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

Wednesday, May 16, 2007

UAE markets 16 May 2007

UAE market news & discussions for 16 May 2007

Most stocks on DFM fell today, negative sentiment probably affected by the mystifying news from EMAAR that the expected details of the Dubai Holding deal won't come out for another month or two. ETISALAT, AGTHIA and ALDAR continued their strong rallies, and lifted the ADSM index.

The Deyaar IPO, which closes today, was reported has having a subdued response. Dana's Crescent Petroleum says they've received no written ultimatum after the Iranian Oil Minister gave an ultimatum that was written in the press. Crescent said ongoing gas contract talks were "constructive". The UAE Finance & Industry Minister is reported to have said market forces will determine number of Islamic bank licences, which implies there may be hope for Amlak and Tamweel after all - the UAE Central Bank said a couple of weeks ago: "It is the current central bank policy not to issue new licences to finance companies and the policy will be applicable to all".

Aabar reported 2007 Q1 net profits late yesterday of just AED 2m dhs (after minority interests deducted), which works out to less than a fil per share (even when annualised). But they're paying out over twenty times the Q1 profit as a dividend. Other 2007 Q1 results released from Agility, Grand Real Estate, and National Real Estate.

Dubai Financial Market and Abu Dhabi Securities Market index for 16 May 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
ASMAK 6.44 +0.46 +7.7%
UAB 5.90 +0.40 +7.3%
AGTHIA 1.54 +0.09 +6.2%
JULPHAR 1.86 +0.10 +5.7%
DRIVE 2.06 +0.10 +5.1%
worst stock falls
symbol price change
NCTH 3.61 -0.36 -9.1%
ADAVIATION 2.13 -0.17 -7.4%
TABREED 2.56 -0.19 -6.9%
OIC 9.30 -0.49 -5%
CBI 2.11 -0.09 -4.1%
top volume
symbol value (AED) price
EMAAR396,817,79411.60
DFM228,889,4463.19
GLOBAL150,951,00010.05
DIB126,493,9209.25
DIC107,750,0524.22

Dubai Financial Market

An unpleasant fall on the DFM today, losing 1.7% to end at 4162 points with traded volume a still substantial 1.4 bn dhs. Big drops for Emaar Properties PJSC (EMAAR) heading the traded value list and falling 3.8% to 11.45, and National General Cooling Company PJSC (TABREED) with a nasty 7.2% decrease to 2.45. Most other commonly traded stocks fell 0-3%.

Exceptions were Shuaa Capital PJSC (SHUAA) up 1.6% to 5.20 and Islamic Arab Insurance Company PSC (IAIC) up just 0.3%. Commercial Bank of Dubai (CBD) jumped into the spotlight with an unusually active day, rising 5% to 7.41, and no sellers in the queue at the end of trading.

Abu Dhabi Securities Market

The ADSM had a 0.35% rise to 3,344 points from another solid day of trading - total traded value was 661m dhs. It's as if punters have given up on Emaar Properties PJSC (EMAAR) and the DFM, and started moving into ADSM.

Rises on big volumes for AGTHIA up 6.2% to 1.54, Abu Dhabi Islamic Bank (ADIB) up 0.8%, Dana Gas PJSC (DANA) up 2.8%, Aldar Properties PJSC (ALDAR) up 1.5%, Emirates Telecommunications Company (ETISALAT) up 1.7%, First Gulf Bank (FGB) up 0.7%, Ras Al Khaimah Properties PJSC (RAKPROP) up 4.4%.

Other interesting rises for UAB up 7.3% from 2 large trades, ASMAK up 7.7% on much greater than usual volume, Invest Bank (INVESTB) up 3.4% continuing from it's sterling performance yesterday, and DRIVE up 5.1% from relatively heavy trading.

Notable losers today included Aabar Petroleum Investments Company PJSC (AABAR) down 3.4%, Commercial Bank International (CBI) down 4.1% on heavier than usual trading, Oasis International Leasing Company PJSC (OILC) down 2.5%, Sorouh Real Estate (SOROUH) down 1.3%, Sudan Telecom Company Ltd (SUDATEL) down 0.9%, Abu Dhabi National Energy Company (TAQA) down 1%, and Union National Bank (UNB) down 0.9%.

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