UAE market news & discussions for 20 April 2008A very encouraging start to the week with solid gains and turnover for both markets. Tamweel surged ahead yet again as 08Q1 results are eagerly awaited - they should be available late Wednesday. Sorouh's BOD are also meeting on Wednesday afternoon and 08Q1 results are expected sometime after that. Goldman Sachs issued a report on UAE banks over the weekend, and their 2 buy recommendations shot ahead on increased trading levels today - First Gulf Bank and Union National Bank. First quarter results for 2008 this morning from Sharjah Islamic Bank (NBS) with 55% profit growth prompting a strong rally in their share price today. Arab Heavy Industries (AHI) also recorded solid profit growth but as usual, their shares were untraded, although at the last quoted close price from ESCA of AED 193, they would be ridiculously cheap based on earnings. Upcoming dates and events
See the ShareWadi calendar for more agenda items |
- 18-20 April 2008 ADSM DFM DIFX disclosures & news
- 2008 Q1 UAE financial results
- AABAR trading 05 Mar 08
- AHI 2008 Q1 profit AED 22m +106% 20 Apr 2008
- Ajman Bank listing date
- Ajman Bank founding OGM - PR 19 Apr 08
- AKIC 2007 FY profit AED 140m +68% 31 Jan 2008
- AMLAK - further rally possible as resistance levels have been broken...
- DEPA opening price poll & listing date
- Depa IPO
- Deyaar Scandal
- DFM net foreign investment AED 351m last week - PR 19 Apr 08
- Emirates Securities custodian charges
- Etihad Etisalat 2008 Q1 profit +30% to $87m - BB 19 Apr 08
- Future Pipe IPO
- Insider trades April 2008
- JULPHAR 2007 FY profit AED 207m +309% - 31 Dec 07
- NBS 2008 Q1 profit AED 79m +55% 20 Apr 2008
- RAK Cement dividend?
- Retaining shares after moving
- Tamweel technically in no resistance zone, signals a strong bullish signal 18 Apr 08
- TAMWEEL 2008 Q1 results expected 22 April 2008
- UAE banks report - Goldman Sachs - R 18 Apr 08
More UAE stock market news and discussions...
|
|
|
Dubai Financial Market
The DFMGI rocked ahead 2.3% to 5712 points with turnover a solid looking AED 2.6 billion. DFM shares dominated the trading floor with a 5.65% rise to 5.80 and AED 624m worth of trades. The two housing finance companies shot ahead by almost 7% on heavy trading also, Tamweel (TAMWEEL) closing at 8.36 and Amlak Finance (AMLAK) at 4.91.
Emaar Properties (EMAAR) could only manage a 3.1% increase to 11.50 from relatively light trading. Other gains of note for Du Telecom (DU) up 3.1% also, to 6.32, Islamic Arab Insurance (IAIC) up 3% to 3.45, AIRARABIA up 2.55%, and Dubai Islamic Bank (DIB) up 2.1%. Another 10 stocks rose less than 2%.
The only fall of note was GGICO which dropped just 0.63% to 7.90 on heavy insider selling. The other 3 losers fell on marginal trading volumes.
Abu Dhabi Securities Market
Abu Dhabi also had a good day with a 1.8% rise in the index to a hair over 5000 points from AED 1.7 billion of turnover. Sorouh Real Estate (SOROUH) was shining with heavy trading and a 3.3% rise to 9.96 ahead of 08Q1 results - their board meets later this week and results should be available before the start of trading on Thursday. NBS shot ahead by 3.4% to 3.01 on relatively high volumes after 08Q1 results were released this morning.
A few more of the less active companies were relatively busy today with big gains for Foodco Holdings (FOODCO) up 8.6% to 5.30, ASMAK up 8.4% to 12.40, DRIVE up 7.5% to 8.00, ADNH up 6.8% to 12.20, National Marine Dredging (NMDC) up 5.7% to 13.50, and NBQ up 3.6% to 4.70.
First Gulf Bank (FGB) saw heavy trading and a 5.3% rise to 22.75, Union National Bank (UNB) was also in the spotlight with a 5% rise to 8.80 from higher than usual trading. Aldar Properties (ALDAR) was up 3.6% to 11.50, Abu Dhabi Islamic Bank (ADIB) up 3.2% to 6.54, and Abu Dhabi National Energy (TAQA) up 3.0% to 3.38. The remaining gainers rose less than 3% or on thin trading levels, with Etisalat (ETISALAT) up just 0.46% to 21.90.
There were only 9 losers today, and only 2 that fell more than 1% on turnover greater than AED 1 million - Gulf Cement (GCEM) was down 2.7% to 6.90, and AKIC lost 1.6% to close at 3.60.
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.