UAE market news & discussions for 22 May 2008Retuers reports this afternoon that Eirvin Knox, the Abu Dhabi Commercial Bank CEO is wanted by Interpol. Will he end up becoming Mr Zack Shahin's (the Deyaar CEO) cellmate? Despite that seemingly bad news, it was a positive day on the markets - perhaps shares boosted by news that oil is over $135 per barrel. The DFM family is in London trying to encourage foreigners to buy shares but it was in Abu Dhabi where most of the action was today, with turnover twice the level in Dubai, and several stocks showing good gains, including outstanding performances for RAK Cement and RAK Properties. In Dubai, Union Properties built on yesterday's gains with a bigger rise and taking the top spot by turnover for the second day in a row, leaving us wondering what's up. Tamweel also saw a big jump. On the DIFX at 2:30 pm, both DP World and Depa are unchanged at $0.97 and $1.58 respectively. Other news...
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- 21 May 2008 ADX DFM DIFX disclosures & news
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Dubai Financial Market
The DFMGI ended the trading week with a 1.4% recovery to close at 5697 points. Turnover was still modest at AED 1.1 billion but at least it was an improvement. Union Properties (UPP) topped the traded value table with AED 225m worth of trading and a solid 3.9% rise to 5.04, Tamweel (TAMWEEL) in second place by turnover, had an even better gain of 6.0% and ended at 7.99, making it the top gainer for the day (excluding that single small trade for SALAM).
Other notable gains for Aramex (ARMX) up 3.2% to 2.57, TABREEED up 2.4% to 2.59, Du Telecom (DU) also up 2.4%, to 6.05, Amlak Finance (AMLAK) up 2.3% to 4.89, DFM up 1.9% to 5.81. Another 10 stocks rose less than 2%, including Emaar Properties (EMAAR) which was up by 1.8% to close at 11.50.
Abu Dhabi Securities Market
Turnover on the ADX jumped to a solid AED 2.1 billion, almost twice the level seen in Dubai, with ARKAN yet again at the top of the traded value while gaining 1.6% to 5.60, but robust activity for several other stocks with solid gains.
RAK Cement (RAKCC) stood out with a big jump of 8.1% to 2.45 from a massive AED 183m worth of trading, putting it at the top of the gainers list (except for 2 very small single trades in NBF and Invest Bank (INVESTB)). RAK Properties (RAKPROP) also had a big day with a 5.9% increase tto 2.32 and much greater than usual trading volumes. AGTHIA had a very respectable 4.3% rise to 2.47, Sorouh Real Estate (SOROUH) saw a decent 3.9% rise to 9.75, RAK White Cement (RAKWCT) was up 3.6% to 2.30, Aldar Properties (ALDAR) rose 2.2% to 11.65, Oasis Leasing (OILC) was up 2.1% to 2.45, Dana Gas (DANA) 2.0% to 2.07, and another 10 gainers rose less than 2%. Etisalat (ETISALAT) rose 0.5% to 21.00 on modest trading.
There were 14 losers today, but only one that saw a greater than 1% fall on turnover of more than AED 1 million - ASMAK, finishing 2.2% down at 28.45. The newly listed METHAQ seemed to halt its slide with only a 0.3% fall to 3.66 and reduced trading activity.
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