UAE market news & discussions for 08 April 2008Abu Dhabi saw green today, while Dubai continued in the red. Etisalat, Al Khazna Insurance, and a couple of cement companies had good days in Abu Dhabi, while in Dubai, only Shuaa Capital had anything to smile about. DP World shares on the DIFX are trading down by 1% at $0.91, the market appearing to be unenthusiastic about their year-end results released yesterday. Sorouh was reported by Reuters to be increasing maximum foreign ownership allowance from 20% to 40%. Taqa could be looking for more money via a convertible bond of some sort, which seems to be a turnaround (again) after they denied, in December 2007, a report saying they were looking to increase share capital. Taqa were also the subject of a Moody's report which said good things. Not good enough though, to keep their share price from falling 2% today. |
- 08 April 2008 ADSM DFM DIFX disclosures & news
- ADSM and others to Singapore and Tokyo - PR 07 Apr 08
- Air Arabia 2008 Q1 profits tripled?
- Damac - Palm Springs
- Depa IPO
- DEPA - Morgan Stanley report 25 Mar 08
- DIC rights issue phase 2
- DP World 2007 FY profit +52% to $420m - 07 Apr 2008
- EFG 2008 Q1 results preview 06 Apr 08
- EMAAR - Burj Dubai is tallest man-made structure - PR 07 Apr 08
- Future Pipe IPO
- Insider trades April 2008
- Marketwatch DFM April 2008
- Share Account becoming dormant
- Sorouh foreign ownership increase - R 08 Apr 08
- Tamweel EGM approves sukuk - PR 06 Apr 08
- Tamweel ready to repeat 2007 performance
- TAMWEEL 2007 FY profit fall 47% to AED 451m - PR 20 Jan 2008
- TAQA - new Moody's report - PR 08 Apr 08
- TAQA EGM - AED 4.15 bn convertible bond - 08 Apr 08
- 07 April 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI fell again today, by 0.84% to close at 5435 from modest turnover of AED 830 million. Tamweel (TAMWEEL) stood out with trading activity totaling AED 178m worth while falling by 0.66%, putting it ahead of Emaar Properties (EMAAR) which fell 0.89% to 11.15.
Shuaa Capital (SHUAA) was the standout gainer today with a 2.8% rise to 8.05. GGICO was not far behind with a 2.6% rise, and Arabtec (ARTC) was the only other stock in the green on active trading, creeping up by 0.83% to 12.20.
GULFNAV fell by 6.6% to 1.57 but that includes a 4.5% adjustment after shares went ex-dividend today. Aramex (ARMX) fell 4.2% to 2.73, Tabreed (TABREED) fell 3.4% to 2.57, AMAN 2.5% and AIRARABIA 2.1%. The remaining losers fell less than 2% except for the worst 3, which fell on just a single trade each.
Abu Dhabi Securities Market
THe ADSM index rose by 0.47% to 4760 from turnover of AED 609 m but Dana Gas (DANA) plummeted 6.1% to 2.13 from heavy trading while Etisalat (ETISALAT) was unusually active and gained 1.45% to close at 21.00.
AKIC once again had a big day, soaring by 7.8% to 3.01 on turnover a little below yesterday's record. In the past couple of weeks, their shares have increased by about 80%. Cement companies were also in the spotlight with Gulf Cement (GCEM) rising by 3.4% to 7.58, and RAK White Cement (RAKWCT) up by 3.3% to 2.50 - both companies trading heavily today prior to going ex-dividend. Union National Bank (UNB) rose 2.3%, ADNH 2% and the remaining gainers were up by less than 2% except for a couple trading light volumes.
It wasn't the day for energy stocks today, Aabar Petroleum (AABAR) suffered a 2.7% drop to 3.26, and Abu Dhabi National Energy (TAQA) shares fell 2.1% to 3.19. RAK Properties (RAKPROP) was down 2.2% and the remaining losers fell by less than 2%, except for the worst three which fell on thin trading.
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