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

Tuesday, April 22, 2008

UAE markets 22 Apr 2008

UAE market news & discussions for 22 April 2008

Both markets moved ahead today with turnover still at healthy levels. Abu Dhabi Commercial Bank saw astonishing levels of trading on a big rise after yesterday's AGM changed the dividend from cash to cash & shares, and the CEO said profits would double in 2 years on acquisitions. In March last year the CEO said ADCB's 2007 profits would rise 20%. Net profit for 2007 was AED 2.1 billion - a drop of 3%. Finance House and Arabtec also had big rises on solid trading levels. Other stock news:

  • Aabar postponed their AGM to 28 April 2008
  • Aramex announced (afternoon) a 21% increase in 2008 Q1 profits to AED 36m, shares still look a little more expensive than the market average based on PE, and share price was almost flat today.
  • RAK Cement report from TNI says stocks are fairly valued at current levels, and energy costs will continue to eat into their margins.
  • Tamweel results expected later today after BOD meeting 22 April 2008 at 3pm - no disclosure seen at time of this email and presumably we won't see it till tomorrow morning on the DFM website. However, other news sources may have a report later today.
  • Union Properties (morning) a 69% jump in 2008 Q1 profits to AED 240m, beating at least one forecast. That wasn't enough to impress the market though, shares fell slightly, by 0.2% to 5.19.
Upcoming events
  • Abu Dhabi National Energy (TAQA) last trading day for dividend eligibility tomorrow 23 April 2008
  • Aldar Properties (ALDAR) 08Q1 results BOD meeting tomorrow afternoon 23 April 2008
  • Depa Holding (DEPA) lists on the DIFX tomorrow 23 April 2008
  • Dubai Investments (DIC) last trading day for dividend eligibility tomorrow 23 April 2008
  • Dubai Investments (DIC) AGM tomorrow 23 April 2008 at 5pm, 10% cash dividend proposed
  • Sorouh Real Estate (SOROUH) 08Q1 results BOD meeting tomorrow 23 April 2008 at 2pm
  • Union Properties (UPP) AGM this afternoon 22 April 2008 at 5pm

See the ShareWadi calendar for more AGM and dividend dates

Dubai Financial Market and Abu Dhabi Securities Market index for 22 April 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
AAAIC 121.00 +11.00 +10%
FBICO 4.33 +0.37 +9.3%
QTEL 203.70 +13.60 +7.2%
ADCB 7.19 +0.43 +6.4%
FH 11.30 +0.65 +6.1%
worst stock falls
symbol price change
GMPC 5.59 -0.62 -10%
NMDC 12.60 -1.30 -9.4%
ASMAK 12.45 -0.25 -2%
AABAR 3.32 -0.06 -1.8%
RAKPROP 2.31 -0.04 -1.7%
top volume
symbol value (AED) price
EMAAR683,723,11811.90
ADCB409,696,5257.19
DFM404,315,3425.85
AMLAK300,977,3254.98
TAMWEEL259,284,2398.35

Dubai Financial Market

The DFMGI had another good day with a 1% rise to 5777 from a solid AED 2.55 billion of turnover. Emaar Properties (EMAAR) had the top spot on traded value with AED 684m worth of shares and a decent 2.6% gain to 11.90. DFM shares were also busy, rising 2.8% to 5.85.

Arabtec (ARTC) was at the top of the gainer's list though, with a 5.05% rise to 15.60 from solid trading. Other good gains for Amlak Finance (AMLAK) up 3.5% to 4.98, Commercial Bank of Dubai (CBD) up 3.3% to 10.90, Tamweel (TAMWEEL) up 2.45% to 8.35, Dubai Investments (DIC) up 2.1% to 4.44, and remaining gainers rising less than 1% or on thin trading.

Shuaa Capital (SHUAA) headed the loser's list with a 1.6% fall to 8.17, GULFNAV was down 1.2%, GGICO 1.1%, and another 7 stocks fell less than 1%.

Abu Dhabi Securities Market

The ADSM index rose 0.36% to 5014 from AED 1.17 billion of trading, with about a third of that from trading in Abu Dhabi Commercial Bank (ADCB) shares which rose 6.36% to 7.07. Traded value was more than 3x the highest level seen in the past 12 months for the bank.

AAAIC also stood out with greater than usual trading and shares limit up (10%) to 121.00. Other good rises for Finance House (FH) up 6.1% to 11.65 on greater than usual activity, Bank Of Sharjah (BOS) up 5.9% to 3.14, Foodco Holdings (FOODCO) up 4% to 5.80, Union National Bank (UNB) up 3.4% to 8.76, Abu Dhabi National Energy (TAQA) up 1.8%, Qatar Telecom (QTEL) up 1.7%, and AGTHIA up 1.5%. The remaining gainers rose less than 1% or on thin trading.

National Marine Dredging (NMDC) was hit hard, losing 9.7% to 12.65 from greater than usual activity, Aabar Petroleum (AABAR) was down 1.8%, RAK Properties (RAKPROP) down 1.7%, AKIC down 1.7%, Dana Gas (DANA) and Abu Dhabi Islamic Bank (ADIB) lost 1.4%, Sorouh Real Estate (SOROUH) fell 1% and the remainder were down by less than 1% or on thin trading volumes.

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