UAE market news & discussions for 13 March 2008Both the DFM and ADSM gave back the gains from yesteday, finishing the week on a bit of a glum note. There were no standout stocks in either market worth mentioning. The DIFX isn't looking too hot either, with DPW down by 3.7% to 0.79 after a couple of days where it started to look promising. Amlak released their audited financial statements yesterday which showed a massive amount of income from property sales contributing to their 2007 final results. Fourth quarter figures were not supplied but based on calculations from M9 and FY data, it looks like most of that income was booked in Q4. The Amlak chief not so long ago forecast yet another year of stellar growth. They must still have plenty of assets to sell. See the list of disclosures for other items today. Some dates for your diary... Thursday 13 March 2008
Friday 14 March 2008
Saturday 15 March 2008
Sunday 16 March 2008
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More UAE stock market news and discussions...
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Dubai Financial Market
The DFM knocked off 1.1% to close at 5754 points for the weekend, with turnover nothing to get excited about at AED 800 million. As usual, Emaar Properties (EMAAR) and DFM were the top 2 stocks by value, falling by 2.1% and 1.5% respectively.
Nothing really stood out in the gainers list today - there were only 4. Arab Insurance Group (ARIG) did well from a handful of insider trades, GGICO was the only gainer rising on more than AED 1 m of turnover, closing at 14.25 - up by 1.8%.
In the loser's list, Islamic Arab Insurance (IAIC) was the worst of the actively traded stocks, heading south by 2.87% to close at 3.38. Union Properties (UPP) and Tamweel (TAMWEEL) each lost 2.1%, Tabreed (TABREED) was down by 2%, Du Telecom (DU) by 1.7%, and the rest by less than 1.5%, except for a handful trading on volumes of less than AED 1 million dhs worth.
Abu Dhabi Securities Market
The ADSM index fell slightly, by 0.7% to 4732 from modest turnover of AED 578 million. Aabar Petroleum (AABAR) led the way down with a 4.3% crash to 3.94 and almost the top turnover of AED 87m. Abu Dhabi Islamic Bank (ADIB) saw the greatest traded value of AED 123m but almost no change in price at 68.80.
Significant gains for DRIVE up 7.2% to 6.50 and National Marine Dredging (NMDC) up 5.5% to 8.92, both stocks seeing turnover greater than usual but still thin compared to the more actively traded stocks, however, none of them could manage any increase at all except for Etisalat (ETISALAT) which was up a mere 0.21% to 24.10.
Apart from Aabar, other losers that stood out were Bank Of Sharjah (BOS) down 6.2% to 3.16 on thin trading, ADAVIATION down 5.4% to 5.45 on relatively active trading, Sorouh Real Estate (SOROUH) down 2.4%, First Gulf Bank (FGB) down 2.1%, RAK Properties (RAKPROP) down 2%, Aldar Properties (ALDAR) down 1.8%, Oasis Leasing (OILC) down 1.6% and the remainder falling by less than 1.5% or on turnover less than AED 1 million.
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