UAE market news & discussions for 30 December 2007An 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. |
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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.
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