UAE market news & discussions for 16 April 2008Both markets rose slightly today and turnover was encouraging at over AED 1 billion for both the DFM and ADSM. Arabtec had another solid day and a few of the more obscure stocks in Abu Dhabi had good rises on increased trading levels. DP World was the only stock traded on the DIFX today, rising 3.3% to $0.93. Emaar Properties released 2008 Q1 preliminary results today and sounded positive about growth in their global operations. Bottom line profits slipped slightly compared to the same quarter last year, with revenue from their US operations taking a big hit, but Emaar did not elaborate in their press release on how much that affected profits. Emaar share price fell 0.4% to AED 11.10 today. Dubai Investments AGM was postponed to 23 April 2008 due to lack of quorum, the subscription period of the DIC rights issue phase II starts tomorrow, and DIC forecast 2008 Q1 profits to rise 10-15%. None of that news impressed the market though, DIC shares fell 0.5% to AED 4.14 today. Dana Gas was reported as planning to drill 19 new wells in Egypt this year, at a cost of AED 624 million ($170 million), which could potentially double Egypt's gas reserves. Dana shares rose 2.5% to AED 2.09 on increased turnover today. |
- 16 April 2008 ADSM DFM DIFX disclosures & news
- AGTHIA 2007 FY profit AED 38m +31% 29 Jan 2008
- AMLAK borrows AED 1.4 bn from EIB - PR 15 Apr 08
- Custody charges by Emirates Securities
- EMAAR 2008 Q1 profit AED 1.7bn -4% 16 Apr 2008
- ETISALAT sells Mobily stake worth AED 2.3 bn - R 15 Apr 08
- DANA Egypt drilling 19 new wells - ANI 15 Apr 08
- DIC 2008 Q1 profit forecast +10% to AED 500 m
- DIC 2007 FY profit AED 1.5bn +52% 29 Jan 2008
- Dubai Bank 2008 Q1 profit +300% to Dh131m - PR 13 Apr 08
- FOODCO 2007 FY profit AED 24m -61% Q4 23m +254% 03 Feb 2008
- Forum and website modifications and new features log
- Golden Gate Securities 14 Apr 08
- Marketwatch DFM April 2008
- Report on UAE bank sector - TNI 14 Apr 08
- TAMWEEL Egypt to borrow funds - R 15 Apr 08
- The Deceptive Lesson in Risk Management (or lack thereof)
- UAB 2007 FY profit AED 210m +34%, Q4 60m +29% 23 Jan 2008
- UAB 2008 Q1 profit AED 55m +19% 15 Apr 2008
- 15 April 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI was up by 0.78% to 5516 points on increased turnover of AED 1.5 billion today, with DFM shares the top of the traded value list, with a 2.1% increase to 5.29 from 218m dhs worth of trading. Emaar Properties (EMAAR) turnover was slightly lower at 194 m dhs worth while share price fell 0.45% to 11.10.
Arabtec (ARTC) was the standout stock today, gaining 3.2% to close at 14.35. Other gains for Union Properties (UPP) up 2.3%, Tamweel (TAMWEEL) up 1.9% and Shuaa Capital (SHUAA) up 1.5% with the remaining gainers rising less than 1.5% or on thin trading.
DEYAAR stood out in the loser's list but the drop was not so significant, down by 1.3% to 2.35. The other 7 losers fell less than 1% or on low turnover.
Abu Dhabi Securities Market
The ADSM index was up 0.51% to 4878, and turnover also up, to AED 1.2 billion for the day. ARKAN stood out with a solid 3% gain to 4.47, and top of the traded value with AED 314m worth of trades - ahead of even the Dubai stocks which was unusual.
AKIC yet again had a big increase of 4.6% to 3.60 from heavy trading. A few other rarely traded stocks were in the spotlight today with greater than usual turnover - DRIVE up 3.7% to 7.00, NBS up 3.25% to 2.89, ASMAK up 3% to 11.15, NBQ up 1.8%, and Sharjah Cement (SCIDC) up 1.7%.
Of the more popular stocks, Dana Gas (DANA) rose 2.45%, Aabar Petroleum (AABAR) rose 1.9%, AGTHIA and First Gulf Bank (FGB) rose 1.5%, and the remainder were up by less than 1.5% or on lower than AED 1 m worth of turnover.
A short list of only 8 losers today, none falling by more than 1% on greater than AED 1 m of turnover. National Bank of Abu Dhabi (NBAD) fell 0.75% and Abu Dhabi Islamic Bank (ADIB) fell 0.5%.
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