UAE market news & discussions for 15 November 2007The UAE Central Bank Governor, Sultan Bin Nasser Al Suwaidi was reported as saying today that the UAE may consider delinking the dirham from the US dollar peg and link it to a basket of currencies instead. The DFM wobbled about today but in the end closed higher than it started, with Deyaar and DFM shares rising slightly on, yet again, heavy turnover. The ADSM also rose and Oasis Leasing shot up as fast as it went down earlier this week. One hopes their planes don't fly like their stock price has done this week. Emaar shares rose 2.2% today after the news yesterday that they were considering a London or New York stock market listing. They did not say anything about a DIFX or Kuwait listing - two possibilities that had been rumoured in the past. Air Arabia and Alpha Aviation Group announced they would set up a flight training academy in Sharjah, to start in 2008. They could be busy. The DAE University boss said this week that the GCC and India region will need 3000 new pilots per year until 2015. Anybody looking for a job? Emirates NBD joined the DFMGI index today, representing just under 15% of the DFMGI total market capitalization. Their shares rose just under 1%. Amlak Finance announced their mortgage products were now available in Jordan from Amlak Finance (Jordan), and also said that AFJ will do an IPO in 2008 Q1 with a listing on the Jordanian stock market. Amlak shares fell slightly today. And Union Properties and the DFM issued press releases saying they were having a nice time in New York at the investor conference. We're still waiting for our postcards. |
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2007 Q3 updates today
- Dana Gas full results were available later yesterday showing that they're not making as much money from operations as they were from keeping their money in the bank, but it's early days yet. We do however, thoroughly recommend their Directors' Report as a fine example of what we'd like to see more often from other UAE listed companies, except for the rather obtuse paragraph about the pipeline to Iran. Some good reading to go with your coffee tomorrow morning.
- Dubai Refreshments (DRC) at first glance had solid profit growth for Q3 and moderate profit growth for M9, but the auditor's report carried a comment that DRC had overstated their profits by AED 5.5 million. Shares were untraded today.
- Jeema Mineral Water (JEEMA) profits fall and their shares looked even more expensive based on earnings, especially since they're actually losing money from core operations. Shares have not traded for over a year.
- Tamweel's excellent results released last month were still excellent after reviewing the full statements released yesterday, just not quite as excellent as it seemed. Tamweel accounts say they are involved in Islamic Financing and Property Development, but in the segmental analysis, more than half their income came from a third, unspecified, activity called "Other". The market didn't seem to think much of their "Other" activities though. Their shares fell 3% today.
- Results released, but not yet reviewed for Aerated Concrete Industries, and Grand Real Estate.
Latest topics and posts
- 15 November 2007 financial and business news for the UAE
- Market Watch November 2007
- Alpha Aviation Group and Air Arabia launch International Aviation Training Academy
- ARIG 2007 Q3 loss AED -30m -293%, M9 38m -21% 14 Nov 2007
- DAE Capital orders 200 planes for leasing unit - KT 14 Nov 2007
- DANA 2007 Q3 profit AED 22m -52%, M9 72m -51% 14 Nov 2007
- Dana Gas Directors' Report 2007 Q3
- DRC 2007 Q3 profit AED 12m +78%, M9 13m +11% 15 Nov 2007
- Emaar may list on LSE London R 14 Nov 2007
- JEEMA 2007 Q3 profit AED 0.17m -59%, M9 0.38m -45% 15 Nov 2007
- NCC 2007 Q3 profit AED 45m -3%, M9 150m -16% 14 Nov 2007
- TAMWEEL 2007 Q3 profit AED 136 is 2x forecasts, M9 up 147% - 21 Oct 07
- Latest list of Companies available for expats
- UNIKAI 2007 Q3 profit AED 8.3m +6%, M9 19m +63% 14 Nov 2007
- 14 November 2007 shares and financial news for DFM and ADSM
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI rose 0.73% to 5623 from 3.35 billion dhs worth of trading, not quite as much as on other days recently but still plenty of activity there. Top traded stock on turnover were DFM shares, heading up 1.8% to 6.89 from just over AED 1 billion worth of deals. DEYAAR was in second spot with 773m dhs worth and a small 0.7% rise to 2.98.
Best gain for actively traded stocks was for Emaar Properties (EMAAR) with a 2.2% rise to 13.90. Arabtec (ARTC) rose 1.2% to 8.20 and other rises were less than 1%. ACICO rose from 1 small trade.
Tamweel (TAMWEEL) was the worst of the actively traded losers, falling 3.1% to 7.12. Shuaa Capital (SHUAA) dropped 2%, ALFIRDOUS and AMAN fell 1.3% and the remainder fell less than 1%.
Abu Dhabi Securities Market
Oasis Leasing (OILC) was the best gainer today, up by 7.1% to 2.62, and second highest in terms of turnover. Aldar Properties (ALDAR) saw the highest turnover with AED 371m worth of trading and a decent 3.5% rise to 10.50.
Other rises of more than 3% and greater than 1m dhs of turnover for UNION up 6.4%, ARKAN up 3.8%, NBQ up 3.5%, and RAK Properties (RAKPROP) up 3.3%.
Only 2 stocks fell more than 1% on turnover of more than 1m dhs, Abu Dhabi Commercial Bank (ADCB) down 1.8% and Union Cement (UCC) down 1.4%. Etisalat (ETISALAT) fell by just under 1% to close at 20.50.
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.
