UAE market news & discussions for 05 June 2008Both the DFM and ADX rose today, with the Abu Dhabi market trumping the Dubai bourse on turnover. Sharjah Islamic Bank made a rare appearance at the top of the turnover table with massive trading, but no obvious reason for the interest. The newly listed Al Salam Bank Sudan saw no trades, not even any sellers in the queue, however, the Bahrain Al Salam Bank saw good interest on a decent rise. Aabar in Abu Dhabi looked promising, and First Gulf Bank saw another reasonable gain. On the DIFX, DP World was down $0.01, while Depa was up by $0.01. Agenda next weekFriday, 06 June 2008 AABAR 10% cash dividend payment date Saturday, 07 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? Sunday, 08 June 2008 AKIC foreign ownership to 25% allowed from today Monday, 09 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? Tuesday, 10 June 2008 AABAR Sukuk last day to submit Voluntary Early Redemption Notice (before 14:00 GMT) Wednesday, 11 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? Thursday, 12 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? DubaiShareTalk latest posts
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More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI rose 0.3% to 5824 with turnover at a modest AED 1.25 billion worth. Dubai Investments (DIC) looks to be a stock of interest at the moment, at the top of the traded value table with AED 238m worth of deals and a small gain of 0.75% to 4.04, while Emaar Properties (EMAAR) was also popular with a smaller gain of 0.43% to 11.75.
SALAM_BAH stood out with solid trading and a 4.9% jump to 2.76, Emirates NBD (ENBD) was up 1.25% to 12.15, Aramex (ARMX) up 1.1% to 2.79 and nothing else of note in the gainers list.
EKTITTAB headed the losers list on low turnover - it looks like it has settled into the pattern of other secondary listings with thin trading. AMAN and Tamweel (TAMWEEL) fell 1.9%, Islamic Arab Insurance (IAIC) was down 1.1%, and another 8 stocks fell less than 1%.
Abu Dhabi Securities Market
The ADX rose just 0.15% to 5145 with turnover at a decent enough AED 1.8 billion. NBS (SIB) was, astonishingly, at the top of the turnover list with AED 430 million worth of deals, and a 4.7% rise to 3.20. No disclosures or news seen to explain the sudden interest in a stock that is not usually actively traded.
Aabar Petroleum (AABAR) was also popular with AED 370 million worth of trading and a 2.3% rise to 3.56. A big rise of 5% to 5.33 for the ever volatile RAK Poultry (RAPCO), First Gulf Bank (FGB) continues its steady ascent with another 2.3% gain to 26.95, AKIC rose 1.5%, Union National Bank (UNB) 1.2% on heavier than usual trading, and the remaining gainers were up by less than 1% or on thin trading.
The loser's list was headed by BILDCO (BILDCO), falling 3.9% to 3.88, followed by ADNH by 3.7% to 7.99 and RAK White Cement (RAKWCT) down 3.25% to 2.66. Union Cement (UCC) fell 2.9%, METHAQ 2.2%, RAK Cement (RAKCC) and ARKAN by 1.3%, Aldar Properties (ALDAR) 1.2%, and the remainder by less than 1% or on turnover of less than AED 1 million.
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