UAE daily stock market reports for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM) - RSS feed

Sunday, November 11, 2007

UAE markets 11 Nov 2007

UAE market news & discussions for 11 November 2007

The DFM fell another 1.35% on reduced volumes today while the ADSM crept up by 0.2% with Arkan building materials continuing to soar - up by another 5.8% on heavy trading. DFM trading last week saw AED 300m net investment by foreigners but that was less than a fifth of the net amount for the previous week.

The striking Arabtec employees were back to work yesterday after an agreement was negotiated with an unconfirmed report of an AED 100 per month salary increase. Arabtec shares rose 3% today to 7.80.

Emirates announced an order for 12 Boeing 777s worth AED 11.7 billion, which was dwarfed by its order today for 70 Airbus A350s and options for another 50. Total order book is now up to AED 220 billion worth for 246 planes. EK IPO anyone?

Air Arabia said they would borrow nearly AED 6 billion to buy 40 new planes pending an announcment later this week, and their share price didn't change.

Al Mazaya Holding announced M9 profits of about AED 275m. Dubai National Insurance & Reinsurance Q3 profits were up 50% to AED 9.5m, shares rose 2.5% today.

Dubai Islamic Bank released full financial statements for the third quarter 2007, revenue doubled but profits were only up by 30%, after allowing for the sale of its Deyaar stake in the IPO, due to falls in other extraordinary income. Shares fell another 1.4% today.

Dubai Financial Market and Abu Dhabi Securities Market index for 11 November 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
DHAFRA 5.50 +0.50 +10%
ARKAN 3.30 +0.18 +5.8%
AGTHIA 2.18 +0.11 +5.3%
RAKCC 2.19 +0.08 +3.8%
AMAN 30.40 +1.10 +3.8%
worst stock falls
symbol price change
NBF 3.60 -0.40 -10%
ARIG 3.47 -0.28 -7.5%
INVESTB 3.45 -0.24 -6.5%
EIC 8.25 -0.55 -6.3%
SHUAA 6.11 -0.36 -5.6%
top volume
symbol value (AED) price
ARKAN887,173,2593.30
DEYAAR754,117,4252.72
TAMWEEL551,065,5477.43
DFM280,314,5875.67
EMAAR232,936,36713.30

Dubai Financial Market

The DFMGI plummeted in early trading by 100 points, recovered somewhat but then fell again to end up 1.35% down for that day at 5367 points. Turnover was somewhat lower than some of the big days last week, at a still solid AED 2.6 billion worth.

DEYAAR saw the highest traded value of AED 750m but price remained unchanged at 2.72. Tamweel (TAMWEEL) had AED 550m of turnover and a 1.6% rise to 7.43.

There were only 4 other gainers today, AMAN up 3.8%, Arabtec (ARTC) up 2.9%, ALFIRDOUS up 1.7%, and GULFNAV up just 0.6%.

Notable losers included Shuaa Capital (SHUAA) down 5.6% to 6.11, Tabreed (TABREED) down 3.1% to 3.09, DFM and Union Properties (UPP) down 2.7% each, Amlak Finance (AMLAK) down 2.4% and Dubai Investments (DIC) down 2.3%. Emaar Properties (EMAAR) fell 1.85% to 13.30 on mild trading volume of AED 233m worth.

Abu Dhabi Securities Market

The ADSM index rose 0.22% to 4223 points from turnover of AED 1.8 billion with trading heavily dominated by the AED 890m worth of ARKAN shares, which ended the day a resounding 5.8% up at 3.43. Arkan shares have almost doubled in value since the beginning of October this year.

Other rises of more than 2% on turnover exceeding AED 1m for AGTHIA up 5.3% to 2.24, RAK Cement (RAKCC) up 3.8%, RAK Properties (RAKPROP) up 2.9%, Dana Gas (DANA) up 2.4% and ADNH up 2.1%. Etisalat (ETISALAT) rose 0.7% to 21.05.

Another nasty fall for Oasis Leasing (OILC) down 4.4% to 2.64 was the worst of the more active stocks today. Abu Dhabi Commercial Bank (ADCB) fell 1.1% and Union National Bank (UNB) fell 1% with the remainder falling less than 1% or on limited turnover.

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