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Thursday, January 04, 2007

FGB, ADCB, NBAD up 04 Jan 07

Dubai and Abu Dhabi Market news & discussions today

UAE Market Report for Thursday 04 January 2006

A good day all round with DFM up by 1% - Dubai Investments (DIC) and Emaar Properties (EMAAR) leading the way, and ADSM up almost 3% - mostly due to Abu Dhabi Commercial Bank (ADCB) storming ahead by a hefty 6.7%, and FGB closely behind with a 4% increase - both on heavy volumes.

Not much in the way of market-moving news though. BILDCO appears to have completed their share buyback, ESCA told Emaar Properties (EMAAR) , Shuaa Capital (SHUAA) and GGICO to hurry up with their buybacks, and IFA bought into a real estate company in Thailand (see links above to news and discussion).

Dubai Financial Market

Dubai Financial Market started the day at about 4160 points and flopped about for most of the session with a last minute jump to just under 4200 points by the close of trading. Total volume was AED 382m from 3427 trades, as usual Emaar Properties (EMAAR) responsible for about half of that (up 1.6% to 12.60).

Dubai Investments (DIC) in second place by value with 80m dhs traded and a 2.1% rise to 4.39. Other actively traded stocks rising were Tamweel Finance (TAMWEEL) up 1.2% to 4.25, DIB up 1.5% to 8.24, and Amlak Finance (AMLAK) up 1% to 5.25. Increases of 0.5% to 1.5% on volumes of less than 10m dhs per stock also from Arabtec Holdings (ARTC) , Aramex Logistics (ARMX) , Du Telecom (DU) , Islamic Arab Insurance Company (IAIC) , Shuaa Capital (SHUAA) , National General Cooling Company (TABREED) , and Union Properties (UPP) . Biggest rises on single trades for each company from ARIG up 12% to 2.70 and ACICO up 15% to 6.95 - their first trade since the end of Oct 2006.

Decreases of 4.7% for NCC and OIC from 2 trades each, and less than 1% for AMAN and IFA on 7 trades and 1 trade respectively.

Abu Dhabi Securities Market

ADSM up on solid volume of AED 125m - triple what went through yesterday. Abu Dhabi Commercial Bank (ADCB) with 31m dhs worth of trading the highest by volume, and a 6.7% increase to 6.37 eclipsing the usual heavily traded stocks. That sort of increase on such volumes for a share that is usually only lightly traded would indicate something positive is happening - possibly good 2006 Q4 profits or a higher than expected dividend coming. Similar sentiment could be in the wind for FGB with a 4.1% rise to 12.85 from 20m dhs traded, alos much higher than normal. Al Dar Properties (ALDAR) came in third by volume with its 2.6% rise to 3.92 from 15m dhs worth. National Bank of Abu Dhabi (NBAD) saw only 11 trades go through but they added up to almost 10m dhs worth and a mighty 9.9% rise for the day to 23.15.

After the excitement from the three banks, everything else seems rather mundane but there were another 22 stocks showing an increase while only 6 fell and 2 remained unchanged. OILC much busier than usual with its 3.4% rise to 10.05, SOROUH and Abu Dhabi National Energy Company (TAQA) up about 2.5% each, Aabar Petroleum (AABAR) up 3.3%, Abu Dhabi Islamic Bank (ADIB) up 3%, FOODCO up 2%, Dana Gas (DANA) up 1.3%, DRIVE up 4.2%, AGTHIA up 2.4%, and Etisalat Telecommunications (ETISALAT) looking weak in comparison with its 1.2% rise from only 4m dhs worth of trading.

While National Bank of Abu Dhabi (NBAD) had the largest increase, FH wasn't far behind with a 7.8% rise. What was significant was the size of the trade - only 10 shares for a grand total of 90 dhs, or 240 dhs if you include the two sets of brokerage fees (one for the buy and one for the sell). ADNH was also up there with a 9.9% increase and a slightly bigger trade of 1000 shares - still only 5800 dhs total though.

Shares dropping were QCEM down 5.9%, ADAVIATION down 5.2%, and AKIC, GCEM, and INVESTB all down by less than 1%. A total of only 14 trades combined went through for the losing companies.

Posted by sharewadi at 14:26

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