DFM & ADSM reports

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Wednesday, December 26, 2007

UAE markets 26 Dec 2007

UAE market news & discussions for 26 December 2007

The DFMGI was up again today by a modest amount but trading levels were high at close to AED 5 billion dhs worth. ADSM barely moved and turnover was less than half the amount seen in Dubai.

Amlak shares soared 5% and topped the traded value table today with over a billion dhs worth of deals on the news that Amlak's 2007 profits would increase 120% to AED 285 million, with 4th quarter profits over 7 times the same period in 2006.

RAK White Cement stood out in Abu Dhabi with a 6.3% increase with trading volumes the highest seen since July this year. RAK Properties also had a good day, belting ahead on the second highest turnover for the day.

Both ADSM and DFM announced the extended trading hours would apply from 02 January 2008, implying that 01 January 2008 would be a holiday, but not confirming it.

Reform of UAE IPO rules is on the cards at last, with ESCA saying they could decide how future IPOs would be priced, meaning that shares could be sold at a premium to par value after a book building process.

Emaar received approval to buyback 10% of their shares ... again. They didn't buy back any earlier this year when their shares were cheaper though. Emaar shares rose 2% today.

After yesterday's news that Etisalat might bid for a telecom licence in Lebanon, Qatar Telecom joined in and said they would also, while mobile penetration was forecast to grow by a reduced 10% in 2008 in the UAE.

Dubai Financial Market and Abu Dhabi Securities Market index for 26 December 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
DRIVE 5.84 +0.48 +9%
NMDC 6.74 +0.47 +7.5%
NBF 5.48 +0.38 +7.5%
IFA 11.75 +0.75 +6.8%
RAKWCT 2.35 +0.14 +6.3%
worst stock falls
symbol price change
FCI 4.49 -0.43 -8.7%
OEIHC 32.25 -2.75 -7.9%
ARIG 3.34 -0.21 -5.9%
DFM 6.64 -0.26 -3.8%
ALDAR 12.65 -0.40 -3.1%
top volume
symbol value (AED) price
AMLAK1,052,690,0295.37
EMAAR936,349,89615.10
DEYAAR677,617,6382.96
DU398,955,7167.34
AIRARABIA360,427,8331.99

Dubai Financial Market

The DFMGI followed yesterday's big boost with a modest 0.6% gain to break through the 6000 level from a still very active AED 4.8 billion of turnover with just over a billion shares traded. The index closed at 6028 points.

As mentioned, Amlak Finance (AMLAK) was in the spotlight with AED 1.05 billion of turnover and a 4.9% increase to 5.37 dhs. Emaar Properties (EMAAR) was in second spot on the traded value chart with AED 936 million of turnover and a 2% rise to close above 15 dhs.

Other solid gains for Tabreed (TABREED) up 3.8%, Du Telecom (DU) up 3.7%, and AIRARABIA up 2.05%. Emirates NBD (ENBD) rose 1.7% and another 4 stocks rose less than 1%. Four more stocks rose more than 1% but on turnover of less than AED 1 million.

Abu Dhabi Securities Market

The ADSM index crept up a marginal 0.08%, or just 4 points, to close at 4636 with turnover a steady AED 2 billion worth. RAK White Cement (RAKWCT), as mentioned, had a splendid day with a 6.3% rise to 2.28 from AED 42m of traded value. DRIVE yet again saw limit up trading with just AED 1.5m of turnover and a 5.89 dh closing price.

Other gains from significant trading activity for ADAVIATION up 6% to 3.14, RAK Properties up 3.3% to 2.42, Abu Dhabi National Energy (TAQA) up 2.2%, Sudan Telecom (SUDATEL) up 2.1%, and another 11 stocks rising less than 2%. Five other stocks rose more 2% on less than AED 1m of turnover. Etisalat (ETISALAT) rose 0.9% to close at 23.70.

There were a total of 19 losers today, including a number of actively traded shares. Aldar Properties (ALDAR) was the worst of them, dropping by 3.1% to 12.50, ARKAN was not far behind with a 2.7% fall to 3.82. Sorouh Real Estate (SOROUH) fell 1.5%, Bank Of Sharjah (BOS) 1.2% and another 8 stocks fell less than 1% on significant activity.

Posted by sharewadi at 20:38

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