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
DFM1,126,119,7775.78
EMAAR506,388,23612.00
DIB416,070,87711.05
DEYAAR97,624,5762.54
ALDAR97,303,14310.25

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.

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