Dubai and Abu Dhabi stock market report 23 January 2007
| top stock rises |
| symbol |
price |
change |
| NBQ |
5.44 |
+0.49 |
+9.9% |
| NBF |
4.45 |
+0.40 |
+9.9% |
| UPP |
3.18 |
+0.20 |
+6.7% |
| SCIDC |
4.14 |
+0.25 |
+6.4% |
| GGICO |
8.59 |
+0.37 |
+4.5% |
|
| top stock falls |
| symbol |
price |
change |
| FH |
8.66 |
-0.44 |
-4.8% |
| ADSB |
2.70 |
-0.06 |
-2.2% |
| GCEM |
3.93 |
-0.07 |
-1.8% |
| FGB |
12.85 |
-0.15 |
-1.2% |
| AKIC |
1.88 |
-0.02 |
-1.1% |
|
| top volume |
| symbol |
value (AED) |
price |
| EMAAR | 370,638,611 | 12.65 | |
DIC | 147,707,226 | 4.53 | |
ADIB | 87,478,431 | 54.40 | |
DU | 76,916,722 | 6.32 | |
ETISALAT | 67,265,379 | 16.35 | |
A considerably more promising day on the markets. Both DFM and ADSM rose steadily
on increased volumes, one of the better days we've seen for a few weeks, with
only 2 stocks falling on DFM and 10 on ADSM. DFM up 1.7% on a solid 810m dhs
worth of trading, led by Dubai
Investments PJSC (DIC) and Union
Properties PJSC (UPP) despite weak
results today from Union Properties indicating possible cashflow issues.
ADSM traded a very robust 311m dhs worth with Emirates
Telecommunications Company (ETISALAT), Sorouh
Real Estate (SOROUH) and Abu
Dhabi Islamic Bank (ADIB) the stars today. As usual, we see the big moves
before the news.
Other results released were National
Bank of Fujairah with solid growth but rather high PE, and Finance House
with their questionable claim
of 19% growth in profits.
Dubai Financial Market
DFM started at about 4164 points and levelled off at 4200 for a while before
a strong climb to 4237 towards the end of trading. A huge 148m dhs worth of
trading in Dubai
Investments PJSC (DIC) shares with a 3.8% rise to 4.60 - perhaps good financial
news is imminent? Emaar
Properties PJSC (EMAAR)
still the gorilla with 371m dhs worth and a 2% rise to 12.75. Union
Properties PJSC (UPP) with an impressive 6.5% rise to 3.26, perhaps because
of the proposed 25% share dividend. The results themselves weren't that exciting.
Other solid increases on decent volumes for Arabtec Holding PJSC (ARTC) up 3%, Emirates Integrated Telecommunications Company (DU) up 2.25%, and Islamic Arab Insurance Company PSC (IAIC) up 2.5%. Only two small falls today from NCC and National Bank of Dubai (NBD), although National Bank of Dubai once again conspicous with 20m dhs worth of trading.
Abu Dhabi Securities Market
There'll be relief amongst the punters to see the ADSM index break through 3000 points so decisively after languishing below that level for a week or two. Stock of the day award goes to Emirates Telecommunications Company (ETISALAT) with a strong 3.2% rise to 16.35 from an impressive 67m dhs of trading - almost 10 times yesterday's volume. Abu Dhabi Islamic Bank (ADIB) also performed well with a 3.3% rise to 54.40 from 87m dhs worth of trading, as did Sorouh Real Estate (SOROUH) with a 4% rise to 2.37.
National Bank of Abu Dhabi (NBAD) deserves mention for volume of 23m dhs although the rise was only 0.8%. Abu Dhabi Commercial Bank (ADCB) another popular bank share with a small rise of 0.3% from 18m dhs worth. Speaking of banks, First Gulf Bank (FGB) went the other way and fell 1.1% on 21m dhs worth, while Finance House PJSC (FH) fell 2.5% on unusually high (for them) volume of 4.9m dhs despite the promise of a 50% cash dividend. It appears the punters were unimpressed by their profit claims yesterday.
Other shares trading significant volumes were Aldar
Properties PJSC (ALDAR), Dana
Gas PJSC (DANA) and Ras
Al Khaimah Properties PJSC (RAKPROP) which all remained unchanged in price.
Emirates Insurance Company rose 1.9% (they rarely trade), Sudan
Telecom Company Ltd (SUDATEL) rose 1.2%, and Aabar
Petroleum Investments Company PJSC (AABAR) with a 0.5% fall.
Largest movements up for NBQ and NBF from single trades of just 1000 shares each, and down from Finance House and Abu Dhabi Ship Building (ADSB).
