UAE daily stock market reports for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM) - RSS feed

Tuesday, March 06, 2007

IAIC down ADIB up 06 Mar 2007

UAE market news & discussions for 06 March 2007

More UAE stock market news and discussions...

Dubai Financial Market and Abu Dhabi Securities Market index for 06 March 2007

Dubai and Abu Dhabi stock market report 06 March 2007

best stock rises
symbol price change
DHAFRA 6.85 +0.35 +5.4%
GCEM 4.72 +0.22 +4.9%
ADIB 56.20 +2.35 +4.4%
CBD 7.40 +0.30 +4.2%
RAKCEC 5.40 +0.21 +4%
worst stock falls
symbol price change
UIC 5.00 -0.50 -9.1%
IAIC 3.07 -0.25 -7.5%
AMLAK 3.93 -0.22 -5.3%
TKFL 2.80 -0.16 -5.4%
CBI 2.43 -0.12 -4.7%
top volume
symbol value (AED) price
EMAAR298,444,43712.90
IAIC261,223,0213.07
ADIB110,887,94456.20
AMLAK48,057,4583.93
DIC43,185,4864.47

Last chance to throw in your guess for DFM opening price, DFM shares will be listed tomorrow - Wed 07 Mar 2007. Add your vote to the poll and let's see how close the DubaiShareTalkers are to the opening price.

The TAMWEEL used the word "correction" in their most recent property market comments. If share prices depended on number of times a company talked up the value of property, Tamweel's would be booming. In the same article, the Gulf News renamed the new MAZAYA and TAMWEEL development from Q Point to Queue Point - perhaps that will prove to be a more accurate description at launch.

Continuing in the same vein (or perhaps vane or vain?), the Gulf News also headlines a new type of investment called an EFT. Unfortunately, they don't elaborate. Instead, the news focuses on the possible listing of ETFs (Exchange Traded Funds) on ADSM.

Dubai Financial Market

The DFMGI was down by 1.2% to close at 4113 points with 900m dhs worth of shares traded. Islamic Arab Insurance Company PSC (IAIC) Salama had the biggest fall of 7.9% to 2.93 on impressive volume of 261m dhs, not far behind Emaar Properties PJSC (EMAAR) volume of 298m dhs but a less dramatic fall of 2% to 12.70 dhs. Gulf News reported that the Islamic Arab Insurance share buyback announcement drove the price up yesterday - odd since the announcement is a month old. Other big drops from Amlak Finance Company (AMLAK) down 5.5%, Aramex PJSC (ARMX) down 4.1%, and Union Properties PJSC (UPP) down 3%, and GULFNAV down 2.5%. National Bank of Dubai (NBD) the only stock to rise on tangible volumes, by just 0.5% from 4.4m dhs worth of trading.

Abu Dhabi Securities Market

ADSM had a small drop of 0.2% to 3079 points from a still decent 264m dhs worth of trading. A bit less than half of that from Abu Dhabi Islamic Bank (ADIB), with a 4.4% rise to 56.20. However, by the close of the session their shares were trading at 54.40 and the bull run of the previous couple of days appears to be over. Aabar Petroleum Investments Company PJSC (AABAR) was up another 1.7% to 2.47 on still weighty volumes of 31m dhs, while Gulf Cement Company (GCEM) was relatively more notable for its lofty 6.9% hike to 4.72 and a sizeable 15m dhs worth of trading, their audited financial results for 2006 were released today. Other rises worth noting were First Gulf Bank (FGB) up 1.2% and Ras Al Khaimah Cement Company (RAKCC) up 1%. Most actively traded stocks fell less than 1% with the exception of Abu Dhabi National Company for Building Materials (BILDCO) down 1.9% and Abu Dhabi National Energy Company (TAQA) down 2.3%.

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