UAE market news & discussions for 28 February 2008The DFMGI rose slightly (mostly in the closing minutes) while the Abu Dhabi market fell, and DPW shares on the DIFX are unchanged so far today. Turnover was muted everywhere. Abu Dhabi Aviation shot up again on reduced trading today, with a total gain of 60% in just over a week. A handful of other rarely traded stocks saw good rises on increased trading activity. Aldar Properties was the only stock with turnover exceeding AED 100 million in Abu Dhabi, with a slight fall in price. In Dubai, Shuaa Capital and Emirates NBD stood out with reasonable gains on solid turnover. After the recent curious comment from Alan Greenspan suggesting the UAE should float the dirham, the UAE Central Bank Governor was reported to have said the dollar peg will stay because the dollar is heading for a rise. Yesterday the dollar hit an all time low against the Euro. Dana Gas said they signed an agreement with Emarat to build and operate a gas pipeline in Hamriyah. Which sounds the same as what they said 2 years ago about a building a gas pipeline in Hamriyah with Emarat. There were brief reports with information about the Drake & Scull IPO and Gulf Capital IPO, but not saying much that wasn't already known. Tabreed was reported to be seeking financing worth AED 2 billion in the form of Islamic loans and convertible bonds. DP World appointed some new executives for Africa, Europe and Russia. DP World were also reported to be spending AED 121 million to expand Adelaide Port in Australia, where it also operates container terminals in Brisbane, Melbourne, Perth, Sydney. Agility (has a secondary listing on the DFM) said they paid the astonishingly low amount of just 250,000 Euros for a Spanish transport company. Looks like Spanish asset values really have tumbled. ICD (a Dubai government investment company) is also going shopping in Spain but they're spending a little more - AED 16.5 billion for Colonial, a real estate company. DubaiShareTalk latest posts |
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- 28 February 2008 ADSM DFM DIFX disclosures & news
- ADAVIATION management change prompts big price jump BB 26 Feb 08
- DANA JV with Emarat for Hamriyah gas pipeline - PR 28 Feb 08
- Drake & Scull IPO
- Gulf Capital IPO
- Gulf Navigation foreign ownership?
- ICD Dubai to bid AED 16.5 bn for Spain's Colonial - R 27 Feb 08
- Insider trades February 2008
- NBAD and ADSM to provide custodian services - PR 27 Feb 08
- OILC - Waha Leasing to buy aviation assets - GN 27 Feb 08
- OILC Waha Leasing deal with Myway Airlines - PR 27 Feb 08
- TABREED AED 2 bn of loans and bonds in 2008 - R 28 Feb 08
- TAMWEEL 2007 FY profit fall 47% to AED 451m - PR 20 Jan 2008
- UAE CB governor says no depegging - AFP 28 Feb 08
- WARE Agility buys Combalia cheap? - 27 Feb 08
More UAE stock market news and discussions...
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Dubai Financial Market
The Dubai index rose 0.48% to 5960 points with turnover a modest AED 1.18 billion today. Shuaa Capital (SHUAA) hit the top of the actively traded gainers list, rising 3.5% to 7.19, and Emirates NBD (ENBD) had a 2.5% increase to 14.60. AIRARABIA and Dubai Investments (DIC) rose 1.4%, GULFNAV 1.2%, DEYAAR 1.1% and another 3 stocks rose less than 1%.
DFM shares topped the turnover list with a small rise, Emaar Properties (EMAAR) was in second spot on turnover but share price was unchanged at 12.45.
Commercial Bank of Dubai (CBD) stood out in the list of losers with a little over AED 1 million of turnover and a 4.3% fall to 14.60. The remaining 7 losers fell less than 1% or on turnover of less than AED 1 million.
Abu Dhabi Securities Market
The ADSM index fell by 0.3% to 4816 today with turnover at AED 861 million. ADAVIATION, as mentioned, traded limit up with no sellers in the queue and closed at 5.90 dhs, while turnover was down from yesterday's record levels.
A few other stocks stood out with increased activity and big gains. Invest Bank (INVESTB) up 8.2% to 3.89, Abu Dhabi ShipBuilding (ADSB) up 7.2% to 5.18, TKFL up 6.7% to 7.47, National Marine Dredging (NMDC) up 4.6% to 9.25, UNION up 4.3% to 3.15, ADNH up 2.9% to 9.65. Of the more usually active stocks, AGTHIA stormed ahead by 3.3% to 2.18 while Union National Bank (UNB) was the only other one to gain more than 1% - up by 1.1%.
RAK Cement (RAKCC) had a busy day and fell 3.3% to 2.06, Sorouh Real Estate (SOROUH) was down 2.4% to 10.20, Abu Dhabi Islamic Bank (ADIB) down 1.9% to 60.50, Sharjah Cement (SCIDC) down 1.6%, First Gulf Bank (FGB) down 1.5%, NBS trading much higher than usual turnover fell 1.2%, RAK Properties (RAKPROP) fell 1.1% and the remaining losers were down by less than 1% or on thin trading. Etisalat (ETISALAT) fell just 0.4% to 25.00.
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