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

Thursday, January 31, 2008

UAE markets 31 Jan 2008

UAE market news & discussions for 31 January 2008

The Dubai Financial Market rose on moderate trading with their own shares standing out on turnover and a 7.6% hike in share price. Dubai Islamic Bank also performed well after releasing 2007 results. The Abu Dhabi market fell slightly with no standout stocks. DPW shares rose 1% to $0.97 today. Goldfields was the only other stock traded on the DIFX, rising by 1.3%.

A report from Morgan Stanley gave positive ratings to three Abu Dhabi bank stocks with First Gulf Bank their top pick, and ADCB and UNB the other two. FGB shares rose 1% to 22.30 today.

De peg or not de peg? Dat is de question in Qatar, who were today reported to be considering keeping the peg, after yesterday's reports they might ditch it.

The Emaar-MGF IPO in India, which was due to launch tomorrow (Friday), will have the offer price reduced. Originally $15.50 to $17.50 per share, it will now be $13.70 to $16.00.

Borse Dubai's new friends, the Nasdaq and the OMX both released profit news. Up for the US market but down for Sweden's exchange.

The US Fed cut interest rates by another 0.5%, as expected by many. The UAE and Kuwait did the same today.

Mr Donald Tsang, the Chief Executive of Hong Kong, is visiting Dubai with a trade delegation to investigate investment opportunities. Which makes for a nice change from March last year when he seemed to think Dubai was largely irrelevant as a financial center in an interview published in TIME magazine.

2007 final results released today

  • Abu Dhabi Ship Building (ADSB)
  • Arab Emirates Investment Bank (AEIBANK)
  • Fujairah National Insurance Company (AFNIC)
  • Al Wathba National Insurance Company (AWNIC)
  • Dana Gas (DANA) - a meagre Net Profit of AED 111m dhs and they said Iran gas should start flowing in Q2 2008.
  • Dubai Islamic Bank (DIB) net profit of AED 2.5 billion, up by 60% making shares look like good value with a PE of about 13, but that includes income from the sale of Deyaar. Dividends of 40% cash and 15% shares were proposed.
  • Emirates Driving Company (DRIVE)
  • Fujairah Building Industries (FBICO)
  • Finance House (FH) proposed a 75% cash dividend
  • RAK Cement Company (RAKCC)
  • RAK Properties (RAKPROP) net profit up just 5% to AED 496m, from property revaluation and finance income.
  • RAK Poultry (RAPCO) full results released
  • Abu Dhabi National Energy Company (TAQA)
  • Takaful Insurance (TKFL)
  • United Insurance Company (UIC)

Yesterday's results list

  • Al Ain Ahlia Insurance (AAAIC)
  • Aabar Petroleum (now Aabar Energy)
  • Abu Dhabi National Hotels (ADNH)
  • Abu Dhabi National Insurance (ADNIC)
  • Arab Orient Insurance (AOIC)
  • International Fish Farming (ASMAK)
  • Al Dhafra Insurance Company (DHAFRA)
  • Dubai Insurance Company (DIN)
  • Emirates Islamic Bank (EIB)
  • Gulf Finance House (GFH)
  • RAK Ceramics (RAKCEC) profit increased 9% to AED 165m
  • Sharjah Cement Company (SCIDC)
  • Union National Bank (UNB)

See the ShareWadi calendar for meetings and results due next week

Latest topics updated on DubaiShareTalk

Dubai Financial Market and Abu Dhabi Securities Market index for 31 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
FBICO 3.55 +0.32 +9.9%
DFM 5.78 +0.41 +7.6%
QCEM 3.39 +0.24 +7.6%
OEIHC 40.40 +2.70 +7.2%
NBQ 8.32 +0.42 +5.3%
worst stock falls
symbol price change
ADNIC 9.45 -1.05 -10%
NBF 4.24 -0.47 -10%
NCTH 8.80 -0.54 -5.8%
ASMAK 5.75 -0.26 -4.3%
AMAN 27.55 -1.00 -3.5%
top volume
symbol value (AED) price

Dubai Financial Market

The DFMGI rose 1.5% to 5617 from turnover of AED 2.7 billion with DFM shares topping both the gainers and turnover list. Share price was up 7.6% to 5.78 and AED 1.13 billion of trading.

Other rises of note for Emirates NBD (ENBD) up 4.7%, Tabreed (TABREED) up 4.4%, Dubai Islamic Bank (DIB) up 3.8%, Islamic Arab Insurance (IAIC) up 2.2% and the remaining gainers rising less than 2% or on thin trading.

Only 6 stocks fell, including Emaar Properties (EMAAR) which lost 2.4% to close at 12.00.

Abu Dhabi Securities Market

The ADSM index fell 0.34% to close at 4570 with turnover a low AED 488 million. No starts in the gainers list today, the top 9 risers all on less than AED 1 million of trading. First Gulf Bank (FGB) was next with a 1.1% rise to 22.00 and another 4 stocks rose less than 1%.

ADNIC copped a bit of a beating, falling 10% to 9.45 but from just 4 trades and just over AED 1 million of turnover. RAK Cement (RAKCC) stood out a bit with moderate trading and a 2.3% fall. Most of the more active stocks fell less than 2%. Etisalat (ETISALAT) closed flat at 23.85.

Wednesday, January 30, 2008

UAE markets 30 Jan 2008

UAE market news & discussions for 30 January 2008

A subdued days trading on UAE markets today with both indicies finishing up on lower trading volumes.

