UAE market news & discussions for 09 December 2007A roaring start to the week for the ADSM with a 3% rise and greater turnover than the DFM. Etisalat soared 7% on heavy trading, while Arkan Building Materials and Sorouh Real Estate also performing well. The DFM also did well with Union Properties and Du Telecom rising over 7% on solid turnover. The new UAE business newspaper, Emirates Business 24-7, that replaced Emirates Today, launched its first issue today with a splash and several interesting articles: Prominent UAE business people were reported as saying the dirham had to revalue; The Al Qudra IPO was expected in Q1 2008 (remember the one that was originally forecast to be in 2007 Q1?); UAE banks, in particular ADCB, were at risk of significant losses from sub-prime fallout according to an HSBC reported "obtained exclusively" by EB (we assume they're talking about the report released last week); and UAE construction costs were forecast to rise 20% in 2008. |
- 09 December 2007 UAE Dubai, Abu Dhabi business news
- Depa IPO
- DFM net foreign investment last week up to AED 0.8 bn - 08 Dec 07
- DP World - REFUNDS
- Marketwatch UAE December 2007
- Dubai Financial Market General Index (DFMGI) Comments 01 Dec 07
- TAMWEEL borrows AED 1.7 bn from EIB - PR 08 Dec 07
- 08 December 2007 UAE Dubai, Abu Dhabi business news
- AMAN 2007 Q3 loss AED -1m -106%, M9 13m +287% 05 Nov 2007
- FGB 2007 Q3 profit AED 510m +28%, M9 1.4bn +21% 23 Oct 2007
- OIC 2007 Q3 profit AED 52m -5%, M9 220m +296% 04 Nov 2007
- 07 December 2007 shares and financial news for DFM and ADSM
More UAE stock market news and discussions...
|
|
|
Dubai Financial Market
The DFMGI was up a sturdy 2.3% to 5683 points from turnover of AED 2.7 billion. Union Properties (UPP) rocked ahead by 7.6% to 4.82 with a big jump in turnover to AED 366m. Du Telecom (DU) was close behind with a 7.25% rise to 6.36 and higher turnover of AED 398m.
Other notable rises for AMAN up 7% to 30.00, Aramex (ARMX) up 4.3% to 3.16, Dubai Islamic Bank (DIB) up 3.8% to 10.80, Emirates NBD (ENBD) up 2.6%, Islamic Arab Insurance (IAIC) and Emaar Properties (EMAAR) up 2.3%, Tabreed (TABREED) and Arabtec (ARTC) up 2.2%. The remaining gainers rose less than 2%, except for ALFIRDOUS and ASCANA which rose on low trading levels.
Only 2 losers on the DFM today, AEIBANK with its first trade since October, and only the 1 trade, down 5%. NCC also had just one trade and fell by 2.4%
Abu Dhabi Securities Market
The ADSM saw slightly greater turnover than the Dubai stock market, with AED 2.7 billion worth of shares changing hands while the index rose a solid 3.1% to 4486 points. The heavyweight of the bourse by market cap, Etisalat (ETISALAT), was jumped 7.1% to 23.50 from a heavier than usual AED 378m dhs worth of trading.
Sorouh Real Estate (SOROUH) and Aldar Properties (ALDAR) were the top shares by turnover, both with over 400m dhs worth of trading. Sorouh gained 6.3% to close at 8.29, and Aldar was up 3.3% to close at 11.20. ARKAN also saw just over 400m dhs worth of deals done and rose a splendid 5.9% to finish at 3.54.
Invest Bank (INVESTB) stood out with a big 9% jump to 3.60 but trading was a thin 2.1m dhs worth, still more than usual for the Sharjah based bank. Other rises of note for ADNH up 4.5%, Abu Dhabi National Energy (TAQA) up 3.9%, NBS up 3.5%, RAK Properties (RAKPROP) up 3.35%, Aabar Petroleum (AABAR) up 3.1%, and AGTHIA up 3%. The remaining gainers rose less than 3% or on less than 1m dhs of turnover.
A small handful of losers today, those with turnover greater than 1m dhs were FCI down 3.5%, Bank Of Sharjah (BOS) down 2.2%, and National Bank of Abu Dhabi (NBAD), FH, Gulf Cement (GCEM) all falling less than 1%.
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.