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

Thursday, February 21, 2008

UAE markets 21 Feb 2008

UAE market news & discussions for 21 February 2008

All 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
  • Fujairah National Insurance 15% dividend proposed (unconfirmed)
  • National Bank of Abu Dhabi 2007 financial statements released
  • Union Insurance 2007 results released
Meeting and other dates announced today
  • Alliance Insurance BOD meeting 04 March 2008
  • Amlak Finance AGM & EGM 16 March 2008 (agenda released including convertible bond proposal)
  • Fujairah National Insurance AGM 20 March 2008 (unconfirmed)
  • Jeema Mineral Water AGM 09 April 2008 (unconfirmed)
Dubai Share Talk latest posts

Dubai Financial Market and Abu Dhabi Securities Market index for 21 February 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
PALTEL 31.35 +2.85 +10%
FBICO 2.36 +0.21 +9.8%
ADNIC 9.98 +0.79 +8.6%
ADAVIATION 3.88 +0.18 +4.9%
ASCANA 2.59 +0.12 +4.9%
worst stock falls
symbol price change
NCTH 9.55 -1.05 -9.9%
AWNIC 5.55 -0.61 -9.9%
ARIG 3.31 -0.19 -5.4%
OIC 13.30 -0.70 -5%
GFH 14.45 -0.75 -4.9%
top volume
symbol value (AED) price
EMAAR1,083,181,37112.65
DFM593,724,7766.24
AIRARABIA418,207,5122.11
AMLAK321,132,0084.93
TAMWEEL212,250,5986.80

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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