Dubai and Abu Dhabi Market news & discussions today
- Dubai Property Market in 2007 - where do you think it will go?
- UAE stock markets 2007 - what do you think will happen?
- ADIB wants EGM to discuss Sukuk issue - 02 Jan 2006
- EMAAR 2006 FY profit forecast up 35% to AED 6.4 bn - Shuaa/ET 02 Jan 2006
- 2006 Q4 profit expectations for UAE banks ET/Reuters 02 Jan 2006
- Dubai rent cap 7% for 2007 - or 0% if rent increased in 2006 WAM 01 Jan 07
- Happy New Year for 2007 from ShareWadi & Dubai Share Talk!
- ETISALAT, DU - VoIP in the UAE from Avaya? GN 01 Jan 2007
- DU - 85% coverage at launch, rest from Etisalat - GN 31 Dec 2006
- Deutsche Bank forecasts 92,000 new property units in Dubai in 2007 - ET 09 Dec 2006
- 2007 predictions for UAE economy from Gulf News are tepid - 01 Jan 2007
- GFH AED 716m secondary listing on LSE in early 2007 - Sunday Telegraph
- UAE markets looking back in 2006, looking forward to 2007 - GN 30 Dec 2006
- DFM becomes an Islamic Stock Exchange - GN commentary 30 Dec 2006
- DIC plans for Liverpool FC - Telegraph commentary - AFX 28 Dec 2006
- Prediction Game - Novice Trader suggests a stock prediction game in the forum, put in your best guess for tomorrow!
UAE Market Report for Tuesday 02 January 2006
Not such a great start to 2007 with DFM starting well but dropping to close 0.06% down at 4125 points on thin trading of 344m dhs. ADSM also dipped slightly by 0.10% to 2997 points from 61m dhs of trading - also down a bit on 100m+ levels it was regularly doing towards the end of December 2006.
Biggest headline today was undoubtedly the 7% rent cap for Dubai in 2007. Not that it seemed to affect the markets in any predictable or spectacular way - ALDAR was down on heavy trading, SOROUH unmoved, EMAAR didn't do much out of the ordinary, and UPP looked promising.
Emirates Today had a useful summary of 2006 Q4 profit expectations for UAE banks, and also a commentary on EMAAR's expected profit for 2006. While you're ambling through the forum, take a minute or so add a vote for your best guess for change in UAE stockmarket value for 2007, and change in Dubai property market value for 2007. Let's see if there's any consensus amongst Dubai Share Talkers...
Dubai Financial Market
Dubai Financial Market looked promising with a peak of 4172 points reached within the first few minutes of trading but it was downhill all the way after that, the index just rising off a low of 4107 points in the last half hour or so.
A handful of shares rose with UPP (+1.3%) the best of them. ARIG, DU, EMAAR and TAMWEEL the only other shares rising, all up less than 1%. AMLAK stayed flat at 5.13, as did SHUAA and AMAN (only 1 trade for them today).
DIC had the biggest drop today of 1.9% with trading volume of 67m dhs the second highest after EMAAR's 191m dhs worth which is a little worrying - DIC is not usually as active as several others on DFM. IAIC, ARMX, ARTC and DIB all fell between 0.5% and 1%. No other stocks were traded on DFM today.
Abu Dhabi Securities Market
ADSM had a relatively even split between shares up (13) and shares down (11) with 4 remaining unchanged. A good day for AABAR with a healthy 4.2% rise and third most active by value with 5m dhs traded. Something's up with ALDAR though. Half the total value traded on ADSM was in ALDAR shares with 31m dhs changing hands and a 1.5% fall to 3.86. At this time of the year, you'd suspect leaky financial results being responsible. DANA Gas which is usually one of the highest traded by value only saw a relatively light 8.5m dhs worth of trading - price unchanged at 1.57. And ADIB which is also usually fairly active was in fourth place with a mere 4.2m dhs worth on a rise of 1% to 51.70, not much of a return after they suspended trading last week Thu - to decide to have an Extraordinary General Meeting of all things.
Biggest rises from ADNH (+10%, 5.18), QCEM (8.7%, 1.87), JULPHAR (+7.4%, 2.03) from a total of 6 trades. FOODCO up 4.2%, GCEM up 1.5%, FGB up 1.2%, UCC up about 1% each, and all on very few trades.
Not so good for some of the other more active shares. BILDCO down 3% to 3.85, and RAKPROP falling 2.7% to 1.44. TAQA, AGTHIA not far behind with 2.3% drops. OILC, RAKCC, ETISALAT, BOS and SOROUH all fell about 1% or less. The worst fall came from DRIVE (-6.5%, 1.73).
Discuss and read UAE company news at Dubai Share Talk.