The top traded share on the DFM ws itself rising 3.26% 5.37 dirhams on volume of 81 million shares traded.
The top traded share on the ADSM was DANA falling 0.43% to 2.30 dirhams on volume of 22 million shares traded.

Other news and results:
The DFM suspended trading in DIC shares yesterday 29 January 2008 for 20 minutes after the company disclosed a 52% increase in Net profits during trading hours. The DFM should be applauded for taking action to protect traders and reminding companies that if they take shareholders money then they must be treated as owners of the company rather than uninvited guests. A healthy and well regulated market is in every ones interests.

Fresh currency speculation: Qatar is considering dropping the $US peg for a basket of currencies or revaluation according to an economic advisor to the ruler.

Regulation comes to Brolers and Analysts: The Emirates Securities and Commodities Authority (ESCA) has announced from April 2008, Brokers and Analysts will have to pass qualifying tests supervised by the Securities and Investment Institute of the UK.

Finance House 2007 FY Net Profit AED 202.8m, 26% increase from 2006 FY Net profit.
NBF 2007 FY net profit AED 323.8m, 36.3% increase from 2006 FY Net profit.

GULFNAV: BOD to be held on 6 February 2008.

Dubai Financial Market and Abu Dhabi Securities Market index for 30 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
AMAN 28.55 +3.70 +14.9%
ADAVIATION 3.83 +0.32 +9.1%
ADNIC 10.50 +0.82 +8.5%
IAIC 3.58 +0.18 +5.3%
JULPHAR 2.45 +0.12 +5.2%
worst stock falls
symbol price change
DRIVE 4.65 -0.26 -5.3%
FGB 22.05 -1.10 -4.8%
CBI 3.15 -0.09 -2.8%
TKFL 5.81 -0.15 -2.5%
FBICO 3.23 -0.06 -1.8%
top volume
symbol value (AED) price

Dubai Financial Market

The DFM index closed at 5,533 today a rise of 0.72% from the previous close. 292 million shares were traded worth 1.5 billion dirhams. Twelve shares advanced and eight shares declined.
The top traded share was DFM rising 3.26% to 5.37 dirhams on volume of 81 million shares traded.

Other shares to rise included: Amlak Finance (AMLAK) 4.39 (2.09%), Emaar Properties (EMAAR) 12.30 (0.40%), Islamic Arab Insurance (IAIC) 3.58 (5.29%) and Dubai Islamic Bank (DIB) 10.65 (3.39%).

Shares to fall included: ARAMEX 2.83 (0.35%), DEYAAR 2.53 (0.39%), Dubai Investments (DIC) 5.55 (0.71%) and GULFNAV 1.51 (1.30%).

Abu Dhabi Securities Market

The ADSM index closed at 4,585 a rise of 0.27% from the previous close. 114 million shares were traded worth 567 million dirhams. Twenty three shares advanced and fifteen declined.
The top traded share was Dana Gas (DANA) falling 0.43% to 2.30 dirhams on volume of 22 million shares traded.

Other shares to fall included: Aabar Petroleum (AABAR) 4.30 (0.92%), First Gulf Bank (FGB) 21.85 (5.62%), Oasis Leasing (OILC) 2.58 (1.53%) and RAK Properties (RAKPROP) 2.48 (0.40%)

Shares to rise included: Aldar Properties (ALDAR) 10.40 (2.97%), Etisalat (ETISALAT) 23.70 (0.85%) and Abu Dhabi National Energy (TAQA) 3.47 (0.87%).

Tuesday, January 29, 2008

UAE markets 29 Jan 2008

UAE market news & discussions for 29 January 2008

The DFM started off poorly but recovered to end the day in the green, with Dubai Investments soaring 7.5% after a positive earnings surprise. The ADSM continued down however with turnover about the lowest we've seen for a while. NCTH shares stood out with a big jump on heavier than normal volumes. DPW shares on the DIFX recovered by one cent today. As I write this, stocks around the world are rising on the hopes of another rate cut in the US. Could this be the bottom of the current rout in the markets? Well, Confucius say: He who picks bottom get stinky finger.

Other news and results

Preliminary work was reported to have begun on Nakheel's Al Burj tower - the 1 kilometer high building that will overshadow the Burj Dubai one day.

Emirates Post have apparently applied for a bank licence. Which might leave Amlak and Tamweel scratching their heads about their failed applications.

