UAE market news & discussions for 26 February 2008The ADSM saw reasonable gains today with Abu Dhabi Aviation, Sharjah Islamic Bank, and Abu Dhabi Islamic Bank all showing big gains on heavy trading. The DFM index barely changed with Shuaa standing out with a good increase, while DFM and Air Arabia shares saw heavy trading with a moderate fall and a rise respectively. AlBaraka Bank (listed in Bahrain and on the DIFX) released 2007 financial results with a Net Profit of $144 million due to shareholders, an increase of 80% from 2006. Their shares, as usual, saw no trading on the DIFX. Abu Dhabi Aviation shares have shot up 41% this week on heavy trading after a Board of Directors reshuffle, but the Abu Dhabi Aviation head of investor relations said there was no news to explain the rise in price. DP World were reported to be planning to spend AED 4.8 billion to expand Sokhna Port in Egypt, which they recently purchased for AED 2.5 billion. DPW shares fell 2.2% to $0.89 today. Morgan Stanley included Arabtec, First Gulf Bank, and Dubai Islamic Bank shares as recommendations in a recent report that said Abu Dhabi was a market to watch. ARTC and DIB are listed in Dubai. First Gulf Bank shareholders approved the convertible bond issue worth AED 9 billion. FGB shares Waha Capital (ex-Oasis Leasing) AGM was postponed to 03 March 2007 due to a lack of quorum. The Ajman Bank IPO closes tomorrow, and there was news that the upcoming Al Qudra IPO would only be open to UAE and GCC nationals. DubaiShareTalk latest posts |
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- 26 February 2008 ADSM DFM DIFX disclosures & news
- ADAVIATION management change prompts big price jump BB 26 Feb 08
- Al Qudra IPO
- Al Rayan IPO
- AlBaraka 2007 FY profit +80% to $144m - 26 Feb 08
- Ajman Bank IPO
- Aswaaq supermarket formation - GN 10 Feb 08
- DFM stock value - EB 25 Feb 08
- DIC buys property in Bur Dubai - PR 26 Feb 08
- DP World Sokhna port deal finalised - PR 17 Feb 08
- FGB AED 9.2 bn convertible bonds 03 Feb 08
- Morgan Stanley recommends ARTC, DIB, FGB - R 25 Feb 08
- OILC 2007 FY profit +78% to AED 171m - 20 Jan 08
- RAK Airways to buy 4 Boeings for AED 1.65 billion - TF 25 Feb 08
- Visa IPO
- 25 February 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI barely moved by the end of the day, closing up by just 0.06% to 5928 points. Turnover was a steady 2 billion dhs worth of deals. Shuaa Capital (SHUAA) was the big gainer (ignoring the 2 top rises on thin volumes) with a 5% rise to 6.97. DFM shares saw the highest turnover of AED 505 million but falling by 1.1%, AIRARABIA also busy with a 1.9% rise to 2.15. GULFNAV rose 2.4% to 1.70, Arabtec (ARTC) was up 1.3%, Du Telecom (DU) and Emirates NBD (ENBD) rose 1.1% and another 4 stocks rose less than 1%.
DEYAAR was the notable loser today, falling by 2.6% to 2.68. The other stocks in the red fell by less than 1% or on turnover less than AED 1 million.
Abu Dhabi Securities Market
The ADSMI rose 0.71% to 4840 with turnover a moderate 1.27 billion dhs. ADAVIATION shot up another 8.2% on record turnover of AED 52 million. NBS was up 4.3% to 4.28, Abu Dhabi Islamic Bank (ADIB) up 3.9% to 61.80, and Commercial Bank International (CBI) up 3.6% to 3.29. A couple of other stocks showing good gains on reasonable turnover were Sharjah Cement (SCIDC) up 2.5%, Dana Gas (DANA) and Sorouh Real Estate (SOROUH) up 2%. The remaining gainers on active trading rising by less than 1.5%.
National Bank of Abu Dhabi (NBAD) was the worst of the losers on turnover of more than AED 1m, falling by 2.1% to 22.90. The other losers fell by less than 1% or on turnover of less than AED 1 m.
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