UAE market news & discussions for 09 July 2008The UAE markets are nothing if not contrary. Following reports of their demise this week being blamed on nervousness related to politics in the Middle East, the ADX and DFM shrugged off news this morning of Iranian test missiles being fired, and plastered the board with green paint. Ajman Bank knocked up a 15% gain and topped the traded value charts with a third of the total DFM turnover, even though there were few sellers to be seen. Ajman Bank have a total of 0 branches open for business throughout the UAE. On the ADX, Aabar Investments and Agthia traded 10% limit up (also with no sellers in the queue at the end of the day) and took 2 of the top 3 spots on turnover (Methaq was the other one but had a smaller gain). Aabar released another disclosure about their secret potential investor but still didn't tell us who it was. On the DIFX, the new stock, Damas, fell 1 cent to $US1.04 and doubled turnover from its first day, to 14 trades. DP World and Depa both finished unchanged at $0.80 and $1.38 respectively. Fitch Ratings released a report on Dubai property which seemed to say there probably wasn't anything to worry about, but if there was, then a sharp downturn in the property market could damage the UAE economy much more than the 2006 stock market crash. Mr Fitch said "Supportive factors — such as strong GDP growth, rising income levels, healthy liquidity, rapid population expansion and increasing mortgage availability — continue to underpin robust growth in Abu Dhabi, Dubai and Doha." and then they said "However, a geopolitical deterioration or a real estate downturn in Dubai real estate market may have an impact on the foreign demand, and could be more damaging to the economy than the correction in stock markets which took place in 2006." So does that mean it's time to buy or sell property in Dubai? And you thought ShareWadi was good at sitting on the fence ... Results released today
ShareWadi calendar this week Based on 2008 first quarter release dates, we might see results tomorrow for Dubai Financial Market, and/or RAK Cement. Wednesday, 09 July 2008
Thursday, 10 July 2008
Friday, 11 July 2008
Saturday, 12 July 2008
Sunday, 13 July 2008
DubaiShareTalk latest updates |
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- AABAR convertible bond
- BILDCO 08Q2 profit Dh36m +127%
- CBD 08Q2 profit Dh300m +40%
- Damas IPO
- Damas expansion plans
- Damas service award
- DFM NBAD depository agreement
- Dubai property Fitch report
- FGB 08Q2 profit Dh810m +70%
- GCC stock market review
- Insider trades July 2008
- Iran missile tests
- Marketwatch ADX DFM July 2008
- NetSol Europe IT launch
- Pakistan secondary listing DFM
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI saw a reasonable 0.8% gain to 5406 points although turnover was still subdued at just over AED 1 billion. A third of that was in AJMANBANK shares which was 15% limit up to 3.27, and it's anyone's guess as to why. Emaar Properties (EMAAR) was the only other stock trading more than AED 100 million worth as it gained 1% to 10.35.
Other gains for Du Telecom (DU) up 3.2% to 5.79, DFM up 2.8% to 5.07, AIRARABIA up 2.4% to 1.73, GGICO up 2.15% to 8.07, DEYAAR up 2%, AMAN 1.45%, Islamic Arab Insurance (IAIC) 1.35%, Amlak Finance (AMLAK) 1.3%, Aramex (ARMX) 1.2%, SALAM_BAH 1.15%, and another 10 stocks up less than 1% or on turnover less than AED 1 million.
Only 2 losers today, Shuaa Capital (SHUAA) down 1.45% to 7.50 and Union Properties (UPP) down just 0.6% to 5.32. Tabreed (TABREED) and Emirates NBD (ENBD) traded unchanged.
Abu Dhabi Securities Market
The ADX rose a mere 0.1% to 5006 points but with turnover slightly higher than in Dubai, at AED 1.25 billion. The 2 standout stocks today were Aabar Petroleum (AABAR) and AGTHIA, both trading 10% limit up and closing at 4.78 and 2.98 respectively. Both had turnover in excess of AED 200 million, as did METHAQ which gained 2.4% to close at 7.29. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) also traded more than AED 100 million worth but share price was unchanged from yesterday.
UNION soared 8.25% to 4.00 on greater than usual trading, Finance House (FH) was up 3.1% to 15.00, RAK Cement (RAKCC) up 2.7% to 3.84, Union National Bank (UNB) up 2.3% to 9.40, Commercial Bank International (CBI) up 2.1% to 3.00, RAK White Cement (RAKWCT) up 1.6%, ARKAN up 1.5%, and another 15 stocks rose by less than 1.5% or on turnover lower than AED 1 million.
The 8 losers falling by more than 1% saw less than AED 1.5 million of turnover each. More activity was seen for Abu Dhabi Islamic Bank (ADIB), First Gulf Bank (FGB), and National Bank of Abu Dhabi (NBAD), which all fell less than 1%. Etisalat (ETISALAT) fell just 0.25% to 19.90.
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.