Results released today

  • Abu Dhabi Aviation (ADAVIATION) saw a solid looking 50% increase in profits from AED 50.5m to AED 76m despite a dramatic fall in Gross Profit of 71% due to increasing costs. Preliminary results did not have further details to explain where the other income came from. Their shares plummeted 7.6% today on thin trading to 3.51 dhs per share.
  • Amlak Finance (AMLAK) proposed a 10% share dividend.
  • Bank of Sharjah (BOS) proposed a 25% cash dividend.
  • Commercial Bank International (CBI) almost doubled Revenue and Operating Profit which is commendable. The disastrous result they had for 2006 due to investments going south, meant that 2007 Net Profit of AED 320m was an eye-watering 3600% increase, and PE now looks a much more reasonable 10.1. CBI shares fell 5.8% to 3.24 today.
  • Commercial Bank of Dubai (CBD) net profit was up an impressive 56% to AED 936m for 2007, partly due to a substantial turnaround in investment revaluation from a loss in 2006 to a gain of AED 117m this year. Revenue growth of 36% was still healthy and PE of about 16 looks to in line with market average. CBD shares saw no trading today.
  • Dubai Investments (DIC) profits increased 52% to AED 1.5 bn for 2007 which exceeded both EFG and most of the Chairman's forecasts. Q4 earnings increased an even more impressive 77% to AED 435m according to our calculations. We'll have to wait for full accounts from DIC to see just how much of that came from revaluation of property - previous results have indicated little growth in what would commonly be regarded as operating earnings. The market seemed happy though, DIC shares rose 7.5% to 5.59 today.
  • Emirates Foodstuffs and Mineral Water (AGTHIA) profits grew nicely by 31% to 38 m dhs. However, at a PE of 32 based on FY 2007 earnings, their shares still look expensive compared to the rest of the market. Agthia shares fell 1.9% to 2.07 today.
  • Finance House (FH) results released.
  • First Gulf Bank (FGB) profit was up a solid 30% to just over AED 2 bn, a little lower than the 37% increase in Revenue (or Operating Profit - that's not clear from the disclosure submitted by FGB). Shares are not as cheap as they were a few months ago but with a PE of just under 15, they may still be worth considering if FGB can maintain the growth in earnings. Net Profit for Q4 was up almost 60% compared to 2006 Q4 which is encouraging but there wasn't enough data supplied to determine which income sources contributed to the increase. FGB shares fell 2.7% to 23.15.
  • National Bank of Abu Dhabi (NBAD) profits rose 20% to AED 2.5 billion, a steady rather than impressive performance but with PE down to 11.6, their shares look cheaper than many other bank stocks. A concern is the 50% jump in costs resulting in Operating Profit increase of only 16%. More information will, presumably, be revealed when NBAD release their full accounts. NBAD shares fell marginally to 23.95 on very low turnover.
  • National Corporation for Tourism & Hotels (NCTH) 2007 FY profit of AED 83m was an astounding 600% increase from the meagre AED 12m they made last year. Preliminary results don't have sufficient detail but there was obviously some extraordinary income that pushed profits up. Nevertheless, operating profit was up by a still very impressive 190%. NCTH shares shot up 10% to 9.34 today on greater than usual volumes, but still very low turnover.
  • Ras Al Khaimah National Insurance (RAKNIC) profit growth of 73% to 40m dhs, while net underwriting profit barely changed, increasing by just 4%. Investment income instead of a loss last year helped improve their bottom line. Their shares last traded in December 2007.
  • RAK Ceramics (RAKCEC) preliminary results released.
  • Sorouh Real Estate (SOROUH) managed to collect the biggest percentage increase of the day - a massive 10,000% for their Operating Profit. But a meaningless number since they made a small loss for the previous period. Net Profits were AED 1.25 bn resulting in a PE of a reasonable looking 16.0. Comparisons with previous year figures are distorted because Sorouh have supplied the numbers for 18 months, not 12. Wasn't Sorouh the company that had some accounting problems in Q2 2006 that resulted in a fine from the market regulators? Sorouh shares fell 1% to 8.16 today.

Results and meetings tomorrow

  • Al Ain Ahlia results expected (possibly - meeting also 04 Feb?)
  • Al Dhafra results due
  • Aramex results possibly expected (EFG Hermes estimate)
  • Dana Gas results due
  • Dubai Islamic Bank BOD meeting
  • National bank of Umm Al Quwain BOD meeting
  • RAK Cement Company BOD meeting
  • Union Insurance Company BOD meeting (was postponed)

Result announcment date and board of director (BOD) meetings coming up

  • Abu Dhabi Commercial Bank (ADCB) BOD meeting 04 Feb 2008 at 14:00
  • Al Ain Ahlia Insurance (AAAIC) BOD meeting 05 Feb 2008 at 11:00
  • Al Buhaira National Insurance (ABNIC) BOD meeting 04 Feb 2008 at 10:00
  • Sharjah Insurance Company (SICO) BOD meeting 06 Feb 2008 at 18:00.

DubaiShareTalk latest comments

Dubai Financial Market and Abu Dhabi Securities Market index for 29 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
FCI 4.98 +0.45 +9.9%
NCTH 9.34 +0.84 +9.9%
DIC 5.59 +0.39 +7.5%
GFH 14.50 +1.00 +7.4%
GGICO 11.55 +0.55 +5%
worst stock falls
symbol price change
FBICO 3.29 -0.36 -9.9%
ADAVIATION 3.51 -0.29 -7.6%
CBI 3.24 -0.20 -5.8%
OEIHC 37.70 -2.20 -5.5%
AABAR 4.34 -0.18 -4%
top volume
symbol value (AED) price

Dubai Financial Market

After an early fall, the DFMGI recovered to close up by 0.79% at 5494 from AED 2.3 bn of turnover. Dubai Investments (DIC) stood out with a 7.5% gain to 5.59 and robust turnover. DFM shares traded more heavily and rose 3% to 5.20, while Emaar Properties (EMAAR) saw the greatest turnover but held the index back with its 0.4% fall to 12.25.

GGICO had an excellent day with a 5% rise from heavier than usual trading. Tabreed (TABREED) also looked healthy with a 3.6% rise. The reminaing gainers were up less than 2% or on thin trading.

Amlak Finance (AMLAK) and Dubai Islamic Bank (DIB) stood out on the losers' list with a 2.9% fall to 4.30 and 2.4% fall to 10.30 respectively. The other five losers fell less than 1%.

Abu Dhabi Securities Market

The ADSM traded just AED 472m dhs worth of shares as it fell 1.35% to 4568 points with few actively traded stocks rising. NCTH stomped ahead by 10% to 9.35, Bank Of Sharjah (BOS) was up 1.5%, Sudan Telecom (SUDATEL) 1.2% and BILDCO (BILDCO) up 1%. Other risers traded less than AED 1m dhs worth or gained less than 1%.

