UAE market news & discussions for 21 February 2008All three markets rose today with Etisalat and Waha Capital (ex-Oasis Leasing) standing out in Abu Dhabi on a decent hike in price and strong volumes. While in Dubai, Emaar was undoubtly ruling the roost with another big jump in price and turnover about a third of the DFM total. DPW shares rebounded by almost the same amount that they fell yesterday. Goldfields was the only other stock traded on the DIFX today, also rising. Arabtec announced they won a contract worth AED 360 million to build a hotel as part of the Abu Dhabi National Exhibition Center. Based on current profit margins (additional EPS estimate of 0.036 per year) and PE of about 15 for Arabtec, that could be worth an extra Dh 0.55 on the share price. Arabtec shares rose just 1.7%, or Dh 0.20 today. The contract may have already been priced into Arabtec's shares. EFG Hermes released a report on Du Telecom, giving it a fair value of 7.45, an upside potential of about 15%. The market didn't seem to think much of that. Du's share price fell by 0.5% to 6.46 today, a stark contrast to the reaction Emaar had to HSBC's report yesterday. Emaar shares were up another 4.5% to 12.65 today, a total gain of about 11% in 2 days. Al Qudra finally announced their IPO yesterday, to take place at the beginning of next month (March 2008). Hopefully they'll provide more information to help retail investors decide if it's one worth buying into. Based on previous statements from Al Qudra, the IPO should be open to foreign investors. Crescent Petroleum said yesterday that progress is being made on the Iran gas contract, and could be wrapped up in a meeting next week. We're not holding our breath. Dana Gas shares made a little progress today also, rising by 1.3% to 2.35, after falling 0.4% yesterday. Agility (WARE), previously known as PWC Logistics, a Kuwait company with a secondary listing on the DFM, were reported to have possibly had earnings of AED 2.3 billion for 2007. Agility shares have not traded on the DFM since last month. 2007 result updates
Meeting and other dates announced today
Dubai Share Talk latest posts |
- 21 February 2008 ADSM DFM DIFX disclosures & news
- Ajman Bank IPO opening price poll
- Al Qudra IPO
- AMLAK convertible bonds
- AMLAK to apply for Bahrain license - PR 21 Feb 08
- ARTC - ADNEC contract for AED 360 million - PR 21 Feb 08
- Beginners help with buying shares
- Cement companies blame energy costs for falling profits - EB 21 Feb 08
- DANA - Crescent Iran gas talk progress - R 20 Feb 08
- DU report EFG-Hermes 20 Feb 08
- Emaar HSBC report - 20 Feb 08
- First Energy Bank IPO
- Insider trades February 2008
- JEEMA 2007 FY results
- MarketWatch Feb 2008 DFM ADSM
- Nakheel REITs - EB 21 Feb 08
- WARE Agility 2007 FY profits +34% to AED 2.3 bn? - 20 Feb 08
- 20 February 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI rose 1.1% to 4798 from increased turnover of 3.4 billion dhs. Emaar Properties (EMAAR) lead the way with it's big jump of 4.6% to 12.65 and just over AED 1 billion of turnover. DFM shares were also heavily traded, seeing almost 600 m dhs worth change hands but share price fell slightly by 0.5% to 6.24.
Other solid gains for Islamic Arab Insurance (IAIC) Salama up 3% and Tamweel (TAMWEEL) up 2.3%. Arabtec (ARTC) rose 1.7%, AIRARABIA 1.4%, and Amlak Finance (AMLAK) and Aramex (ARMX) by less than 1% each.
The losers queue was longer but the top 7 all traded less than AED 1 million dhs worth. Dubai Investments (DIC) topped the list of active losers with only a 0.86% fall to 5.75. Another 8 stocks fell by less than 1%.
Abu Dhabi Securities Market
THE ADSM index was up 1.1% to 4797 from just over AED 1 billion of turnover. Etisalat (ETISALAT) dragged the index up with its 3.1% rise to 24.85 and second highest spot on the traded value table (unusual for Etisalat to be so actively traded). Aldar Properties (ALDAR) took the top spot by turnover with AED 160m worth of deals and a 1.3% rise to 11.70.
Other notable trading today for ADAVIATION with a 4.9% jump to 3.92 from busy trading, Oasis Leasing (OILC) up 2.9% to 2.79, ADNH, DAN, and NDMC all up 1.3%, and RAK Properties (RAKPROP) up 1.1%.
Union National Bank (UNB) stood out in the losers list with a 1.55% fall to 9.32 on higher than usual volumes. ARKAN fell 1.4%, Invest Bank (INVESTB) 1.25% and the remainder fell less than 1% or on thin trading.
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