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

Sunday, February 17, 2008

UAE markets 17 Feb 2008

UAE market news & discussions for 17 February 2008

Both 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
  • Abu Dhabi Aviation BOD meeting 18 February 2008
  • Arab Insurance Group AGM 30 March 2008
  • Arab Scandinavian Insurance AGM 10 March 2008
  • Dubai Financial Market AGM 20 March 2008
  • Fujairah Building Industries AGM 16 March 2008
  • Oman Emirates Investments (OEIHC) AGM 31 March 2008
  • RAK Poultry AGM 06 March 2008
  • United Arab Bank BOD meeting 24 February 2008
Results and dividend announcements released today
  • Al Firdous 2007 FY preliminary accounts
  • Al Khazna full 2007 FY statements
  • Al Madina 2007 FY preliminary results
  • Al Sagr National Insurance preliminary results for 2007 FY
  • Arab Insurance Group full 2007 FY financial statements
  • Dubai Financial Market BOD proposed 10% cash dividend
  • Dubai Islamic Insurance (AMAN) BOD proposed 10% cash dividend
  • Dubai Refreshments Company 2007 FY preliminary results
  • Fujairah Building Industries full 2007 FY statements
  • Gulf Navigation full 2007FY financial statements
  • Gulf Pharamceuticals (JULPHAR) full statements for 2007 FY
  • Islamic Arab Insurance Company 2007 FY preliminary results (released Thursday) showed a fall in Net Profit of 15%, attributed to some extraordinary claims with one of their subsidiaries. However, Premium Income also fell slightly for 2007 FY, although Q4 calculations showed a reasonable increase. Shares still look expensive at a 2007 PE of about 28 and PBV of almost 3.
  • RAK Bank full 2007 FY statements
  • RAK Cement Company full FY 2007 financial statements
  • RAK Properties full 2007 FY financial statements

Latest UAE business news

Dubai Financial Market and Abu Dhabi Securities Market index for 17 February 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
NBF 4.65 +0.34 +7.9%
FOODCO 4.25 +0.30 +7.6%
ADAVIATION 3.86 +0.24 +6.6%
ARKAN 4.27 +0.23 +5.7%
QCEM 3.18 +0.17 +5.6%
worst stock falls
symbol price change
GFH 14.50 -2.00 -12.1%
FBICO 2.33 -0.24 -9.3%
DRIVE 5.48 -0.47 -7.9%
FCI 4.95 -0.34 -6.4%
ARIG 3.31 -0.19 -5.4%
top volume
symbol value (AED) price
ARKAN699,984,5574.27
DFM537,719,0655.96
AABAR298,609,9704.74
EMAAR227,620,53511.35
ARMX223,355,5703.18

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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