Aldar Properties (ALDAR) was saw the highest turnover with just AED 113m dhs worth traded and a 1% fall to 10.20. Commercial Bank International (CBI) stood out in the losers list with busier than usual trading and a 5.5% fall to 3.25. Aabar Petroleum (AABAR) wasn't far behind with a 4.9% fall to 4.30. Abu Dhabi National Energy (TAQA) fell 3.4%, ARKAN 3.1%, Oasis Leasing (OILC) 3%, Dana Gas (DANA) and Etisalat (ETISALAT) both fell 2.9%, RAK Properties (RAKPROP) 2.3% and the remainder fell less than 2% or on low turnover.

Monday, January 28, 2008

UAE markets 28 Jan 2008

UAE market news & discussions for 28 January 2008

European and Asian stockmarkets took a dive today, probably prompting the boys with the red paint to splash a bit around the UAE markets as the DFM got a 4% hammering and the ADSM dropped over 1%. DPW shares were the only ones traded on DIFX today, and fell 4.9% to close at the day's low of $0.97.

Sentiment regarding dropping or revising the dollar peg with Gulf currencies, seems to be changing with the HSBC chief saying the GCC should keep it.

The complicated Nasdaq takeover of the Scandanavian OMX is expected to be cleared by the Swedish finance minister on Thursday. Borse Dubai will buy the OMX shares then give them to Nasdaq in exchange for a stake in Nasdaq, resulting in the renaming of the DIFX as the Nasdaq-DIFX. Sounds like something concocted by the Swedish Chef.

In the world of large public companies, behemoths like Gazprom of Russia and ExxonMobil dwarf Emaar and Etisalat, the 2 biggest UAE companies by market capitalization. In a Bloomberg report on oil companies, almost all analysts they surveyed gave buy ratings to Gazprom, and Petrobras of Brazil, while about half had buy ratings on ExxonMobil, Chevron, and Shell.

Dubai's non-oil exports for 2007 rose 43% to just under AED 170 billion, according to figures released by the Dubai Chamber of Commerce and Industry. Which is about what you'd need to buy both Etisalat and Emaar outright.

Emaar Properties said 2008 profits were expected to be relatively unchanged from 2007, despite expected cashflows starting to come in later this year from Dubai Mall, Dubai Marina Mall, due to increasing costs. EFG Hermes revised their fair value from AED 20.40 to 18.50 per share. Emaar shares plummeted almost 6% today to 12.30, but so did many other stocks.

Union Properties FV was upgraded to 6.10 dhs in an EFG Hermes report update after better than expected revenues and earnings. Shares fell 2% to 4.50 dhs today.

Results update from yesterday and today

  • Abu Dhabi Islamic Bank released profit figures of AED 771m, a 35% increase on 2006, helped along by a Investment Income almost tripling to AED 221m. PE of about 15 is similar to market average.
  • Arab Bank (of Jordan) 2007 FY profit was up 24% to AED 2.8 bn. Arabbank was approved for listing on the ADSM over a year ago, but listing date is unknown.
  • Bank of Sharjah 2007 FY profit up 26% to 404 million. With a 2007 PE of 10, shares look a bit cheaper than the average bank stock. BOS shares fell 3.3% today to 3.25.
  • Etisalat 2007 FY profit up 25% to AED 7.3 billion but missed forecasts. Shares fell 2.2% to 23.95 giving it a 2007 PE of about 16.4 which looks quite reasonable in this market for a company with solid growth.
  • Fujairah Cement Industries profit for 2007 grew 15% to AED 173m from 2006, but revenues grew 45% indicating that costs might be running away on them. Shares still look cheap at a PE of 7.3. Share price fell by less than 1% to 4.53 today.
  • Gulf General Investment Company 2007 FY profits rose 35% to AED 551m. The market is impressed, shares have risen over 18% in the past 4 trading days, including 5% today while the DFM fell 4%. However, due to the capital increase in 2007, the Earnings Per Share (EPS) has barely changed from AED 1.01 to 1.02.
  • Gulfa Mineral Water profits were probably AED 2.3 million (disclosure not clear). Gulfa shares traded twice this month, first trading since they listed in April last year. With a PE of about 24, they don't look particularly attractive anyway.
  • Invest Bank 2007 profits rose an impressive 65% to AED 290 million but revenue (or interest income) rose only 5%. Property sales and income from investments accounted for most of the increase. We're impressed with INVESTB for making an obvious effort to try and produce a comprehensive report for shareholders. It wasn't easy to follow but it's the thought that counts right? Their shares haven't traded this week but at last week's price of 3.70, their PE of 12.8 looks cheaper than average. Little growth in operating profit makes their shares less attractive at current prices though.
  • National Bank of Fujairah profits were up 36% to AED 324 million. Their press release said profits "soared". Yesterday their shares plummeted 10% to 4.71, and today no one was interested in trading NBF shares. A PE of about 16 is similar to market average.
  • National Bank of Ras Al Khaimah profits for 2007 rose 55% to just over 400 million. Their management report is the first one we've seen that actually appears to have had some thought put into it, instead of just firing out a page of pressreleasespeak. RAKBANK were also given a positive rating by a TNI report this week. As usual though, their shares didn't trade today.
  • National General Insurance profit of AED 110m for 2007 was up a rather meaningless 46,000% since they made almost nothing last year.
  • Sharjah Insurance Company's loss of AED 72 million last year was turned around into a profit of AED 113 million for 2007. SICO shares weren't traded today.
  • Umm Al Quwain Cement Company 2007 profits were up to AED 107m from a loss of 12 million last year, but Operating Profit fell this year despite increased revenues, which indicates increasing costs yet again, and a continued reliance on share market investments for their earnings figures. A PE of about 8.5 looks cheap but doesn't mean that much when earnings are so volatile.
  • Union Insurance Company recovered from last year's loss of AED 42 million last year to show a profit of AED 82 million for 2007. Shares fell 1% to 2.92 in thin trading.

