DFM & ADSM reports

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Tuesday, June 05, 2007

UAE markets 05 Jun 2007

UAE market news & discussions for 05 June 2007

Both DFM and ADSM suffered unnerving falls of over 1% each today leaving investors wondering if the recent surge had come to an end.

HC Brokerage released a report on AMLAK, giving them a HOLD rating despite shares still looking expensive. Taqa denied yesterday's report of a Taqa spokesperson saying foreign ownership of shares might be possible. Etisalat were reported today to have asked the government to allow foreign ownership of their shares. Sharjah Islamic Bank (NBS) said they didn't know why their share price shot up, and their share price continued to climb on huge volumes indicating the market knows something they don't. EMAAR MGF were reported to be building 100 shopping malls in India in the next few years. Dana Gas proposed a 3.7 billion sukuk issue to fund growth. Aabar Petroleum said they were looking for the same amount but may do a rights issue and consider listing in London or Singapore. Al Sagr Insurance said they'd form a subsidiary in Qatar Financial Center. HDG Mansur were reported to be listing a 2 billion dh real estate company on DIFX in July 2007.

ESCA released a statement on their website saying market websites should be checked for company disclosures and news. ESCA were reported as saying in a statement that ADSM and DFM investor numbers might be consolidated, but no statement appeared on their website. The most recent news item on ESCA's website is dated 31 May 2007...

Dubai Financial Market and Abu Dhabi Securities Market index for 05 June 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
UNION 2.28 +0.16 +7.5%
ASMAK 6.74 +0.43 +6.8%
SCIDC 3.94 +0.14 +3.7%
GGICO 7.73 +0.27 +3.6%
INVESTB 2.90 +0.10 +3.6%
worst stock falls
symbol price change
RAKWCT 1.85 -0.12 -6.1%
TKFL 4.33 -0.27 -5.9%
TAQA 2.88 -0.17 -5.6%
AGTHIA 1.98 -0.09 -4.3%
UPP 3.38 -0.15 -4.2%
top volume
symbol value (AED) price
ARKAN247,501,2331.51
EMAAR216,340,09312.00
DIC91,128,9114.66
TAMWEEL82,876,1804.48
OILC73,710,5031.37

Dubai Financial Market

The DFMGI fell 1.2% to 4414 points with a total traded value of 854m dhs. Emaar Properties PJSC (EMAAR) fell about the same % to 11.95, at the top of the value table with 216m dhs worth of deals.

Only three stocks rose, GGICO the star performer with a 3.7% increase to 7.64 and a impressive volume of 26m dhs worth. AMAN and NCC had small rises, while National Bank of Dubai (NBD), Dubai National Insurance & Reinsurance Co. (DNIR) and GRAND remained unchanged on thin trading.

Union Properties PJSC (UPP) suffered the worst fall of 4.3% to 3.35, Islamic Arab Insurance Company PSC (IAIC) was down 3.3%, and Dubai Investments PJSC (DIC), Shuaa Capital PJSC (SHUAA), National General Cooling Company PJSC (TABREED) all fell about 2%. The remaining stocks fell 1-2% except for Tamweel PJSC (TAMWEEL) which was down just 0.2%.

Abu Dhabi Securities Market

ADSM dropped 1.2% to 3567 points with total traded value of 753m dhs - not far off the total for DFM. Big trading of 248m dhs worth in ARKAN with a 2% rise to 1.53. NBS once again very active with 49m dhs of trades and a 1.4% rise to 2.65. Invest Bank (INVESTB) also in fine form with busy trading and a 3.6% rise to 2.76.

UNION was up 7.6% on thin volumes but more than normal for them. Similarly for ASMAK up 6.8%.

Apart from Arkan, all the usually actively traded stocks tumbled today. The worst falls for Abu Dhabi National Energy Company (TAQA) down 5.6% to 2.88, AGTHIA down 4.4%, Sorouh Real Estate (SOROUH) down 4.1%, and Aldar Properties PJSC (ALDAR) down 3.5%. The remainder falling by less than 3%.

Posted by sharewadi at 16:16

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