Dubai and Abu Dhabi stock market report 07 February 2007
| top stock rises |
| symbol |
price |
change |
| GULFNAV |
1.25 |
+0.29 |
+30.2% |
| ASMAK |
3.15 |
+0.28 |
+9.8% |
| NMDC |
3.80 |
+0.30 |
+8.6% |
| AMAN |
13.80 |
+0.70 |
+5.3% |
| EBI |
14.30 |
+0.35 |
+2.5% |
|
| top stock falls |
| symbol |
price |
change |
| NBQ |
4.01 |
-0.44 |
-9.9% |
| DNIR |
2.95 |
-0.14 |
-4.5% |
| ARMX |
2.00 |
-0.09 |
-4.3% |
| FOODCO |
4.13 |
-0.16 |
-3.7% |
| DRIVE |
1.56 |
-0.06 |
-3.7% |
|
| top volume |
| symbol |
value (AED) |
price |
| GULFNAV |
439,336,185 |
1.25 |
| EMAAR |
259,692,962 |
13.05 |
| AMLAK |
82,361,911 |
3.82 |
| DIC |
41,006,392 |
4.46 |
| ADIB |
35,958,548 |
50.70 |
|
Dubai Financial Market
DFM barely registered an increase - only 0.01% or a third of a point on 934m dhs of trading. Underneath that marginal shift was an eventful day for several stocks. High volume was due to first day of trading in the Gulf Navigation IPO (ticker GULFNAV), and there may be a sigh of relief that it traded above par. But not by much, closing at 1.29 with 439m dhs worth of trading. This was well in excess of Emaar Properties PJSC (EMAAR) with its 260m dhs worth and a slight fall of 5 fils to 13.05, usually the big boy of the UAE markets. Will we see Gulf Navigation go the way of ARKAN though? Arkan listed on ADSM a couple of weeks ago and has been consistently falling.
More unpleasantness on DFM today with the continuing demise of Amlak Finance Company (AMLAK), down 3.3% to 3.85 from 85m dhs of trading, and Aramex PJSC (ARMX), down 4.3% to 2.00 dhs. The two biggest falls on DFM apart from a handful of trades in Dubai National Insurance & Reinsurance Co. (DNIR).
Emirates Integrated Telecommunications Company (DU) was looking better with a 1.2% rise after news came out of their pricing and products, and launch date. AMAN had a good day with its 5.2% increase - the largest of the day (not counting the 29% increase in Gulf Navigation shares). National Bank of Dubai (NBD) was again trading heavily with a 2.3% increase.
Abu Dhabi Securities Market
ADSM dribbled down today with a small 0.3% fall and moderate volume of 111m dhs. Highest volume of 36m dhs from Abu Dhabi Islamic Bank (ADIB) when the market hit their shares hard after they announced only a 10% Cash Dividend. Shares fell 3.4%. Perhaps not surprising since the yield would be only 2% - much lower than several other banks.
Abu Dhabi Commercial Bank (ADCB) on the other hand, had decent volume of 17m dhs and a 0.5% rise today. It was the day of the banks today, the only other significant rise on ADSM was from National Bank of Abu Dhabi (NBAD) up 1.3% from 7m dhs worth of trades. Biggest rises were from very few shares traded. First Gulf Bank (FGB) shares traded the third highest volume by value but price remained unchanged.
Aabar Petroleum Investments Company PJSC (AABAR) announced oil production figures from Thailand that the market didn't like - knocking their price down another 2.5% which seems odd considering the revenue that should be generated from that project.
Some other unpleasant falls from Dana Gas PJSC (DANA), down 2.3%, and ARKAN down 2.5%. Emirates Telecommunications Company (ETISALAT) had a quieter day today in terms of volume but still fell 0.3%.
Big falls from few trades - NBQ still having a rocky ride with close to 10% falls almost every day this week, one trade at a time.