Results / Dividend proposals expected

  • Abu Dhabi Ship Building board meets 03 February 2008 afternoon.
  • Dana Gas board meets 30 January 2008
  • Dubai Islamic Bank board 20 January 2008
  • RAK Cement Company board meets 30 January 2008
  • RAK National Insurance board meets tomorrow (29 Jan 2008) at lunchtime.
  • Salam International Investments board meeting 10 February 2008
  • Sorouh Real Estate board meets today so results may be available later, or tomorrow.
  • Umm Al Quwain Cement Company board meets tomorrow evening (29 Jan 2008)
  • Union Cement Company board meets 02 February 2008

Recently updated or new topics on DubaiShareTalk

Dubai Financial Market and Abu Dhabi Securities Market index for 28 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
OEIHC 39.90 +3.25 +8.9%
GGICO 11.00 +0.50 +4.8%
RAKCEC 4.66 +0.20 +4.5%
GCEM 7.05 +0.30 +4.4%
BILDCO 4.00 +0.17 +4.4%
worst stock falls
symbol price change
ALMADINA 9.20 -0.70 -7.1%
DU 5.51 -0.41 -6.9%
DFM 5.05 -0.37 -6.8%
IAIC 3.36 -0.22 -6.1%
TABREED 3.05 -0.19 -5.9%
top volume
symbol value (AED) price

Dubai Financial Market

The DFMGI steadily fell all day to close down by 3.8% at 5451 points from moderate turnover of just over AED 2 billion. Emaar Properties (EMAAR) and DFM shares dominated trading, closing down by 5.8% at 12.30 and 6.8% at 5.05 respectively. Du Telecom (DU) was the worst hit amongst the active stocks with a 6.9% fall to 5.51. Most others fell between 3%-5%.

Only 5 stocks rose, the only one on significant trading was GGICO as mentioned previously.

Abu Dhabi Securities Market

The ADSMI fell a less panicky 1.1% to 4630 on moderate turnover of AED 1.3 billion. Dana Gas (DANA) dominated the floor with AED 270 billion worth of deals and a rise of 1.7% to 2.30, possibly due to their expansion news. Another energy related stock, Aabar Petroleum (AABAR), also stood out in the sea of red, with a 1.1% gain to 4.28.

Other rises included an encouraging 4.4% for Gulf Cement on robust trading, and less than 1% for Oasis Leasing (OILC), AGTHIA, and RAK Cement (RAKCC) on active turnover.

ARKAN had the biggest hit in the actively traded list, dropping 3.5% to 3.45. First Gulf Bank (FGB)N fell 2.7%, NBS 2.6%, and Etisalat (ETISALAT) 2.2% to 23.35. The remainder fell less than 2% or on thin trading.

Sunday, January 27, 2008

UAE markets 27 Jan 2008

UAE market news & discussions for 27 January 2008

Both UAE markets rose today in a positive start to the trading week. The DFM index was up 1.19% and the ADSM index rose by over 2% largely on the back of a 5% rise in ETISALAT.

The top traded share on DFM was itself rising by 3.63% to 5.42 dirhams.
The top traded share on ADSM was DANA rising 3.96% to 2.36 dirhams on volume of 84 million shares.

Business News:
According to reports in the Al Bayan newspaper UAE public offerings could hit $3.5 billion before July 2008. However, no source of the information were cited. This does not included the Emirates Airline IPO which Emirates management are now comfortable with contary to earlier reports.
Subprime comes to the UAE: The Middle East Economic Digest (MEED) report that UAE Banks will announce losses from exposure to sub prime mortgages when reporting fourth quarter earnings.
TAMWEEL has submitted an application to list its £300 million exchangeable sukuk on the DIFX.
According to the Abu Dhabi Chamber of Commerce and Industry rent caps ae not enough to control inflation in the UAE and a more complete package of measures are required.
Union National Bank has denied rumours that it is discussing a merger with First Gulf Bank. As Sir Humphrey might say never believe anything untill it is officially denied.

Dubai Financial Market and Abu Dhabi Securities Market index for 27 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
CBI 3.45 +0.21 +6.5%
DU 5.92 +0.31 +5.5%
JULPHAR 2.51 +0.13 +5.5%
UCC 4.34 +0.22 +5.3%
ETISALAT 24.50 +1.20 +5.2%
worst stock falls
symbol price change
FBICO 3.78 -0.42 -10%
NBF 4.71 -0.52 -9.9%
NCTH 8.50 -0.48 -5.3%
QTEL 250.40 -11.50 -4.4%
OEIHC 36.65 -1.15 -3%
top volume
symbol value (AED) price

Dubai Financial Market

the DFM index closed at 5,668 today a rise of 1.19% from the previous close. 385 million shares were traded worth 1.9 billion dirhams. Twenty one shares advanced and two declined.
The top traded share was DFM, rising 3.63% to 5.42 dirhams on volume 112 million shares.

