
|
Dubai and Abu Dhabi stock market report 31 January 2007
| top stock rises |
| symbol |
price |
change |
| GFH |
11.20 |
+1.32 |
+13.4% |
| FOODCO |
4.60 |
+0.12 |
+2.7% |
| ADSB |
2.92 |
+0.05 |
+1.7% |
| GCEM |
3.80 |
+0.06 |
+1.6% |
| OILC |
9.31 |
+0.11 |
+1.2% |
|
| top stock falls |
| symbol |
price |
change |
| AMAN |
15.75 |
-2.60 |
-14.2% |
| QCEM |
1.83 |
-0.20 |
-9.9% |
| UNION |
1.90 |
-0.20 |
-9.5% |
| CBI |
2.62 |
-0.26 |
-9% |
| AMLAK |
4.72 |
-0.42 |
-8.2% |
|
| top volume |
| symbol |
value (AED) |
price |
| EMAAR | 526,362,457 | 12.70 | |
AMLAK | 91,227,915 | 4.72 | |
DIC | 58,297,037 | 4.33 | |
ALDAR | 25,803,823 | 3.85 | |
ADIB | 24,633,837 | 52.45 | |
Cheers all round for the UAE football team winning against Oman. The markets however were hardly cheery today with Amlak Finance Company (AMLAK) getting thumped to the tune of 8.4% on heavy volumes. Both DFM and ADSM fell more than 1%. And of course there was another flood of results today from companies trying to file them before the 31 January deadline. Tamweel PJSC (TAMWEEL) was the showoff with its 1800% profit growth, lets see how clever they feel in a years time trying to cover up a 50% or more decline in profits. ASMAK almost equalled Tamweel PJSC (TAMWEEL)'s effort, unfortunately it was a loss of 1800%, not a profit, for the tuna farm. But the big number of the day has to go to Aabar Petroleum Investments Company PJSC (AABAR) with its operational profit of 6500%. Enough of the silly numbers, on to something a bit more real.
Dubai Financial Market
DFM fell 1.7% to close at 4120 points with medium volume of 780m dhs - most of them from Emaar Properties PJSC (EMAAR) as usual, which fell "only" 1.2%. Amlak had the worst day but several other stocks must have felt like the ball in the football match last night.
Aramex PJSC (ARMX) down 6.5%, National General Cooling Company PJSC (TABREED) and Islamic Arab Insurance Company PSC (IAIC) down 6%, and AMAN a very nasty 15% fall after news of its 14m dhs loss for 2006. It would seem the spin doctors in the press release department haven't convinced the punters how good all their numbers are.
Only three shares rose. Arabtec Holding PJSC (ARTC) again against the trend, albeit by only 2 fils. National Bank of Dubai (NBD) up 0.5% on almost no volume on today's news of almost no change in profits. GFinance House PJSC (FH) had a mighty day with a 13% rise to 11.20, and even better, there was more than one trade executed.
Abu Dhabi Securities Market
ADSM fell 1.3% on volumes of 1223m dhs. Not a big fall but enough to drag the index below 3000 points again - it closed at 2980.
Aldar Properties PJSC (ALDAR) looked the worst off today with heavy trading and a 5% fall, it would seem their 8% dividend offer yesterday didn't impress the market. Abu Dhabi Islamic Bank (ADIB) also busy but falling only 0.4%. National Bank of Abu Dhabi (NBAD) fell 2.2% with 10m dhs traded. ARKAN dropped another 2.4%, Dana Gas PJSC (DANA) fell 2.8%, and Aabar Petroleum Investments Company PJSC (AABAR) a steeper fall of 3.6%.
Only six stocks rose, and the only rises of any significance were from Oasis International Leasing Company PJSC (OILC) up 1.2% after showing off with a 240% growth in profits, and Sudan Telecom Company Ltd (SUDATEL) creeping up another 0.5% on significant volume.
The big falls of 9-10% were on single small trades and nothing to get excited about.
List of Company Results Today ADSM
- AABAR 2006 final results - profit AED 93m -85% down from 2005 - BOD meeting 30 Jan 2007. Another 2005 IPO making 2006 profits look bad. Outrageous growth in Operating Profits of 6550% is not a realistic representation of how they're doing either.
- ADNIC 2006 final results - AED 300m profit -9.9% from 2005 - 31 Jan 2007 - insurance company, profits down, revenue up. No doubt stocks will be part of that equation.
- ADNH 2006 final results - AED 293m profit -12% from 2005 - 31 Jan 2007... "decline is mainly due to the performance of the Company Investments in local Bank Securities fund." Their words (partial review).
- ADSB 2006 final results - ADSB 2006 FY profit AED 47m +2% on 2005 - Bank of Sharjah BOS meeting 13 Feb 2007, no dividend information. Results show no growth and significant drops in Shareholders Equity and Profit from Operations.
- AGTHIA final results 2006 AED 29.1m up 1.5% from 2005 - 31 Jan 2007 Increasing costs knocked profit margins back.
- ASMAK 2006 final results - ASMAK 2006 FY loss AED 17m -1853% from 2005 (partial review)
- BOS
2005 final results profit AED 320m -47% on 2005, 20% cash div, AGM 10
Feb 2007. An exceptionally clever press release turns a profit tumble into
a profit increase by ignoring exceptional profits in 2005 (partial review).
- DRIVE 2006 final results. BOD meeting 01 Feb 2007 12pm
- FCI proposes 25% dividend - no results seen yet?
- Invest Bank 2006 final results INVESTB 2006 FY profit 176m -46% from 2005, 15% div? BOD met 24 Jan 07 Not clear if Operating Profits are up or down, but everything else, except for liabilities, is down. A lot.
- Oasis Leasing 2006 final results AED profit up 240% but Operating Profit up by a huge 770% from only a 64% increase in revenues. What are they leasing exactly?.
- Umm Al Quwain Cement 2006 final results - QCEM 2006 FY loss AED 11.2m -106% from 2005 - 31 Jan 2007. Same story, different name. They watched an AED 80m investment portfolio become -90m dhs (partial review).
- RAKNIC 2006 financial results profit AED 233m -8.8% from 2005, 10% div - BOD 30 Jan 07 - profits down 10% is not as bad as many other insurance companies (partial review). 10% cash div and capital increase announced.
- RAPCO final results (posted previously) - BOD meeting 04 Feb 2007.
- SCIDC 2006 Final Results AED 231m profit -31% from 2005 - 31 Jan 2006. Yet again, another cement company bites the dust with investment losses.
- TAQA final results 2006 - TAQA 2006 FY profit AED 455m -46% from 2005 - 31 Jan 2007 - profit margins down by a third (even after allowing for distortions from IPO income) could be a concern.
- TKFL 2006 final results - TKFL 2006 FY profit AED 8.0m -67% from 2005 BOD 12 Feb 2007 5pm. Investment losses amounted to 73% while Profits from Operations tripled (partial review).
List of Company Results Today DFM
