DFM & ADSM reports

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Sunday, December 30, 2007

UAE markets 30 Dec 2007

UAE market news & discussions for 30 December 2007

An uneventful day on the DFM today with the index going nowhere on modest turnover. Emaar and Union Properties had small rises while Du Telecom had a sharp fall. ADSM was also relatively slow, falling slightly but some excitement for Sharjah Cement and Ras Al Khaimah's Commercial Bank showing reasonable gains on relatively high trading volumes, while RAK Properties had a decent gain and topped the traded value list. DRIVE fell 7% today on low volumes, after soaring almost 50% last week. They announced a board meeting for 02 January 2008.

Dubai announced that the rent cap would be reduced to 5% for 2008, and no increase for anyone who had a rent increase in 2007. Good news for tenants on the face of it but how much this will exacerbate the supply shortage, and drive up rents, remains to be seen. There was also a report on Emirates Business that Abu Dhabi was considering a rent cap reduction to as low as 3%.

Osama Bin Laden, an unexpected economist, contributed to the stability of the GCC dollar pegs by saying they were "unjust and arbitrary".

Net foreign investment on the DFM was up to AED 1.5 billion last week, and net institutional investment up to almost AED 2 billion.

Dubai Financial Market confirmed that they would be closed on 01 January 2008. Presumably the same applies to the ADSM. Trading hours on both exchanges will be increased to 4 hours per day, from 10am to 2pm as of 02 January 2008.

Aldar Properties released another convertible share statement, correcting the number of shares issued to 6.7 million, down from 16 million on Thursday which was down from 30 million earlier last week. Perhaps by the end of the this week they'll be cancelling shares.

Amlak Finance signed an MoU with Qatar's Barwa Real Estate to provide housing finance in Qatar. Amlak shares rose just 0.2% today.

Dubai Financial Market and Abu Dhabi Securities Market index for 30 December 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
AWNIC 7.48 +0.68 +10%
NCTH 9.07 +0.63 +7.5%
OEIHC 34.35 +2.30 +7.2%
NMDC 7.54 +0.44 +6.2%
ADAVIATION 3.49 +0.19 +5.8%
worst stock falls
symbol price change
DRIVE 5.89 -0.44 -7%
ARIG 3.38 -0.17 -4.8%
ASMAK 6.11 -0.28 -4.4%
BOS 3.14 -0.14 -4.3%
DU 7.60 -0.29 -3.7%
top volume
symbol value (AED) price
EMAAR668,346,80815.30
DU458,443,2437.60
AMLAK316,094,7075.19
RAKPROP247,854,6232.47
AIRARABIA237,141,3861.99

Dubai Financial Market

The DFM index ended at 6001 points today, barely moving in the end with a 0.04% fall and turnover down to half the daily levels last week, at AED 2.4 billion. It did reach an intra-day high of 6060 points however. Emaar Properties (EMAAR) rose a modest 0.66% to 15.30 and topped the traded value table with AED 670 million.

Union Properties (UPP), up 1.8% to 5.20 and Emirates NBD (ENBD) up 1% to 15.00 were the only stocks rising 1% or more with turnover exceeding AED 1 million.

Du Telecom (DU) had a sharp 3.7% drop to 7.60, Tamweel (TAMWEEL) fell 2.4% to 62, Tabreed (TABREED) lost 2.05% to close at 3.35 and the remaining losers fell by less than 2% except for Arab Insurance Group (ARIG) and GSH which traded very low volumes.

Abu Dhabi Securities Market

The ADSMI fell just 0.5% to 4581 with turnover a relatively modest AED 1 billion compared to some of the bigger days earlier this month. RAK Properties (RAKPROP) was the standout stock topping the turnover table with AED 250 million and a 3.35% rise to 2.48.

The top 3 gainers - AWNIC, NCTH, OEIHC - rose on very thin trading. More noteworthy rises for National Marine Dredging (NMDC) up 6.2% to 7.55, Commercial Bank International (CBI) up 4.0% to 3.11, RAK Ceramics (RAKCEC) up 3.9% to 4.81, Sharjah Cement (SCIDC) up 2.5%, RAK Bank (RAKBANK) up 2.4% to 8.50 and Abu Dhabi ShipBuilding (ADSB) up 2% to 5.00, but all of them on turnover of less than AED 15 million.

The top 4 losers fell on turnover of less than AED 1 million each. Other losers were ADNH down 3% to 9.02, Abu Dhabi National Energy (TAQA) down 2.9% to 3.60, Julphar (JULPHAR) down 2.7% to 2.25, and Aabar Petroleum (AABAR) down 2.1% to 3.75. Etisalat (ETISALAT) fell just 0.85% to 23.40.

Posted by sharewadi at 15:04

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