Other shares to rise included: AIRARABIA 2.00 (1.52%), ARABTEC 11.00 (2.80%), DEYAAR 2.64 (1.14%) and Emaar Properties (EMAAR) 13.05 (0.38%).

Union Properties (UPP) was the only share to fall on significant volume declining 0.21% to 4.59 dirhams.

Abu Dhabi Securities Market

The ADSM index closed at 4,683 today a rise of 2.22% from the previous close. 296 million shares were traded worth 1.2 billion dirhams. Twenty six shares advanced and ten declined.
The top traded share was Dana Gas (DANA) rising 3.96% to 2.36 dirhams on volume of 84 million shares.

Other shares to rise included: Aldar Properties (ALDAR) 10.45 (1.95%), ARKAN 3.73 (1.36%), RAK Properties (RAKPROP) 2.61 (1.16%), Etisalat (ETISALAT) 24.50 (5.15%) and Sorouh Real Estate (SOROUH) 8.37 (4.23%).

Shares to fall included: NBF 4.71 (9.94%), NBS 4.18 (0.95%) and UAB 7.23 (0.28%).

Thursday, January 24, 2008

UAE markets 24 Jan 2008

UAE market news & discussions for 24 January 2008

A split days trading on UAE Markets today. DFM gave up some of its gains from yesterday and the ADSM finished virtually unchanged on the back of a rise in ETISALAT.

The DFM index finished 2.66% lower at 5,602. The top traded share was DFM rising 3.97% to 5.23 dirhams on volume of 165 million shares.

The ADSM index finished 0.14% higher at 4,581. The top traded share was ARKAN falling 1.08% to 3.54 dirhams on volume of 59 million shares.

Global markets continued to be volatile with share prices continuing to rise in Asia but generally lower in Europe.
Speculation continues that the Fed will cut rates by a further 50 basis points next Tuesday, as concern shifts from sub prime to bond insurers.
Reacting to growing concensus about a recession in the USA oil dropped to below $88.
Saudia Arabia plans to start its first sovereign wealth fund worth about $6 billion. With a predicted capital surplus of $150 billion in 2008 the fund has considerable scope to grow.

TAMWEEL: closing of its exchangeable Sukuk.
EIB: BOD meeting to be held 29/01/2008.
AMLAK: BOD meeting to be held 28/01/2008.

Dubai Financial Market and Abu Dhabi Securities Market index for 24 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
NBF 5.23 +0.47 +9.9%
ASMAK 6.24 +0.53 +9.3%
OEIHC 37.80 +2.85 +8.2%
ALMADINA 9.90 +0.60 +6.5%
NCTH 8.98 +0.49 +5.8%
worst stock falls
symbol price change
DU 5.61 -0.50 -8.2%
RAKCEC 4.57 -0.33 -6.7%
AMAN 26.00 -1.45 -5.3%
TAMWEEL 6.70 -0.36 -5.1%
DRIVE 5.05 -0.27 -5.1%
top volume
symbol value (AED) price

Dubai Financial Market

The DFM index closed at 5,602 a fall of 2.66% from the previous close. 798 million shares traded worth 3.7 billion dirhams. Five shares advanced and nineteen declined.
The top traded share was DFM rising 3.97% to 5.23 dirhams on volume of 175 million shares.

Tamweel (TAMWEEL) 6.70 fell by 5% and Du Telecom (DU) 5.61 by a massive 8%.
ARABTEC 10.70, DEYAAR 2.61, Dubai Islamic Bank (DIB) 10.80, Emaar Properties (EMAAR) 13.00, and Tamweel (TAMWEEL) 6.70 all fell by more than 4%.
AIRARABIA 1.97 and Amlak Finance (AMLAK) 4.59 fell by more than 3%.

GGICO 10.00 (3.51%) and DFM 5.23 (3.97%) both finished ahead.

Abu Dhabi Securities Market

The ADSM index closed at 4,581 a rise of 0.14% from the previous close. 260 million shares traded worth 1.1 billion dirhams. Sixteen shares advanced and twenty seven declined.
The top traded share was ARKAN falling 1.08% to 3.54 dirhams on volume of 59 million shares.

Other shares to fall included: Oasis Leasing (OILC) 2.56 (1.87%), Aldar Properties (ALDAR) 10.10 (1.44%), RAK Properties (RAKPROP) 2.54 (0.39%), Aabar Petroleum (AABAR) 4.36 (2.65%), Dana Gas (DANA) 2.24 (0.44%).

Shares to rise included: First Gulf Bank (FGB) 23.50 (1.13%), Etisalat (ETISALAT) 23.70 (1.08%) and Abu Dhabi ShipBuilding (ADSB) 4.81 (2.51%).

Wednesday, January 23, 2008

UAE markets 23 Jan 2008

UAE market news & discussions for 23 January 2008

If you're still reeling from the roller coaster ride on the markets this week, it probably isn't finished yet. Both the DFM and ADSM had a scorching day with many stocks closing limit up (15% in Dubai, 10% in Abu Dhabi) after last night's announcement of a 0.75% cut in interest rates in the USA - with the UAE Central Bank announcing the same today.

DP World was the only stock traded on the DIFX today, and recovered by 7.3% to close at $1.03.

US markets did not bleed as much as was expected after seeing big falls around the world yesterday, but opened sharply lower today, while European stocks opened higher this morning but had plummeted 4% by mid-afternoon.

