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

Monday, May 26, 2008

UAE markets 26 May 2008

UAE market news & discussions for 26 May 2008

The 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...

  • Bloomberg said that The National said that Merrill Lynch said that the UAE and Qatar might dump the dollar peg within months. Sigh. We almost made it through a whole month without a currency peg headline.
  • Agility EGM yesterday approved the change of name to Agility Public Warehousing Company KSC
  • AMAN approved 15% foreign ownership & 10:1 share split in their EGM yesterday. Shares fell slightly, by 0.54% to 37.10, and apart from Abu Dhabi Takaful, and the newly listed Methaq, look like the most expensive insurance company shares you can buy in the UAE.
  • Dubai Investments rights issue phase 2 was more than 4x oversubscribed, leaving any surplus allotment to be spread very thinly.
  • Ektettab Holding (a Kuwait company) plans to have a secondary listing on the DFM.
  • Gulf Petroleum Investments bought an oil rig for AED 624m. They had a press conference to tell everyone so it seemed reasonable to include a line here, and it does sound like a lot of money. But we hope Arabtec aren't going to start issuing press releases every time they buy a new crane.
  • Shuaa Capital will have an EGM on 10 June 2008 to vote on delisting from the Kuwait Stock Exchange.
  • Tabreed said their cooling capacity would expand from half a million tonnes in 2008 to 1.5 million tonnes by the end of 2010. According to their figures, and our calculations, that would mean they need AED 15 billion to develop that capacity. They only have AED 400 million in the bank but said they did not have plans to borrow. According to Reuters. Which leaves us wondering just what exactly a convertible bond is then.
  • Tabreed 2008 first quarter accounts ... oh wait, sorry. Just wishful thinking. No we still haven't seen them.

Agenda for Tuesday, 27 May 2008

  • (ASNIC) rights issue possible start of subscription period, or not. Unclear disclosure. If correct, then finish date is Thursday 05 June 2008

Agenda for Wednesday, 28 May 2008

  • (NRE) EGM 30% share capital increase at KWD 0.100 par value and 0.150 premium per share (proposed)
  • (NRE) AGM 20% cash & 10% share dividends proposed, unclear disclosure but confirmed in 07FY statements
  • QTEL record date for rights issue eligibility
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Dubai Financial Market and Abu Dhabi Securities Market index for 26 May 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
TKFL 8.37 +0.76 +10%
OEIHC 5.00 +0.45 +9.9%
RAKCC 2.91 +0.26 +9.8%
DIN 27.25 +1.30 +5%
UCC 4.70 +0.11 +2.4%
worst stock falls
symbol price change
ADAVIATION 5.70 -0.28 -4.7%
GMPC 3.69 -0.18 -4.7%
INVESTB 3.65 -0.14 -3.7%
RAPCO 5.34 -0.20 -3.6%
FOODCO 4.81 -0.18 -3.6%
top volume
symbol value (AED) price
DANA359,705,2902.17
ALDAR262,726,14612.35
ARKAN150,136,7735.57
AGTHIA110,347,8002.64
SOROUH109,945,3999.79

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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