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

Sunday, December 09, 2007

UAE markets 09 Dec 2007

UAE market news & discussions for 09 December 2007

A 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.

Speaking of IPOs, Dubai's Depa was again reported as launching an IPO with a DIFX listing - expected in 2008 Q2. Net foreign investment on the DFM was up to an encouraging AED 800m last week.

Better Homes released their quarterly report on the still booming commercial property market in Dubai, with forecast supply expected to exceed demand in the medium term but a possible bust after that.

Dubai Financial Market and Abu Dhabi Securities Market index for 09 December 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
GMPC 5.55 +0.50 +9.9%
FBICO 3.00 +0.27 +9.9%
NCTH 7.53 +0.64 +9.3%
INVESTB 3.62 +0.30 +9%
UNION 2.50 +0.20 +8.7%
worst stock falls
symbol price change
NMDC 5.70 -0.31 -5.2%
AEIBANK 1282.40 -67.60 -5%
FCI 4.73 -0.17 -3.5%
SCIDC 4.54 -0.16 -3.4%
ASMAK 5.75 -0.20 -3.4%
top volume
symbol value (AED) price
SOROUH423,722,1618.07
ALDAR413,497,72211.00
ARKAN404,689,1073.41
EMAAR401,211,40313.40
DU398,178,6516.36

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%.

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