Saudi's Tadawul, which stays open until 5pm, gave up almost all its initial gains to close just 0.23% ahead of yesterday's close. That does not bode well for the UAE markets tomorrow.

Some good news in a report from the Kuwait Financial Center, or Markaz, who forecast inflation rates in the GCC to be high, companies' profit growth to be higher at 20% or more, and stock prices to grow even more with UAE indexes to end the year up by 40% or more.

The large cut in interest rates by the US Federal Reserve on Tuesday, prompted business leaders at the World Economic Forum meeting in Davos to interrupt their skiing schedule and express reservations. They said we are facing a serious financial crisis which could be alleviated by stronger global leadership. Which leaves us a little nonplussed. Aren't business leaders supposed to provide, not ask for, leadership?

A Dubai Investments subsidiary was reported to be planning AED 20 billion of real estate developments in the next 5 years, half of that for a mixed use project on Emirates Road in Ajman.

Emirates Airlines was reported as looking at an IPO within the next couple of years, for 20%-30% of its share capital. Which sounds about the same as the last EK IPO report a month or two ago.

Big number of the day award goes to Metito, a water treatment and desalination systems supplier, who said at the World Future Energy Summit in Abu Dhabi, that $35 trillion (AED 128 trillion) is needed for spending on electricity and water infrastructure around the world, to keep the lights on and the toilets flushed until 2030. If every resident in the UAE handed over 30 million dhs (each), that should take care of the bill.

2007 results released today

  • Arab Heavy Industries board meeting today, results not seen yet
  • Deyaar Development 2007 FY profit AED 535 m profit, an increase of 30% from 2006, with most of the profit generated in the second half after their May 2007 IPO.
  • Gulf Medical Projects preliminary results released
  • Invest Bank board meeting today, results not seen yet
  • Union Properties 2007 FY profit of AED 684m, up 11% from 2006. EPS of 0.25 makes their shares look more expensive than the market average based on PE, but remember their accounting policy means there's going to be substantial increases in reported profits from past sales within the next 2 or 3 years.
  • United Arab Bank 2007 FY profits AED 211 million. Board recommended 12% cash dividend and 11% share dividend.

Calendar items for tomorrow

  • Fujairah Cement Industries (FCI) board meeting

2007 result and meeting dates announced today

  • Al Dhafra Insurance preliminary 2007 financial results on 30 Jan 2008
  • Fujairah Building Industries preliminary results 31 Jan 2008
  • First Gulf Bank board meeting 28 January 2008
  • Gulf Finance House board meeting 29 January 2008
  • Paltel board meeting 12 February 2008
  • Sharjah Islamic Bank (NBS) AGM mid February 2008
  • United Arab Bank AGM 24 February 2007

Recently updated and new forum topics

Dubai Financial Market and Abu Dhabi Securities Market index for 23 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
AMLAK 4.77 +0.62 +14.9%
MAZAYA 8.85 +1.15 +14.9%
DIC 5.47 +0.71 +14.9%
UPP 4.78 +0.62 +14.9%
AMAN 27.45 +3.55 +14.9%
worst stock falls
symbol price change
NBF 4.76 -0.52 -9.8%
AWNIC 6.30 -0.65 -9.4%
UNION 2.95 -0.28 -8.7%
GRAND 4.60 -0.29 -5.9%
AKIC 1.63 -0.04 -2.4%
top volume
symbol value (AED) price

Dubai Financial Market

The DFMGI came back from yesterday's hammering with an astounding 10.5% rise to 5755 points, and turnover a colossal AED 6.3 billion. Emaar Properties (EMAAR) reigned over the trading floor with close to AED 2 billion of traded value, and a rise of 11.1% to 13.55.

An astonishing thirteen stocks traded limit up, or close to it, with all of them except for Aramex (ARMX) seeing no sellers in the queue at the end of the day. DFM, DEYAAR, and AIRARABIA in that list, lined up behind Emaar on the top stocks by turnover.

Only 2 stocks fell today, Arab Insurance Group (ARIG) by 0.3% and GRAND by 5.9%, on insignificant levels of trading.

Abu Dhabi Securities Market

ADSM also had a robust rebound with a 6.3% rise to 4575 points but on less exciting turnover of AED 1.86 bn.

Nine stocks were trading limit up, or close to it, and eight of them with no sellers in the queue at the end of the session. Aldar Properties (ALDAR), First Gulf Bank (FGB), Dana Gas (DANA), and AGTHIA stood out in that list on high turnover. All the usually actively traded stocks were up between 5%-10%. UAB stood out on very heavy turnover after announcing results, but was up by just 2.4% to 7.20. Etisalat (ETISALAT) had a busy day with a 6.7% rise to 23.40.

The list of losers had 7 stocks, none of which traded more than 100,000 dhs worth today.

Tuesday, January 22, 2008

UAE markets 22 Jan 2008

UAE market news & discussions for 22 January 2008

Not what you'd call a good day in the office today. As Split Enz, those well known troubadours, used to chant, "I see red, I see red, I see red ..."

A rout in global stock markets carried through to the UAE and gulf markets with ADSM suffering its biggest ever one day fall of 6.8%, while the DFM had its biggest fall in almost 2 years, of 6.2%. And Saudi's Tadawul suffered a crushing 9.7% drop.

On the DIFX, DPW shares fell a gut wrenching 17% to $0.85 before recovering to $0.96 at about 4pm (6% down on yesterday's close). Goldfields and Kingdom Hotel Investments fell 2.8% and 4.8% respectively on thin trading.

Is there anyone looking forward to the US markets opening in an hour or so?

