UAE market news & discussions for 28 June 2007The week finished on a bit of a deflated note with DFM heading south slightly and ADSM with no change in the index after today's trading. Aldar Properties share price was seen as undervalued in a research report from HSBC brokerage this week, which sounds somewhat optimistic. Fujairah Building Industries announced capital expansion plans again - they previously announced expansion plans in May 2007, but then the disclosure appeared to be withdrawn. There was a report of 10 bn dhs worth of building contracts to be awarded to Arabtec and Habtoor, but ARTC's share price barely moved. United Arab Bank announced the results of their BOD meeting yesterday. Gulf Navigation announced the appointment of a new CEO after yesterday's solid increase on heavy trading. The $1 bn Sukuk program for Gulf Finance House was given a preliminary rating of BBB- by Standard & Poor's. Taqa said they sold AED 33 bn of bonds and appointed a new Head of Health and Safety. Oddly, it was the second item that seemed to be of more interest to the media. The Abu Dhabi Securities Market said their London and New York trip was a success, and they might head over to Tokyo or Hong Kong for a similar roadshow. They also signed an MoU with the FTSE to create UAE based indices and ETFs, which sounds the same as the agreement ADSM said they were signing two weeks ago. | |
More UAE stock market news and discussions...
best stock rises | symbol | price | change | UAB | 6.52 | +0.48 | +7.9% | DRIVE | 3.34 | +0.22 | +7.1% | GLOBAL | 11.50 | +0.75 | +7% | BILDCO | 4.07 | +0.25 | +6.5% | INVESTB | 2.75 | +0.15 | +5.8% | | worst stock falls | symbol | price | change | IFA | 8.95 | -1.55 | -14.8% | OEIHC | 17.15 | -1.90 | -10% | AAAIC | 125.00 | -12.00 | -8.8% | FH | 7.83 | -0.53 | -6.3% | ABNIC | 7.50 | -0.49 | -6.1% | | top volume | symbol | value (AED) | price | DFM | 203,199,887 | 3.17 | GULFNAV | 166,799,668 | 1.28 | EMAAR | 125,101,601 | 11.95 | ARKAN | 78,224,658 | 1.63 | DIB | 56,494,754 | 9.88 | |
Dubai Financial Market
The DFMGI had an encouraging start but in the end ran out of steam and fell by 0.23% to 4409 points with moderate traded value of AED 793m.
DFM shares topped the traded value list with a slight rise of 0.64% to 3.15, and GULFNAV were also heavily traded with a significant 6% fall to 1.25 after the solid 9% rise yesterday.
National Bank of Dubai (NBD) was busier than usual with a 1.4% rise, while Arabtec Holding PJSC (ARTC) and Emirates Integrated Telecommunications Company (DU) were the only other actively traded stocks going up, but with increases of less than 1%.
International Financial Advisors KSCC (IFA) was limit down from just one small trade, National General Cooling Company PJSC (TABREED) was down by 2.2% to 2.67, all other actively traded stocks lost 0-2% except for Dubai Islamic Bank (DIB) which remained flat. Emaar Properties PJSC (EMAAR) fell 0.4% to 11.85.
Abu Dhabi Securities Market
ADSM techinically had a rise - by a twentieth of one point to 3544.65 from yesterday's close of 3544.60. Traded value was a moderate AED 400m.
Happy days for UAB up 8% to 6.64, DRIVE up 7.1% to 3.35, and Abu Dhabi National Company for Building Materials (BILDCO) up 6.5% to 3.97 at the top of the gainers list and all on much busier than usual trading volumes. ARKAN was the most heavily traded stock by value with a promising 2.5% rise to 1.59. Other rises on active trading for AGTHIA, Abu Dhabi Commercial Bank (ADCB), Sorouh Real Estate (SOROUH), Ras Al Khaimah Properties PJSC (RAKPROP), Aabar Petroleum Investments Company PJSC (AABAR), Aldar Properties PJSC (ALDAR), and Emirates Telecommunications Company (ETISALAT) all up about 1% or less.
Ras Al Khaimah Cement Company (RAKCC) slumped by 3.2% to 2.40, National Bank of Abu Dhabi (NBAD) down by 2.9%, Gulf Cement Company (GCEM) down by 2.8%, and Abu Dhabi Islamic Bank (ADIB) down by just 0.3% were the only four stocks dropping on significant trading volume.
Oasis International Leasing Company PJSC (OILC), Dana Gas PJSC (DANA), Abu Dhabi National Energy Company (TAQA), Sudan Telecom Company Ltd (SUDATEL), and First Gulf Bank (FGB) remained unchanged.