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Tuesday, September 25, 2007

UAE markets 25 Sep 2007

UAE market news & discussions for 25 September 2007

It was Air Arabia leading the show again today with vigorous trading and a solid 5.5% jump in price to 1.35. Both markets enjoyed a steady increase with Aldar Properties again dominating ADSM trading.

There was a report of Air Arabia finalising a deal to buy 40 new planes which may have prompted heavy trading yesterday and today, but the report is similar to one a couple of months ago. Speculation that third quarter earnings are up may also be driving trading.

Taqa have put in a bid of AED 18.3 billion for Canada's PrimeWest Energy Trust, reportedly a generous offer. PrimeWest shares in Canada stormed ahead 30%, Taqa shares in Abu Dhabi rose just 1% today on low turnover.

Happy Birthday to Commercial Bank International of Ras Al Khaimah and the 1 year anniversary of their new logo. That's hardly market moving business news but investors seemed to think otherwise with two days of robust trading and a decent increase in share price. Perhaps CBI's ambition to become the "largest banking institution operating in the UAE" had something to do with it. Currently they have a market cap of less than a tenth of the largest in the UAE - National Bank of Abu Dhabi with a Dh 30 billion market cap.

ADCB, FGB, NBAD, NBD are providing AED 1.7 bn of funding for the AED 3 bn Abu Dhabi Corniche Project being developed by International Capital Trading.

Amlak Finance had their 5% share buyback approved and share price was up 1.5% on heavy trading today. Shuaa released a one line statement that the DIFX was considering allowing listings for UAE companies, which was also reported a couple of months ago. The Kang Pacific Airways founder and CEO said IPO was planned for early next year.

The UAE dirham peg to the dollar was up on speculation that Saudi might revalue its riyal peg to the US dollar.

Dubai Financial Market and Abu Dhabi Securities Market index for 25 September 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
NBF 4.89 +0.44 +9.9%
UNION 2.00 +0.17 +9.3%
ADNIC 8.75 +0.55 +6.7%
TKFL 4.11 +0.23 +5.9%
AIRARABIA 1.35 +0.07 +5.5%
worst stock falls
symbol price change
ASMAK 5.17 -0.49 -8.7%
EIC 8.25 -0.70 -7.8%
DNIR 3.47 -0.18 -4.9%
NCC 9.65 -0.50 -4.9%
RAKWCT 2.12 -0.05 -2.3%
top volume
symbol value (AED) price
AIRARABIA692,021,8081.35
ALDAR193,771,9047.47
EMAAR134,504,01110.85
DEYAAR121,751,8781.87
AMLAK115,097,2573.22

Dubai Financial Market

The DFMGI gained an encouraging 0.84% to close at 4267 with turnover up to AED 1.38 billion, half of that from trading in AIRARABIA which closed 5.5% up at 1.35.

Emaar Properties PJSC (EMAAR) saw a small gain of 1% to 10.85 and modest turnover of AED 135m. Other rises for AMAN up 2.2%, Tamweel PJSC (TAMWEEL) up 1.5%, Dubai Islamic Bank (DIB) up 1.3% with most other actively traded stocks rising less than 1%.

Three stocks fell, Dubai National Insurance & Reinsurance Co. (DNIR) & NCC down 5% from a total of just 3 deals, Union Properties PJSC (UPP) was the only actively traded loser, down 0.6% to 3.19.

Abu Dhabi Securities Market

A relatively quiet day on ADSM with turnover just AED 374m pushing the index up by 0.5% to 3493 points. Two-thirds of that from Aldar Properties PJSC (ALDAR), up 1% to 7.32. Oasis International Leasing Company PJSC (OILC) was next on the traded value list with just AED 36m dhs of deals done, and a 0.6% rise to 1.75.

Other rises for AGTHIA up 1.7%, Abu Dhabi National Energy Company (TAQA) up 1.1%, Commercial Bank International (CBI) up 0.8%, and Emirates Telecommunications Company (ETISALAT) up 0.6%. Nine stocks rose more than 2% but all on turnover of less than 1 million dhs each.

Falls of note for Ras Al Khaimah White Cement Company (RAKWCT) down 2.3%, ADNH down 2.1% on more than usual activity, AWNIC down 1%, also busier than usual.

Posted by sharewadi at 16:28

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