DFM & ADSM reports

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Wednesday, May 30, 2007

UAE markets 30 May 2007

UAE market news & discussions for 30 May 2007

DFM looked strong until a late sell off. ADSM managed to get through 3600 points today with TAQA still going like a train, kicking a big hole in the "buy on rumour, sell on news" maxim. The DFM stockmarket game winners were announced and apparently showed us that a sound long term investment strategy can generate returns of over 100% in less than two months.

Amlak Finance announced they received approval to start their AED 1 bn operation in Saudi Arabia. Al Buhaira National Insurance Company said they would allow foreigners to own up to 25% of their shares - which, based on 2007 Q1 results, look more expensive than other UAE insurance companies. Emirates Bank and Mashreq lent money to a bank in Russia, Emirates Bank announced a Joint venture with a bank in Kazakhstan, and confusing reports today of Mashreq Bank bidding or not bidding for either Al Watany Bank in Egypt or National Bank of Egypt.

Dubai Financial Market and Abu Dhabi Securities Market index for 30 May 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
SALAM 14.05 +1.05 +8.1%
AKIC 1.60 +0.10 +6.7%
NCTH 4.45 +0.27 +6.5%
UNION 2.10 +0.11 +5.5%
AGTHIA 1.71 +0.08 +4.9%
worst stock falls
symbol price change
EIC 11.50 -0.75 -6.1%
DRIVE 2.63 -0.17 -6.1%
RAKNIC 4.20 -0.25 -5.6%
ASMAK 6.35 -0.30 -4.5%
MAZAYA 7.00 -0.30 -4.1%
top volume
symbol value (AED) price
DIC643,592,3954.79
EMAAR592,666,88612.40
TAMWEEL362,880,4854.59
DFM316,056,0173.39
UPP226,505,1383.43

Dubai Financial Market

The DFMGI shot up to almost 4550 at the start of trading, fell back to almost 4500 fairly quickly and crept back up to just under 4550 before a late sell-off pulled it back down 4480, 0.5% down from yesterday's close. Heavy total volumes today of AED 3.2 billion.

Dubai Investments PJSC (DIC) was the one to watch today, up 2.4% to 4.77 from an immense 643m dhs worth of trading, ahead of Emaar Properties PJSC (EMAAR) falling by 2.4% to 12.15 from 593m dhs of trading. Other increases of note were Commercial Bank of Dubai (CBD) up 4.9% and GGICO up 4.9% - both from much more activity than usual. Big jump for SALAM from just a single trade. Shuaa Capital PJSC (SHUAA), Tamweel PJSC (TAMWEEL), Arab Insurance Group (ARIG), Arabtec Holding PJSC (ARTC), Union Properties PJSC (UPP) all rose less than 2%.

National General Cooling Company PJSC (TABREED) the big loser today, down by 3.5%, followed by Islamic Arab Insurance Company PSC (IAIC) down by 2.8%. GULFNAV, Amlak Finance Company (AMLAK), DIB, Emirates Integrated Telecommunications Company (DU), DFM all fell by less than 2%. National Bank of Dubai (NBD) was more active than usual and fell by 0.4% to 9.01.

Abu Dhabi Securities Market

ADSM had a good day with a net 0.8% rise to 3,610 and a solid AED 1.26 bn of trading. Abu Dhabi National Energy Company (TAQA) with a 4.1% rise to 3.02 from an impressive 200m dhs of trading one of the star performers today. Oasis International Leasing Company PJSC (OILC) another one in the spotlight with huge trading, especially for them, and a 4.4% increase.

Other impressive rises for AGTHIA, once again, up 4.9%; Aldar Properties PJSC (ALDAR) a defiant 3.2% on volumes that indicate there seems to be no stopping this stock; Abu Dhabi Islamic Bank (ADIB), National Bank of Abu Dhabi (NBAD) and Ras Al Khaimah Properties PJSC (RAKPROP) all up 2.6%; and Dana Gas PJSC (DANA), Sorouh Real Estate (SOROUH), Abu Dhabi Commercial Bank (ADCB), Gulf Cement Company (GCEM), ARKAN all up about 1-2%.

DRIVE got hit hard by 6.1%, Qatar Telecom (QTEL) dropped 2% and Finance House PJSC (FH) 1.4% on reasonable activity. Sudan Telecom Company Ltd (SUDATEL), Union National Bank (UNB), Emirates Telecommunications Company (ETISALAT), and First Gulf Bank (FGB) all fell slightly by about 0.3%.

Posted by sharewadi at 16:22

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