UAE market news & discussions for 26 May 2008The two main markets headed opposite ways again today with Abu Dhabi seeing more turnover than Dubai, and more green arrows. RAK Cement shot up another 10% as the company denied any knowledge of why someone flicked the nitro switch on their shares. Dana Gas saw a second day of very heavy trading but little change in price. On the DFM, Dubai Investments stood out a little by being at the top of the turnover table - not a stock that's often seen near that spot. But overall volumes were modest and DIC share price didn't change anyway. On the DIFX, DP World was unchanged at $0.96, and Depa rose 1.3% to $1.57. The Future Pipe boss said they still wanted to list but were looking at London or the Euronext, unless DP World liquidity improved. Odd that he hadn't seemed to notice liquidity at the DIFX was thin until a couple of days before their IPO was to start. Other news...
Agenda for Tuesday, 27 May 2008
Agenda for Wednesday, 28 May 2008
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Dubai Financial Market
The DFM suffered an unpleasant 1.2% loss to 5637, made more irritating by the knowledge that the ADX was in the green today. Turnover was looking a bit thin at AED 627 million. Dubai Investments (DIC) was the only stock to trade more than AED 100m worth (just), closing unchanged at 3.70.
Only 4 stocks rose, none by more than 1% and trading more than AED 1m worth. Arabtec (ARTC) was the only actively traded stock in the gainers list with a slight 0.3% rise to 16.10.
Tabreed (TABREED) saw the biggest fall today, of 2.7% to 2.54. Emirates NBD (ENBD) not far behind with a 2.5% drop to 11.70. Emaar Properties (EMAAR) was number 3 with a 2.2% decrease to 11.30, Tamweel (TAMWEEL) got a 2% hit to end at 7.89, Union Properties (UPP) was down 1.6% and the remainder fell by less than 1.5%.
Abu Dhabi Securities Market
The ADX had a modest 0.22% gain with turnover down a bit to AED 1.5 billion, but still more than twice the DFM level. Dana Gas (DANA) dominated the floor for a second day with AED 360 million worth of trading but only a small move in share price, up 0.46% to 2.21. Aldar Properties (ALDAR) was also busy with AED 263 of turnover and a better 2.1% gain to 12.35.
RAK Cement had a third day of soaring share prices, 10% limit up once again, to 2.91 with the lack of sellers at that price holding turnover down to a still robust AED 51 million. Two other limit up stocks saw just small single trades for the day.
Other gains on active trading for ASMAK up 2.3% to 28.60, Gulf Cement (GCEM) up 2.1% to 6.49, Abu Dhabi National Energy (TAQA) up 1.6%, NBS up 1.4%, Oasis Leasing (OILC) up 1.2%, AGTHIA up 1.15%, and Etisalat (ETISALAT) up 0.96% to 21.05.
The list of losers was longer than the stocks in the green, but the biggest 9 falls were on thin trading with none seeing turnover of more than AED 2 million. ADAVIATION was the worst of them with a 4.7% plunge to 5.70. After last week's excitement in the chicken coop, RAK Poultry (RAPCO) volumes dried up as it fell 3.6%.
RAK Properties (RAKPROP) topped the list of falls on the more usually active stocks list, with just a 1.3% drop to 2.28. Sudan Telecom (SUDATEL) and ARKAN fell 1.1%, First Gulf Bank (FGB) 1.05%, and another 9 stocks fell less than 1%.
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