UAE markets Sunday 01 April 2007AMLAK set off resolutely downwards - plummeting by 8% today after news that its bank licence application was declined, unless it was because Mohammed Alabbar (EMAAR Chairman) resigned from his post as AMLAK chairman. The TAMWEEL CEO was hopeful they'd still get their bank licence, and made the dubious claim of having the highest dividend yield in the market - correct if you ignore the top dozen or so higher yields. And has anyone seen any news about the Air Arabia IPO since it closed last week? DIFX and the London Stock Exchange (LSE) are in talks to form an alliance. Julius Baer (Swiss Investment Bank) said we can look forward to the DFM falling by another 1000 points. Good luck to the students who start the DFM stock market game today (it is today isn't it?). AGM yesterday for TAMWEEL. AGM today for AKIC. AGMs tomorrow for NBF and ADSB. Shares ex-dividend today GGICO. Last trading day for dividend entitlements today for ETISALAT, GMPC, SOROUH. Do not act on this information before confirming it first with the market. |
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Dubai and Abu Dhabi stock market report 01 April 2007
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UAE market news & discussions for 01 April 2007
UAE market news & discussions for Sunday 01 April 2007
- AABAR 2006 audited financial accounts - 01 Apr 2007
- ADCB loan up to AED 5.5 bn - details given 31 Mar 2007
- ADCB mortgages - Al Fajer Properties & Jumeirah Business Center 31 Mar 07
- ADSM Muscat Broker Forum ends - PR 01 Apr 2007
- AMLAK AGM results disclosure - DFM 01 Apr 2007 - share price tanked by 8% today after bank licence declined. Chairman Alabbar to step down. No dividend payment for 2006.
- ARABBANK 2006 net profits AED 1.36 bn - AFP 01 April 2007
- DIB comments on 26 Mar 2007 press release - 01 Apr 2007
- DIB and other banks provide AED 3 bn finance for Mosque - PR 31 Mar 07
- Dubai Bank opens five new branches in the UAE - PR 01 Apr 2007
- EBI and MASQ arrange AED 184m loan for Ukrainian Bank - PR 01 Apr 07
- EMAAR rights issue - bounced checks notification - 01 Apr 2007
- EMAAR opens customer center for Downtown Burj Dubai - PR 01 Apr 07
- GFH - medium term growth strategy - 01 Apr 2007
- GRAND 2006 financial results and dividend proposals - 01 Apr 2007 - 10% cash and 20% share dividend?
- IAIC Salama 2006 audited financial results - 01 Apr 2007
- NRE BOD meeting proposed dividends and financial results 01 Apr 2007 - 35% cash and 15% share dividend?
- OILC 2006 audited financial accounts - 01 Apr 2007 - good director's report
- RAK Properties AGM results disclosure - ADSM 01 Apr 2007 - Maturity Date 08 Apr 2007
- SHUAA sells 35% of Oman National Investment Co - 01 Apr 2007
- TAMWEEL AGM results, EGM postponed, CEO dividend claim inaccurate PR 01 Apr 07
- TAMWEEL CEO says UAE mortgage market to AED20 bn in 07 - GN 01 Apr 07
- TAMWEEL AGM approves dividend, hopeful on bank licence - GN 01 Apr 07
- TKFL 2006 audited financial accounts - 01 Apr 2007
- WARE / Agility financial results and dividend proposals - 01 Apr 2007 - 90% cash and 20% share dividend?
- AEMS - Atos Euronext Market Solutions opens at DIFC - PR 31 Mar 2007
- Al Baraka to start AED 370bn (!) Emaar Islamic Bank in Bahrain R 29 Mar 07
- DIFX and LSE talking about an alliance - 01 Apr 2007
- DFM & ADSM unstable due to lack of transparency - GN 31 Mar 2007
- Dubai stocks to plummet another 1000 points says Julius Baer - 01 Apr 07
- IPOs for five Saudi Insurance Companies in March 2007
- SABIC in Saudi revenue target of AED 220 bn by 2020 - R 01 Apr 2007
- UAE and Oman stock brokers sign MoU for cross-trading PR 31 Mar 2007
- UAE dirham to be revalued, with immediate effect - 01 Apr 2007
More UAE stock market news and discussions..
