UAE market news & discussions for 17 February 2008Both the DFM and ADSM edged up slightly today (the DIFX was closed but DPW shares rose another 2.3% on Friday). Arkan Building Materials rocketed ahead on top turnover for the day. Arabtec also shot up but on lower turnover (perhaps a good dividend proposed in today's BOD meeting?), while DFM's own shares dominated the DFM floor with trading volume but only saw a small rise. Number plates are the way to go it seems. In an Abu Dhabi auction, a world record was set when number 1 was sold for over 50 million dhs. Might we see Dubai International Number Plate City as a possible future project? With of course the Dubai Number Plate Market. The NanoDynamics IPO has been cancelled. There were hopes that NanoDynamics would be the first of many US companies to list on the DIFX. At least NanoDynamics are showing consistency - they cancelled their IPO for the Nasdaq market last year. Is it too soon to try and guess which market they'll be cancelling an IPO for next year? The Ajman Islamic Bank IPO, however, launched today, with an expected listing on the DFM sometime in Q2 of 2008. Their press release says they intend to become the bank of choice for UAE and GCC customers. Perhaps that prompted some nervousness amongst Dubai Islamic Bank shareholders - DIB shares fell slightly today. And since we're talking about IPOs, if Al Qudra ever launches theirs (it was first mooted for Q1 2007), and if the float price is 1 dh per share, then it could be one to watch. They announced profits of over 1 dh per share with current AED 600 m capital base. Of course, we don't know how many additional shares would be sold in an IPO, which will dilute earnings somewhat but all the same, it's looking promising. In an excellent example of irony in the local markets, DFM released their own BOD meeting results in Arabic only. A nice touch considering DFM, as far as we know, requests listed companies to release disclosures in Arabic and English. The board proposed a 10% cash dividend which works out to a dividend yield of about 1.7%. Meetings announced today
Results and dividend announcements released today
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- 17 February 2008 DFM ADSM disclosures
- ADSM signs MoU with Karachi Stock Exchange - R 17 Feb 08
- Ajman Bank IPO
- Ajman Bank IPO opening price poll
- Al Qudra 2007 FY profit AED 703m? PR 16 Feb 08
- Al Rouad Securities
- ARIG 2007 FY profit falls to AED 87m - PR 14 Feb 08
- DFM profit 2007 AED 1.4 bn +76% - PR 13 Jan 2007
- DFM cash dividend 10% proposed - PR 16 Feb 08
- EMAAR Turkey buys AED 1.5 bn land - PR 16 Feb 08
- EMAAR share price?
- MarketWatch discussions
- MarketWatch ADSM 17 Feb 08
- MarketWatch Feb 08
- IAIC 2007 FY profit AED 150m -15% Q4 49m +45% 14 Feb 2008
- Nanodynamics IPO cancelled - R 17 Feb 08
- RAKPROP expansion Morocco Egypt Sudan - PR 17 Feb 08
- TAMWEEL Euromoney finance award - PR 16 Feb 2008
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI rose 0.3% to 5752 on moderate turnover of 1.8 billion dhs. Arabtec (ARTC) was the outstanding stock with a 5.3% rise to 11.95. Commercial Bank of Dubai (CBD) also had a bit of a spike in activity and rose 4.8% to 14.30. Another 9 stocks rose less than 2% each and NCC was up 5% on low trading volumes.
The 2 worst losers fell on just a single trade each. AMAn had a 1.9% drop, Du Telecom (DU) fell 1.7%, Amlak Finance (AMLAK) fell 1.1% and the other 5 losers lost less than 1% each. Emaar Properties (EMAAR) was down just 0.44% to close at 11.35.
Abu Dhabi Securities Market
The ADSMI rose 0.24% to 4875 points with turnover of 1.6 billion dhs boosted by heavy trading in ARKAN shares which topped the actively traded list with a 5.7% rise to 4.28 from AED 700 m of turnover.
The next gainers to come into the picture were Sharjah Cement (SCIDC) with a 2.6% rise, Union National Bank (UNB) with a 2.3% rise, and the remaining stocks trading more than AED 1 million rising by less than 2% each. Aabar Petroleum (AABAR) shares were busy but the gain was just 0.64%.
No significant losers - the top three fell on total turnover of less than 0.5 million dhs. Next in line were RAK Cement (RAKCC) down by 1.9%, First Gulf Bank (FGB) down by 1.8% and the other actively traded stocks falling by less than 1%. Etisalat (ETISALAT) fell 0.4% to 24.40 on modest trading.
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