UAE market news & discussions for 13 April 2008Both markets fell today, on subdued turnover with nothing of note in Dubai but a few big drops for cement companies in Abu Dhabi, while Al Khazna was yet again storming ahead. The Future Pipe IPO starts today and with shares price in a range from US$5.00 to US$6.60, they also look to be a much better deal than the DP World IPO shares last year, based on earnings. The balance sheet raises some questions though, with regard to their apparent generosity to customers possibly impacting on profits. Today was also the last day to subscribe for the Depa IPO. DFM released 2008 Q1 results with operating income tripled from the same period last year, but net profit only half, as 2007 Q1 profits included IPO income. Shares fell slightly today but still look expensive based on earnings. FH 2008 Q1 results showed massive gains on extraordinary income from sale of investments. RAKCC 2008 Q1 results tumbled yet again due to the same reason profits have fallen in previous quarters. Repeatedly saying that energy costs are increasing doesn't appear to have helped their bottom line. On the bright side, profit margins have improved slightly from the previous 2 quarters. |
- 11-13 April 2008 ADSM DFM DIFX disclosures & news
- Aabar Sukuk EGM 09 April 2008
- AGTHIA - WILD deal - PR 30 Mar 2008
- DFM 2008 Q1 profit AED 310m -44% 13 Apr 2008
- Emirates Takaful IPO
- Future Pipe IPO
- Future Pipe IPO prospectus & analysis
- FH 2008 Q1 profit AED 130m +208% 12 Apr 2008
- Insider trades April 2008
- Marketwatch DFM April 2008
- RAKCC 2008 Q1 profit -63% to AED 10m - 12 Apr 08
- RAKCC 2007 FY profit AED 55m -56%, Q4 8.2m -63% 31 Jan 2008
- RAK Cement wants price caps lifted - BB 19 Mar 08
- TAMWEEL mortgages for Motorcity projects - PR 12 Apr 08
- UPP not Shariah compliant? - 10 Apr 2008
More UAE stock market news and discussions...
|
|
|
Dubai Financial Market
The DFMGI fell slightly by 0.21% to close at 5441, with turnover relatively low at AED 0.5 billion. There were no stocks standing out today. The top gainer rose on just one small trade, while SALAM_BAH was up 2%, GULFNAV by 1.9%, Emirates NBD (ENBD) by 1.4% and another 4 stocks by less than 1% each.
Most of the actively traded stocks were in the losers list, with AIRARABIA the worst, falling by 1.6%. Union Properties (UPP) fell 1.4%, Amlak Finance (AMLAK) by 1.1% Emaar Properties (EMAAR) by 0.9% and another 8 stocks fell less than 1%.
Abu Dhabi Securities Market
The ADSM index fared slightly worse than Dubai, falling by 0.5% to 4853, but turnover was slightly less at AED 445 million. ADNIC stood out with a 10% gain on just over AED 1 million of turnover. AKIC was once again going like a train with massive turnover and a 7.75% rise to 3.12. RAK Ceramics (RAKCEC) also had reason to smile with a 5.7% rise to 4.35. National Bank of Abu Dhabi (NBAD) rose 1.7% and the remaining gainers were up by less than 1% or on turnover of less than AED 1 million.
Most of the usually active stocks fell by 0-2% with Dana Gas (DANA) down by 1.9% and Etisalat (ETISALAT) dropping by 0.45% to 21.85 on modest turnover. A few big falls on higher than usual turnover in the cement sector. Gulf Cement (GCEM) down by 6.9% to 6.53, Union Cement (UCC) down by 4.9% to 4.50, and RAK White Cement (RAKWCT) down by 4% to 2.17.
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.