Dubai Financial Market
The DFM kicked off April in a lacklustre fashion, falling by 0.35% to 3714 points and light volume of 355m dhs of trading.
Amlak Finance Company (AMLAK) was in the spotlight with a heavy 8.3% fall to 2.88 after news over the weekend that it was denied a bank licence. Tamweel PJSC (TAMWEEL) fell a sympathetic 3% to 3.29, its bank licence application still in the pipeline. GULFNAV also took a 3% tumble to close at par value of 1.00 dhs. Will it fall further? Arab Insurance Group (ARIG) fell 10% from just 5 trades which is near enough to the correct adjustment after going ex-dividend.
Emaar Properties PJSC (EMAAR) close price of 11.05 was unchanged from Thursday, traded volume only 121m dhs worth today.
Only four stocks rose today from very few trades - MASQ, National
Bank of Dubai (NBD), Emirates
Bank International Group (EBI) and GGICO.
Abu Dhabi Securities Market
ADSM fell 0.5% to 2869 points, trading volumes moderate at 159m dhs by value.
Good rises on big volumes of 3.4% to 1.23 for AGTHIA, and 6.8% to 4.08 for TKFL. Oasis International Leasing Company PJSC (OILC) had a more relaxed day today with just a 0.8% rise to 9.89 but a still significant 13m dhs of trading.
Aldar Properties PJSC (ALDAR) was the most heavily traded by volume, continuing its demise with another 1.2% fall to 4.09. Other actively traded stocks today fell 2% or less, including Aabar Petroleum Investments Company PJSC (AABAR), Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), ARKAN, Dana Gas PJSC (DANA), Emirates Telecommunications Company (ETISALAT), Gulf Cement Company (GCEM), National Bank of Abu Dhabi (NBAD), Ras Al Khaimah Properties PJSC (RAKPROP) and Sorouh Real Estate (SOROUH).
Sudan Telecom Company Ltd (SUDATEL) took a 2.7% hit and Sharjah Cement & Industrial Development Company (SCIDC) was down by 3.6%.
- Discuss and read UAE company news at Dubai Share Talk.
AGMs and EGMs (E&OE) this week
- ACICO AGM & EGM 04 Apr 2007
- ADSB AGM Mon 02 April 2007 - 10% cash dividend proposed?
- AKIC AGM 01 Apr 2007
- ARMX AGM 03 April 2007 - 10% cash dividend proposed
- DRC AGM 04 Apr 2007 - 25% share dividend proposed
- NBF AGM Mon 02 Apr 2007 - 10% share dividend and 10% cash dividend proposed?
- NIND AGM & EGM 04 Apr 2007 - 10% share and 70% cash dividend proposed?
- TAMWEEL AGM & EGM 31 Mar 2007 - 20% cash (or share?) dividend, increase in foreign ownership limit.
Last Trading Days this week - Record Date is two days later (E&OE)
- Confirm dates with market before taking any action based on this information.
- ADAVIATION last trading day Tue 03 Apr 2007
- AHI last trading day - Thu 05 Apr 2007
- ETISALAT last trading day Sun 01 Apr 2007
- GCEM last trading day - Thu 05 Apr 2007
- GMPC last trading day Sun 01 Apr 2007
- NCTH last trading day Tue 03 Apr 2007
- RAKPROP Maturity Date 08 Apr 2007, Last Trading Day Wed 04 Apr 2007?
- RAKWCT last trading day Tue 03 Apr 2007 (possibly 05 Apr 2007)
- SOROUH last trading day Sun 01 Apr 2007 (or possibly Tue 03 Apr 2007, see discussion topic)