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

Tuesday, May 27, 2008

UAE markets 27 May 2008

UAE market news & discussions for 27 May 2008

Little overall movement in either index today, although the ADX was having a busy time of it with Arkan Building Materials leaping back into the top spot by traded value, and RAK Cement turnover at a 12 month high, although share price didn't rise as much as the previous days. Little of note on the DFM, while on the DIFX at 4pm, DP World was $0.01 to $0.97 and Depa was down $0.01 to $1.56.

  • Al Salam Bank Sudan announced they would have a secondary listing on the DFM 05 June 2008
  • Al Sagr National Insurance rights issue starts today 27 May 2008
  • Dar Takaful IPO, an Islamic Insurance company starts the subscription period on 01 July 2008.
  • Etisalat and Tata announce a deal where Tata would deliver improved communication services in the UAE which sounds like a good idea since - the ironically the news was disclosed on the Indian stock exchange but not Abu Dhabi.
  • Bank of Sharjah said they would rename their subsidiary Banque de la Bekaa SAL as Emirates Lebanon Bank.
  • National Bank of Umm Al-Qaiwain rights issue shares should be in shareholder accounts yesterday.

Agenda for Tuesday, 27 May 2008

(ASNIC) rights issue start of subscription period. Finish date is Thursday 05 June 2008
(IIG) 25% share dividend in shareholder accounts
(NBQ) rights issue shares in CSD shareholder accounts yesterday (late ADX notification)

Agenda for Wednesday, 28 May 2008

(IFA) BOD meeting, agenda not supplied
(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

Agenda for Thursday, 29 May 2008

TAQA BOD meeting (agenda not supplied)

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Dubai Financial Market and Abu Dhabi Securities Market index for 27 May 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
NBF 6.60 +0.60 +10%
TKFL 9.20 +0.83 +9.9%
RAKWCT 2.53 +0.23 +10%
JULPHAR 2.68 +0.16 +6.3%
FOODCO 5.06 +0.29 +6.1%
worst stock falls
symbol price change
OEIHC 4.61 -0.39 -7.8%
INVESTB 3.42 -0.23 -6.3%
ALFIRDOUS 2.63 -0.12 -4.4%
UNION 3.68 -0.12 -3.2%
CBD 10.40 -0.25 -2.3%
top volume
symbol value (AED) price
ARKAN776,175,8325.76
RAKCC491,458,1193.04
AGTHIA276,182,9642.77
DANA148,296,8112.13
OILC138,179,2182.54

Dubai Financial Market

The DFM continues to see subdued activity with turnover at just AED 574m for the day, although at least it was up marginally by 0.23% to 5650 points. Emaar Properties (EMAAR) saw the greatest traded value of just over AED 100 m, price was unchanged at 11.30. Union Properties (UPP), up 0.4%, and Dubai Investments (DIC), down 0.3%, were also relatively busy. Or perhaps less quiet would be a better description.

Emirates NBD (ENBD) saw the most significant rise of 2.1% to 11.95 but that was still only from AED 6m worth of trading. The top 2 gainers rose on few trades. Tamweel (TAMWEEL) was up by 1.4%, and another 6 stocks rose by less than 1%. Apart from Emaar, there were another 6 stocks with prices unchanged.

AMAN was the only loser of note, falling 1.5% to 36.55 from modest activity. Another 6 losers fell less than 1% except for the worst 2 on thin trading.

Abu Dhabi Securities Market

The top 3 stocks by turnover showed solid gains on the ADX but a slight fall in Etisalat (ETISALAT) of 0.5%, and other falls in heavyweight stocks, kept the index almost unchanged at 5015 points, just over a single point lower than yesterday. Total turnover was a solid AED 2.4 billion, with ARKAN once again in the spotlight making up almost a third of that with a 3.4% gain to 5.75. RAK Cement slowed up a little today with "only" a 4.5% rise to 3.00 but an astonishing AED 491m worth of trading, the 162m shares traded a record high for the past 12 months. AGTHIA was also having a busy day and gained 4.9% to 2.71.

Julphar (JULPHAR) saw a big 7% jump to 2.70, a stock where the fundamentals could possibly justify a rise in price, unlike RAK Cement, which looked expensive before it soared. RAK Ceramics was up by 2% to 4.10, and the remaining gainers rose less than 1%, or on thin turnover.

The losers list included most of the more usually active stocks. The worst losers on turnover of more than AED 1 m were RAK Poultry (RAPCO) continuing yesterday's slide with another 4.3% drop to 5.11, Gulf Cement (GCEM) down 2.8% to 6.63, NBS down 2.7% to 2.85, METHAQ down 2.4% to 3.62, Dana Gas (DANA) and Oasis Leasing (OILC) falling just under 2% and the remainder down by about 1.5% or less.

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