Amlak Finance was reported to be entering the Bahrain mortgage market in the next few months, and possibly Syria. But not Oman or Kuwait this year. They also said they would raise AED 6 billion this year, so if you want to borrow some money ... remember, as of this week, Amlak says it only takes 1 hour to get approval now. We're waiting to see if Tamweel can beat that (last week they claimed the fastest finance processing time of 48 hours).

Aldar share capital increased by another 20m shares today, and is up to 2.44 billion shares outstanding.

Dana Gas announced their 10% holding, in a 200,000 acre block of oil exploration are off the coast of West Africa, was approved.

Emaar's chairman, Mohammed Alabbar, was reported yesterday to have said that their US unit is expected to make a small profit despite the subprime woes. He also said that Emaar has no plans to buy back any shares in the near term.

Emaar was the subject of a positive update from EFG Hermes yesterday, fair value of AED 20.40 per share is unchanged from their December 2007 report.

EFG Hermes was the top broker for trading volume on the DFM in 2007, quite an improvement from 19th place when they started in 2005.

Tamweel's foreign ownership limit is to be increased to 40%, with effect from tomorrow (23 Jan 2008) according to a statement from the DFM.

Rakaa Properties, a Saudi based company, said earlier this week that 40% of Dubai's 1.5 trillion worth of real estate projects have been suspended due to increasing costs of building materials. Is there possibly a connection between that statistic and the downward spiralling markets in the UAE? Aside from the rest of the world's stocks in turmoil that is.

A Gulf News article said that Abu Dhabi could face a shortage of up to 20,000 accommodation units this year. Bad news for people renting, good news for people with property investments. Aldar and Sorouh shares tanked along with everything else today though.

Qatar's finance minister was reported as saying yesterday the GCC should look at revaluing the US Dollar peg. Are there any GCC finance ministers left who have not said anything on the subject?

2007 results today

  • Al Dar Properties board meets today (22 Jan 2008)
  • United Kaipara Dairies results released today
  • Union Properties board meets today (22 Jan 2008)
  • United Arab Bank results today

2007 results coming up

  • Arab Heavy Industries board meets tomorrow 11am (23 Jan 2008)
  • Invest Bank board meets tomorrow 11am (23 Jan 2008)
  • Fujairah Cement Industries board meets Thu 24 Jan 2008
  • National Bank of Fujairah board meets 27 Jan 2008 5pm, results filed 28 Jan 2008
  • National Bank of Umm Al Quwain board meets 11am 30 Jan 2008
  • National General Insurance board meets 27 Jan 2008
  • RAK Cement results by 31 January 2008

See the ShareWadi calendar for more dates

Dubai Financial Market and Abu Dhabi Securities Market index for 22 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
NMDC 7.22 +0.43 +6.3%
DRC 15.75 +0.75 +5%
OIC 11.30 +0.50 +4.6%
GGICO 9.20 +0.30 +3.4%
DRIVE 5.23 +0.10 +1.9%
worst stock falls
symbol price change
WARE 18.70 -3.30 -15%
MAZAYA 7.70 -1.31 -14.5%
ARMX 2.56 -0.40 -13.5%
DIC 4.76 -0.64 -11.9%
AMAN 23.90 -3.10 -11.5%
top volume
symbol value (AED) price

Dubai Financial Market

The DFMGI fell a massive 6.2% to 5211 points on heavy enough turnover of 4.2 billion dhs. The first few minutes of trading saw the index plummet by almost 10% before recovering somewhat but in the end there was no mercy as all bar 3 stocks saw red.

DRC rose on 1 trade, OIC on 4 trades, and GGICO traded relatively high volumes while rising by 3.4% to 9.20.

On the loser's list, Emaar Properties (EMAAR) fell 6.2% to 12.20 on highest turnover for the day of AED 1.2 billion. DFM shares were also heavily traded and fell a 11.3% to 4.38. WARE and MAZAYA topped the loser's list but on just 3 trades. The more significant losers were Aramex (ARMX) down a staggering 13.5%, Dubai Investments (DIC) 11.9%, AMAN 11.5%, Tabreed (TABREED) 11.2%, Du Telecom (DU) 106%, and Union Properties (UPP) 10.3%. The rest of the actively traded stocks falling between 5% and 10% with Tamweel (TAMWEEL) fall of 4.6% looking relatively positive in comparison.

Abu Dhabi Securities Market

The ADSM index tanked by 6.8% to 4303 with turnover a less frightening AED 1.3 billion. Only 2 stocks rose, DRIVE and AKIC, both less than 2%, on thin trading.

The 2 Abu Dhabi property stocks were at the top of the loser's list (for actively traded stocks), Sorouh Real Estate (SOROUH) down 9.4% to 7.29, and Aldar Properties (ALDAR) falling 9.3% to 9.55, also taking top spot on the turnover table with AED 332m. Other big falls of 9.2% for Abu Dhabi National Energy (TAQA), 9.1% for Dana Gas (DANA), 9% for Abu Dhabi Islamic Bank (ADIB), 8.8% for RAK Properties (RAKPROP) and National Bank of Abu Dhabi (NBAD), 8.5% for Oasis Leasing (OILC), 8% for First Gulf Bank (FGB) and ARKAN, and most of the rest falling 4%-8%. Etisalat (ETISALAT) took a 7.3% hit to 21.35 from solid enough turnover.

At least there will be one positive performance in Abu Dhabi today. The Rocket Man (Elton John) at the Emirates Palace Hotel should be a blinder.

Blog Archive