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Wednesday, August 22, 2007

UAE markets 22 Aug 2007

UAE market news & discussions for 22 August 2007

There seems to be no reprieve to the local share slump with both markets falling today. Both Emaar and the DFMGI dropping below the important levels of 10 dhs per share and 4000 points. It looks like Emaar got hammered after yesterday's conference call in which the CFO said Q3 profits were expected to be 'extremely marginal'.

Deyaar would list on DFM 05 Sep 2007 said Shuaa. Etisalat is one of ten selected bidders for a 26% share of Kuwait's new mobile phone operator according to MEED, in an apparent contradiction to reports that the Kuwait government were excluding foreign companies from the auction. National Bank of Abu Dhabi said they were shifting funds into Saudi equities because they looked cheap. At just over 20, the Saudi PE (average) appears to be the highest in the region. NBAD also announced an EGM to vote on selling AED 6.4 bn worth of bonds. Emirates Driving Company said they received ISO 9001-2000 certification. IAIC Salama bought back 1m of their own shares yesterday.

Ras Al Khaimah announced commercial licences in some categories would allow 100% foreign ownership from 01 Sep 2007. The DFSA ordered Forsyth Partners to cease activities in the DIFC. The Swedish financial regulator may issue a ruling on Borse Dubai's OMX bid after reviewing their answers to questions posed last week. Dubai World is reported to have gone to Las Vegas with AED 18 bn to buy 9.5% of MGM. And Dubai Aerospace denied it was bidding for London's Gatwick airport.

Dubai Financial Market and Abu Dhabi Securities Market index for 22 August 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
OEIHC 19.65 +1.75 +9.8%
NMDC 4.73 +0.37 +8.5%
ASMAK 5.50 +0.38 +7.4%
ABNIC 7.80 +0.30 +4%
INVESTB 2.96 +0.03 +1%
worst stock falls
symbol price change
RAPCO 3.44 -0.38 -9.9%
EIC 10.65 -1.15 -9.7%
FOODCO 3.99 -0.43 -9.7%
AWNIC 4.05 -0.35 -8%
QCEM 2.30 -0.19 -7.6%
top volume
symbol value (AED) price
EMAAR545,951,4799.75
AIRARABIA160,776,9791.16
DFM143,660,7292.66
ALDAR98,211,3826.00
OILC69,041,4651.65

Dubai Financial Market

The DFMGI got whacked by almost 2.5% today, on hectic turnover of 1.1 bn dhs and closing at 3968 points. Emaar Properties PJSC (EMAAR) suffered badly, accounting for about half the total turnover and a 3.5% fall to below 10 dhs, down to 9.75 dhs per share, a level not seen since the end of 2004.

Even worse falls for AMAN down 7.25% to 21.75, Emirates Integrated Telecommunications Company (DU) down 5.35% to 4.60, DFM down 5.0% to 2.66, Amlak Finance Company (AMLAK) down 3.6% to 2.92, Tamweel PJSC (TAMWEEL) down 3.6% to 3.74, and Union Properties PJSC (UPP) down 3.5% to 3.02.

National General Cooling Company PJSC (TABREED) was down 3.3%, AIRARABIA fell 2.5% on busy trading. Dubai Investments PJSC (DIC) and Dubai Islamic Bank (DIB) fell about 3% each on moderate trading, while GULFNAV, Arabtec Holding PJSC (ARTC), Aramex PJSC (ARMX) and Shuaa Capital PJSC (SHUAA) all fell about 1-1.5%.

Biggest rise was for Islamic Arab Insurance Company PSC (IAIC), up 1% to 3.06. Emirates Bank International Group (EBI) and National Bank of Dubai (NBD) rose about half a percent on limited volumes.

Abu Dhabi Securities Market

The Abu Dhabi index sunk by almost 2% on moderate turnover of 307m dhs with only two stocks rising on trading volumes of more than 1m dhs worth - ABNIC up 4% to 7.80, and Ras Al Khaimah White Cement Company (RAKWCT) up just 0.5% to 2.05.

Aldar Properties PJSC (ALDAR) plummeted 5.1% to 6.04 and was at the top of the traded value list with 98m dhs of turnover. Other sharp falls for Sorouh Real Estate (SOROUH) down 4.35%, Ras Al Khaimah Properties PJSC (RAKPROP) down 4.3%, ARKAN down 3.6%, Abu Dhabi National Energy Company (TAQA) down 3.3% and National Bank of Abu Dhabi (NBAD) down 3.2%.

Emirates Telecommunications Company (ETISALAT) was down 1.2% to 17.15 and Oasis International Leasing Company PJSC (OILC) with a relatively quiet day, also down by 1.2%, to 1.64 and turnover of 69m dhs.

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