UAE market news & discussions for 22 June 2008Ajman Bank stocks soared from 1 dh par value to over 4 dhs on their first day of trading. Will they now follow Methaq Insurance into the equity stratosphere, which had another limit up day, making a mockery of my comment on Thursday that its bull run looked like it might be finished. Overall, the DFM was up on moderate trading (apart from the huge turnover in Ajman Bank), and the ADX fell slightly. Perhaps not a bad day given that the rest of the world finished on a sour note on Friday.
Agenda today and coming weekThursday, 19 June 2008 Sunday, 22 June 2008 Monday, 23 June 2008 Wednesday, 25 June 2008 Thursday, 26 June 2008 DubaiShareTalk latest updates |
- 20-22 Jun 2008 ADSM DFM DIFX disclosures & news
- ADCB Malaysia EPF MBSB
- ADX to get Per Larsson?
- Ajman Bank opening price
- AMAN EGM foreign ownership & share split
- Aramex Delmege JV
- ARTC Goldman Sachs rating Dh23+
- Axiom IPO
- DANA Iran gas soon
- DFM net foreign selling Dh362m last week
- DIB Nakheel Tashyed
- DIFX new CEO
- DIFX Equity Derivatives soon
- DME oil futures snubbed
- ENBD research
- Global MENA Financial Assets IPO
- Green Crescent IPO
- Hilal Bank IPO
- Marketwatch ADX DFM June 2008
- MSCI UAE Emerging Markets
- Shuaa Capital profits 2008 to grow 20%
- TAQA convertible bond AED 4.15 bn
- 19 Jun 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFM index rose 0.73% to a hair short of 5600 points, with a solid looking AED 2 billion worth of turnover, although half of that was in Ajman Bank which floated today.
DIB had a decent jump of 4.05% to 8.48 after news yesterday of their new JV with Nakheel. AMAN shot up 3.5% to 3.83 on heavy trading as foreigners were allowed to trade their shares from today. Shuaa Capital (SHUAA) had a reasonable 2.5% rise to 8.50, Union Properties (UPP) was up 2.0% to 5.18, Tabreed (TABREED) by 1.6%, Tamweel (TAMWEEL) and Du Telecom (DU) by 1.2%, SALAM_BAH by 1.15%, DFM and Amlak Finance (AMLAK) by 1.1%. The remaining gainers up by less than 1% or on thin trading. Emaar Properties (EMAAR) was up 0.9% to 11.20.
Jeema Mineral Water (JEEMA) saw a rare trade (only one) today, and had the honor of being at the top of the losers list with a 5% fall to 6.30. EKTITTAB fell 2.6% on thin trading, GGICO, Arabtec (ARTC), and Islamic Arab Insurance (IAIC) fell 1.8%, and another 4 stocks fell less than 1%.
AJMANBANK shares rocketed up from 2.85 to 4.10 in the first few minutes of trading this morning on their first day of trading, and spent the rest of the morning at aroundthat level, before drifting down slightly to close at 3.96 for a 296% increase on the par value. Turnover was massive, unsurprisingly, at just over AED 1 billion from 260 million shares.
Abu Dhabi Securities Market
THe ADX fell by 0.34% to 5039 with turnover down to AED 800 million. Trading was dominated by METHAQ heading limit up yet again, to 6.02, with AED 320 million of trades, making a mockery of my comment on Thursday that its bull run looked like it might be finished. No other stocks traded more than AED 100 million worth.
Of the more actively traded stocks, National Marine Dredging (NMDC) rose 7.31 to 11.60, ASMAK was up 3.3% to 30.00 Finance House (FH) was up 2.05% to 14.55, Commercial Bank International (CBI) rose 1.9%, Bank Of Sharjah (BOS) and Sudan Telecom (SUDATEL) were up 1.6%, RAK Ceramics was up 1.1% on greater than usual volumes, and the remaining gainers rose less than 0.5% or on thin trading.
The more actively traded losers was headed up by ADAVIATION with a 6.3% fall to 5.15, Abu Dhabi National Energy (TAQA) fell another 4% to 3.07 despite reports of further Sukuk clarification, Oasis Leasing (OILC) was down 2.2% to 2.61, ADNH also fell 2.2% to 8.30, AGTHIA was down by 1.9%, RAK Properties (RAKPROP) by 1.4%, Sorouh Real Estate (SOROUH) by 1%, and the remainder by less than 1% or on light trading.
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