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UAE finance and economy related news and discussions today
- How to get 33% compound return - see Buffini from Permira - 08 Jan 2007
- US$ - a positive outlook for 2007 - usnews.com 07 Jan 2007
- VAT of 3-5% in the UAE by end 2008? - GN 24 Aug 2006
- Dubai rent cap 7% for 2007 - or 0% if rent increased in 2006? WAM 01 Jan 07
- Dubai Property Market in 2007 - where do you think it will go?
- UAE stock markets 2007 - what do you think will happen?
UAE Market Report for Monday 08 January 2006
Two new companies listed today. Arkan Building Materials floated on ADSM and trumped all the other ADSM shares on volume but sadly fell behind on price with 90% of its volume for today traded in the first 30 minutes. Dubai Refreshments Company (DRC) on DFM found no takers for its shares despite all the positive comments in the press release about broadening investment options.
Markets overall did the opposite of yesterday. ADSM was down by 1.4% to 3076 from 129m dhs of trades while DFM, after an early dip, closed up by just 0.2% at 4180 with 474m dhs worth traded - not an encouraging sign when volumes drop as prices go up.
Dubai Financial Market
Emaar Properties (EMAAR) was up by 1.2% to 12.70 from 314m dhs worth - about two thirds of the DFM total (and more than twice as much as the ADSM total just to give a sense of perspective). Amlak Finance (AMLAK) was flat, and the other active stocks all moved up or down by less than 1%. Except for Du Telecom (DU) which had another depressing day, dropping 1.7% to 6.34. Is it a sign that they may not be ready to launch before the end of 2007 Q1?
NBD was noted for having 500,000 shares go through on a single trade. Most days there are zero trades for NBD. Price remained unchanged at 9.00.
Abu Dhabi Securities Market
ADSM saw all of its actively traded shares fall or stay flat today. Abu Dhabi Commercial Bank (ADCB) making the most significant turnaround with its 3.6% drop to 6.48 from 12m dhs of trading. Either the news that spiked the recent heavy trading got out today, or day traders figured it was time to take their profits. So far there's no official news released.
Focus turns to Al Dar Properties (ALDAR) now with 26m dhs worth of trading and a 1.5% drop to 3.90, while ARKAN had a less than stellar debut on the markets as mentioned. FGB also busy with another 12m traded and a closing price of 13.00 unchanged from yesterday. Etisalat Telecommunications (ETISALAT) well down on the list by value with only 2m dhs worth exchanging hands and a slight drop of 0.6% to 16.75.
Other falls of around 4% from Aabar Petroleum (AABAR) , BILDCO, FH, AGTHIA, almost 5% down from RAKCC, and 2-3% drops from SOROUH, OILC, RAK Properties (RAKPROP) , and Abu Dhabi National Energy Company (TAQA). The big drops of 10% from ADNH and 7.8% from NMDC were on very few trades.
Nothing rose that was particularly noteworthy. JULPHAR up 5.4%, FOODCO up 3.6%, TKFL up 3.4%, and INVESTB up 6.3% exactly reversing yesterday's fall. All on volumes of less than 1m dhs worth. EIC up 4.6% and FCI up 6.4% on only 5 small trades between them.
- Discuss and read UAE company news at Dubai Share Talk.
