UAE market news & discussions for 20 May 2007Markets appeared unfazed by the surprise news today (or was it?) that Kuwait was dropping its dollar peg, with handy rises and good volumes for both DFM and ADSM. DFM trading was delayed an hour due to a technical hitch, and finished at 2 pm. Shuaa Capital shares were apparently suspended from trading in Kuwait until they hand in 2007 Q1 results (hard to see how they'll be ready before the end of June). Dubai Investments spent AED 100m dhs buying Islamic Bank of Asia. Etisalat forecast 2007 Q2 profits to have a solid increase. Aabar announced another Thai oil platform had started production. Recent stock reports reviewed include First Gulf Bank (BUY), National Bank of Abu Dhabi (BUY), Abu Dhabi Commercial Bank (NEUTRAL), and Deyaar IPO. All from Shuaa. |
- 20 May 2007 UAE stocks and business news
- TAQA overhaul of organizational design and management - PR 20 May 07
- SHUAA 2006 FY profit AED 262m
- DFM stockmarket trading problems 20 May 2007
- EMAAR International AED 1.8 bn Samarah Dead Sea Resort in Jordan
- Kuwait drops dollar peg, GCC currency union more doubtful - 20 May 07
- AABAR Jasmine C platform starts 1450 bpd production 16 May 2007
- UNION Insurance capital increase - 20 May 2007
- Air Arabia Founding General Assembly results - PR 19 May 2007
- DRC 2006 FY results 01 Feb 2007 - not reviewed yet
- IAIC 2006 FY profit AED 181m +63% on 2005 - 01 Feb 2007
- ETISALAT 2007 Q2 results forecast to increase - R 19 May 07
- SHUAA shares suspended in Kuwait? - 20 May 2007
- WARE - Agility subsidiary wins AED 466m US Defense contract - 16 May 07
- DIC Dubai Investments buys 5% of Islamic Bank of Asia PR 19 May 07
- EMAAR Healthcare signs MoU with Dubai Health Department PR 19 May 07
- Day Trade Indications
- 19 May 2007 UAE financial and business news
- Deyaar IPO report from Shuaa 29 Apr 2007
- FGB 2007 report from Shuaa Capital 16 May 2007 [BUY]
- FGB 2007 Q1 profit AED 406m up 8% from 2006 Q1
- FGB 2007 FY profit forecast -5.2% to AED 1.46 bn
- NBAD Shuaa Capital report 06 May 2007 [BUY]
- NBAD 2007 Q1 results
- NBAD 2007 FY profit forecast +12% to AED 2.36 bn
More UAE stock market news and discussions...
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Dubai Financial Market
An interesting day on DFM with the index going almost vertical from 4125 to 4175 when trading finally started at 11:00 am. The DFMGI then wobbled around that level, closing at 4171, up 1.1%, with total traded value of AED 1.1 bn making one wonder if a few more of these technical hitches are all that's needed to boost the market.
Amlak Finance Company (AMLAK) and Tamweel PJSC (TAMWEEL) both up by 4% on strong volumes - are there more bank merger or licence rumours? Emaar Properties PJSC (EMAAR) was up 1.8% to 11.35 and most heavily traded by value with 288m dhs worth.
Islamic Arab Insurance Company PSC (IAIC), Dubai Investments PJSC (DIC), Arabtec Holding PJSC (ARTC), Aramex PJSC (ARMX), and Commercial Bank of Dubai (CBD) rose 2%-3%. Other actively traded stocks rose less than 2%.
Biggest fall was 4% for WARE from a single trade. No other losses of any significance.
Abu Dhabi Securities Market
ADSM was back to the green arrows today with the General Index up 0.6% to 3325. Respectable traded value of AED 553m with 25 stocks up and 10 stocks down. AGTHIA topping the gainers list 9for active stocks) with yet another big rise - up 6.1% and AED 74m dhs of traded value. Sorouh Real Estate (SOROUH) topped the traded value list with a solid 3.2% rise and 128m dhs of trading. Gulf Cement Company (GCEM) not far behind with a 3.3% increase and AED 21m of trading.
Other rises on solid volumes today for Aldar Properties PJSC (ALDAR) up 1.9%, Abu Dhabi Islamic Bank (ADIB) up 1.4%, ARKAN up 0.9%, Emirates Telecommunications Company (ETISALAT) up 0.6%, First Gulf Bank (FGB) up 1.8%, Union National Bank (UNB) up 0.8%, and Sudan Telecom Company Ltd (SUDATEL) up 0.6% with a considerable 81m dhs worth of trading.
Aabar Petroleum Investments Company PJSC (AABAR) and Oasis International Leasing Company PJSC (OILC) trading on respectable volumes but with price unchanged. National Marine Dredging Company (NMDC) the big loser dropping 5.9% on significant volumes. Ras Al Khaimah Cement Company (RAKCC) down 0.5% the only other loser on volume of any substance.
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