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

Sunday, March 23, 2008

UAE markets 23 Mar 2008

UAE market news & discussions for 23 March 2008

It wasn't a great start to the week, with both markets falling. On the positive side, trading volumes were low which could indicated the current downtrend has run out of puff, and a rally might be due.

The Emaar chairman said they were looking to buy property in the US and Europe. Figures that he supplied to Reuters indicated that Emaar were looking at property that had plummeted in value by an astonishing 90%, and another 50% fall was expected. Further details of where these bargain properties were, were not given.

Al Salam Bank Bahrain lists on the DFM later this week, and the DFM said they'd signed a cross listing agreement with the Khartoum Stock Exchange. After Kuwait and Karachi, that seems to take care of all the stock markets starting with the letter K. Might we see a cross listing with London and Lompopo next week?

The Sorouh AGM on Thursday approved a cash dividend of 12%, which translates to a dividend yield of 1.2%.

The Takaful Al Emarat, or Emirates Takaful Insurance, IPO started today.

Several AGMs tomorrow including Arabtec and Etisalat, and tomorrow is also the last trading day before Amlak shares go ex-dividend.

More news, disclosures, agenda items for today. See also the ShareWadi calendar.

Dubai Financial Market and Abu Dhabi Securities Market index for 23 March 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
OEIHC 6.58 +0.59 +9.8%
UNION 3.44 +0.30 +9.6%
ASMAK 6.99 +0.40 +6.1%
NCC 14.70 +0.70 +5%
NGI 8.01 +0.38 +5%
worst stock falls
symbol price change
TKFL 7.05 -0.78 -10%
NCTH 8.60 -0.70 -7.5%
TABREED 2.55 -0.14 -5.2%
QCEM 3.00 -0.15 -4.8%
NMDC 10.10 -0.50 -4.7%
top volume
symbol value (AED) price
EMAAR136,166,20611.50
DFM80,124,6175.65
AIRARABIA70,855,7941.92
ALDAR67,125,66110.55
DIC58,320,2325.61

Dubai Financial Market

The DFMGI started the week with a fall of 0.54% to 5548 points on low tunrover of AED 570 million dhs. Only Emaar Properties (EMAAR) saw trading of more than 100m dhs, and bucked the trend by rising 1.3%.

Of the actively traded stocks, AMAN saw the greatest rise with a 4.7% jump to 26.80. Dubai Investments (DIC) up 1.5% and Amlak Finance (AMLAK) up 0.91% were the only other stocks to rise on turnover of more than AED 1 million.

Tabreed (TABREED) plunged 5.2% to 2.55 which may have been related to the record date for dividends but they should have gone ex-dividend on Wednesday last week.

Du Telecom (DU) and Shuaa Capital (SHUAA) were next in the list with notable falls, of 2.2% and 2.1% respectively. Union Properties (UPP) dropped by 2%, Arabtec (ARTC) by 1.7%, Dubai Islamic Bank (DIB) by 1.6%, and the remaining actively traded stocks by 1.5% or less.

Abu Dhabi Securities Market

The ADSM index fell 0.68% to 4644 points from turnover of just AED 337 million, with no stocks trading more than AED 100 million worth. Aldar Properties (ALDAR) was the top by turnover with just AED 67 million worth of deals and a small 0.5% rise to 10.60.

Abu Dhabi Commercial Bank (ADCB) saw the biggest gain in the more actively traded list, with a 2.2% rise to 6.40. RAK Ceramics (RAKCEC) was up by 1.8% and the remaining gainers rose less than 1% or on turnover of less than AED 1 m.

Aabar Petroleum (AABAR) had the most notable fall of 4.4% to 3.51 (dividend information unknown), continuing its unfortunate slide since the approval of the sale of its Pearl Energy subsidiary.

Oasis Leasing (OILC) was down 3% to 2.28 on thin trading, Dana Gas (DANA) fell 2.7%, and Abu Dhabi National Energy (TAQA) down 2.6% making it a fairly unpleasant day for the energy stocks in Abu Dhabi. The rest of the losers fell less than 2% or on low volumes. Etisalat (ETISALAT) was down by 0.84% to 23.55.

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