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

Thursday, February 14, 2008

UAE markets 14 Feb 2008

UAE market news & discussions for 14 February 2008

Contrary to the color of all the roses floating about town today, the markets were green, with Sharjah Cement topping the charts in Abu Dhabi with some busy trading. Even DPW shares which earlier this week were looking like nobody was going to be sending them valentines cards, recovered by 6% to close at $0.87 today.

The Ajman Bank IPO starts on Sunday next week. We wish them all best. So far their newspaper adverts this week directed investors to a website that didn't exist for further IPO details. And then when the correct one was eventually found, there were no IPO details there anyway.

The Al Mithaq Insurance IPO which closed last week, was reported to be 43x oversubscribed, and a listing date expected in March 2008 on the ADSM.

There is a new newsfeed on the ShareWadi.com site to replace the DubaiShareTalk.com daily news summary. Accesing this page should give the latest relevant news links in real time.

www.sharewadi.com/news/

Result updates
  • Air Arabia AGM might be 31 March 2008 and there doesn't seem to be any proposed dividend in their disclosure, which might disappoint investors who read the IPO prospectus suggesting 20% of Air Arabia profits would be paid out as dividends.
  • Du results released today beat analyst forecasts - they lost less money than expected.
  • Emirates NBD made AED 4 billion profit in 2007. Proposed dividends appear to be 35% cash and 25% share, and AGM date 23 March 2008 (not confirmed).
  • Tabreed said they sold "some plants" in 2006, which they perhaps hope explain the 30% fall in 2007 Net Profit due to shareholders. They say they have have the "strongest financial outlook in the company's history". Which presumably is the incentive to investors ready to stump up an eye-watering PE of 55 for Tabreed shares.
Calendar items coming up next week

Saturday

  • DFM board meeting Sat 16 Feb 2008

Sunday

  • Arabtec BOD meeting Sun 17 Feb 2008
  • Gulf Finance House AGM and EGM Sun 17 Feb 2008
  • Julphar BOD meeting Sun 17 Feb 2008

Monday

  • Emirates Insurance Company BOD meeting Mon 18 Feb 2008
  • First Gulf Bank AGM and EGM Mon 18 Feb 2008
  • Oasis Leasing AGM Mon 18 Feb 2008

Tuesday

  • RAK National Insurance AGM Tues 19 Feb 2008

Wednesday

  • Aldar Properties AGM Wed 20 Feb 2008
  • RAK Cement Company AGM Wed 20 Feb 2008 (not confirmed)
  • Union Cement Company AGM Wed 20 Feb 2008 (not confirmed)

Thursday

  • Al Buhaira National Insuracne AGM Thu 21 Feb 2008
  • RAK White Cement BOD meeting Thu 21 Feb 2008
  • Tabreed EGM Thu 21 Feb 2008
DubaiShareTalk latest updated topics

Dubai Financial Market and Abu Dhabi Securities Market index for 14 February 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
SHOP 5.78 +0.75 +14.9%
SCIDC 6.26 +0.56 +9.8%
FOODCO 3.95 +0.35 +9.7%
ABNIC 11.00 +0.85 +8.4%
AMAN 28.35 +1.35 +5%
worst stock falls
symbol price change
GLOBAL 13.60 -2.40 -15%
RAKCEC 4.03 -0.40 -9%
NBF 4.31 -0.34 -7.3%
ADSB 4.33 -0.26 -5.7%
QTEL 264.70 -10.30 -3.7%
top volume
symbol value (AED) price
ARKAN592,257,7814.04
DFM542,924,9225.90
EMAAR372,607,20411.40
AIRARABIA245,383,9842.07
DIB204,967,82111.90

Dubai Financial Market

The DFM index rose a sturdy 1.5% from increased turnover of AED 2.27 bn with DFM own shares at the top of the traded value charts, seeing AED 543 million dhs worth and a hefty 4.4% rise to 5.90. Other gains of note for AMAN up 5% to 28.35, GGICO up 4.1% to 13.85 with much greater than usual activity, Dubai Islamic Bank (DIB) up 3.9%, and Arabtec (ARTC) up 3.7%. Emaar Properties (EMAAR) rose 2.70 to 11.40 on modest trading levels.

Only 5 stocks fell, and only Emirates NBD (ENBD) fell more than 1% on turnover of more than AED 1m. Their shares closed 2.3% down at 14.60.

Abu Dhabi Securities Market

The ADSM was up a less exciting 0.8% but turnover was a healthy AED 1.5 billion. Sharjah Cement (SCIDC) stood out with a massive 10% gain to 6.27 from AED 14m turnover - its highest since June 2007. ARKAN also had a solid day with AED 592m of trading and a robust 4.7% rise to 4.04. UAB rose 2.1% and the remaining gainers rose less than 2% or on low volumes.

Only 3 losers stood out from the list of 13. Union National Bank (UNB) and AGTHIA with 1% falls, and Aabar Petroleum (AABAR) with a fall of just 0.4%. The other losers trading less than 1m dhs worth of shares.

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