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

Wednesday, May 21, 2008

UAE markets 21 May 2008

UAE market news & discussions for 21 May 2008

The major scrips continued to drift south today. Big falls for the shining stars earlier in the week in Abu Dhabi with RAK Poultry badly plucked, Methaq looking exhausted after its stellar climb, and International Fish Farming spluttering. First Gulf Bank had a solid gain on the back of yesterday's news of the Libyan bank licence and/or the Merrill BUY rating prompted more investors to build up their holding. Arkan dominated Abu Dhabi trading yet again, with price taking a big hit. In Dubai, Union Properties had a promising gain on heavier trading.

On the DIFX, DP World is up 2% to $0.98, and Depa is up 1.3% to $1.58 at 4:30pm UAE time.

  • Aabar announced management changes including the resignation of the CEO, who moved to Mubadala, the buyer of Pearl Energy from Aabar.
  • Arkan signed another MoU following the one earlier this week with Aldar, this time with Alumco of Dubai.
  • DFM went to London along with most of the more active stocks, and a couple of obscure ones. But apparently Aramex, Dubai Investments, Du Telecom, and Emirates NBD didn't want to go, or perhaps they just missed their flight.
  • Dubai Investments are scheduled to allot rights issue shares and send refund cheques tomorrow.
  • Shuaa received a Baa2 rating from Moody's, who expressed concerns about concentration risks of Shuaa's portfolio.
  • Sorouh announced the purchase of a stake in another company, and continued its theme of not keeping its owners very well informed by not disclosing how much they paid.

See the UAE stock calendar for more upcoming events.

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Dubai Financial Market and Abu Dhabi Securities Market index for 21 May 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
AMAN 37.35 +2.55 +7.3%
GLOBAL 15.00 +0.75 +5.3%
ARIG 3.39 +0.16 +5%
DIN 24.75 +1.15 +4.9%
UAB 6.90 +0.29 +4.4%
worst stock falls
symbol price change
RAPCO 5.43 -0.54 -9%
FCI 5.50 -0.50 -8.3%
TKFL 8.32 -0.68 -7.6%
EIC 8.13 -0.60 -6.9%
DRIVE 8.53 -0.59 -6.5%
top volume
symbol value (AED) price
ARKAN490,725,3535.47
UPP106,453,8494.85
EMAAR79,947,77211.30
ALDAR73,223,06411.35
DIC62,820,5903.66

Dubai Financial Market

The DFMGI fell 0.55% to 5619 points with turnover limited at only AED 598m, substantially less than on the Abu Dhabi bourse. Union Properties (UPP) stood out at the top of the traded value table as the only stock to see over AED 100m worth of deals during the day, and gained a healthy 3% to 4.85. However, AMAN was the star gainer with a 7.3% rise to 37.35 and trading volumes much higher than usual at almost AED 60m worth.

SALAM_BAH rose 1.2% to 2.45, Tabreed (TABREED) rose 1.2% to 2.53 and the remaining gainers were up less than 1% or on thin trading.

Most of the more actively traded stocks fell by less than 1%, with the exception of Dubai Investments (DIC) down 2.4%, Emaar Properties (EMAAR) down 1.3%, and Aramex (ARMX) down by 1.2%.

Abu Dhabi Securities Market

The ADX fell 0.64% to close at 4905 with turnover dropping back to a more usual level of AED 993m, although ARKAN still clocked up half of that while tanking by 3.4% to 5.55. No other stocks traded over the AED 100m turnover level.

First Gulf Bank (FGB) was the only significant gainer out of the list of 10, rising 2.1% to 23.95 from relatively high turnover. The top three stocks in the list each rose on single small trades.

RAK Poultry (RAPCO) continued its roller coaster ride spiralling downwards another 9.05% with trading volume similar to yesterday. The next 7 losers in the list were down on less than AED 1 m of turnover. Then came another rollercoaster stock, ASMAK dropping by 4% to 29.00, along with METHAQ dropping 3.4% to 3.56 - its week long turbocharged rally well and truly over.

Other less wild share price swings for RAK Cement (RAKCC) down 3.0% to 2.25, Qatar Telecom (QTEL) down 2.3% to 205.00, AGTHIA down 2.1% to 2.38, while almost all the usually active stocks fell by less than 2%. Etisalat (ETISALAT) dropped 1.4% to 20.70 on moderate turnover.

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