Dubai and Abu Dhabi Market news & discussions today
- ADIB - AED 1.5 bn sukuk for EIIC - KT 03 Jan 2006
- DIB receives Best Islamic Finance House award for the UAE - PR 03 Jan 2006
- Dubai Bank starts operations as Islamic Bank - AME 03 Jan 2006
- ESCA bans 2 brokers, warns 21 others - WAM 02 Jan 2007
- Golden Gate Securities discussion
- Al Safwa Islamic Financial Services [banned by ESCA 02 Jan 2007]
- ETISALAT denies it will buy part of MTC (Kuwait) - ADSM 28 Dec 2006
- 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 Wednesday 03 January 2006
Both Dubai Financial Market and Abu Dhabi Securities Market were up marginally but on very little trading - DFM down to half yesterday's volume and yesterday was poor enough. The calm before the storm? We'll all be hoping the markets storm upwards if that's the case. Unless you take onboard what one broker was reported as saying - that 2007 will be a better year than 2006 since he didn't expect the markets to lose more than 20%. Lose?
Biggest market related news today was ESCA suspending trading for two Dubai based brokerages, and warning 21 others (or 23 according to some reports).
Don't forget to throw in your guesses for property market and share market returns for 2007 (see links above).
Dubai Financial Market
DFM started around 4120 and fell slightly before crawling up to about 4160 by the end of the day, a 0.8% rise on total value of only 167m dhs. Within the past couple of weeks, there were a couple of days with ten times that value traded. The DFM site tells us no stocks went down, 4 stayed the same and 11 rose. But contrary to what the DFM site says, the DFM site (yes, the same one) also tells us that ARIG had a decline of 9.7% from one small trade.
The biggest rise was MAZAYA with a couple of rare trades, up 3.7% to 8.35. Emaar Properties (EMAAR) was up 1.2% to 12.40 and responsible for about half the total value traded today. Heavy (relatively) trading in Dubai Investments (DIC) with a 1.7% rise to 4.30. Amlak Finance (AMLAK) up by 1.4% to 5.20, Aramex Logistics (ARMX) up by 1.5% to 2.66, Tamweel Finance (TAMWEEL) up 1.4% to 4.20 and the remainder up by 1% or less.
Abu Dhabi Securities Market
ADSM trading volumes down to just 42m dhs on a 0.25% rise. Not much but enough to get the index back over the 3000 point level with a close of 3004. More shares fell than rose however - 17 went down, 2 were unchanged and 12 rose, with a good show from Abu Dhabi Commercial Bank (ADCB) on relatively heavy trading.
ADNIC (+5.3%, 8.95, 2 trades) had the highest increase, followed by Abu Dhabi Commercial Bank (ADCB) up 2.6% from 12m dhs worth and UNB up 3.6% (only one trade though). ADNH and National Bank of Abu Dhabi (NBAD) were up 1.9%, and FGB, RAKCEC, RAKCC, RAKWCT, TKFL, OILC, SUDATEL all rose less than 1% (although RAKCEC's last sale was 7.7% down from yesterday's close).
AWNIC took a 10% hit, falling to 6.30 from just 1 trade of only 50 shares. Aabar Petroleum (AABAR) got a 4.4% poke in the eye to close at 2.15. Abu Dhabi Islamic Bank (ADIB) down 1.4% to 51.00. DRIVE relatively busy and dropping by 5.2% to 1.67. RAK Properties (RAKPROP) dropped 2.1% to close at 1.42 and SOROUH lost 1.3% to finish at 2.23. Al Dar Properties (ALDAR) , Dana Gas (DANA) , Etisalat Telecommunications (ETISALAT) , AGTHIA all fell less than 1%.
- Discuss and read UAE company news at Dubai Share Talk.
