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

Tuesday, August 05, 2008

UAE markets 05 Aug 2008

UAE market news & discussions for 05 August 2008

Another depressing day on the UAE markets as both Abu Dhabi and Dubai saw greater than 1% falls. Turnover was light in Abu Dhabi but moderate in Dubai with Tamweel (falling) and the 2 newly listed insurance companies (soaring) accounting for almost half of the total. Shuaa and Arabtec had heavy falls in Dubai, while NBAD and Taqa dragged the index down in Abu Dhabi. The markets were perhaps rattled by Iran repeating threats to close the Straits of Hormuz, and a property report from Morgan Stanley forecasting a 10%, or possibly greater, decline in Dubai real estate values won't have helped.

On the DIFX, DP World fell by $0.01 to $0.74, Depa was unchanged at $1.30 from just one trade, Damas untraded, and Goldfields (GFI) down another 4.6% to $9.90.

2008 second quarter results released or updated today
  • Al Khazna Insurance (AKIC) - 2008 Q2 profit Dh56m +393%, H1 66m +378%. Massive growth in Net Profit due to a big increase in investment income for Q2 compared to the previous year. However, Gross Profit from insurance operations fell over 90% to just AED 584,000 by our calculations, which perhaps explains why the Q2 figures weren't supplied by Al Khazna in the financial accounts?
  • Palestine Telecommunications (PALTEL) (secondary listing on the ADX) - 2008 Q2 profit Dh100m +36%, H1 220m +53%. Healthy growth in revenue, gross profit and net profit, with shares looking well priced based on earnings.
  • Shuaa Capital (SHUAA) 2008 Q1 profit Dh67m -10% (financial year started 01 April 2008). A fall in Net Profit looks discouraging but fees and interest income saw solid growth. Although the results weren't released until after trading this afternoon, Shuaa shares plummeted yesterday and this morning - an odd coincidence.
  • 2008Q2 UAE results - complete list of results released so far

ShareWadi calendar this week

Tuesday, 05 August 2008

  • AKIC 08Q2 financial statements (ADX, pm)
  • ALMADINA 08Q2 financial statements (DFM, am)
  • PALTEL 08Q2 financial statements and BOD report (ADX, am)
  • SHOP BOD meeting 08Q2 results? Unclear disclosure
  • SHUAA 08Q1 financial statements and press release (pm)
  • UNION 08Q2 BOD report (ADX website, during trading)

Wednesday, 06 August 2008

Thursday, 07 August 2008

  • TAQA 08Q2 results to be released before market open (Taqa disclosure 29 July 2008)
  • TAQA 08Q2 results conference call at 4:00pm
Dubai Share Talk latest updates

Dubai Financial Market and Abu Dhabi Securities Market index for 05 August 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
DARTAKAFUL 6.42 +0.83 +14.8%
UNION 4.39 +0.39 +9.8%
DRIVE 7.78 +0.58 +8.1%
INVESTB 3.77 +0.27 +7.7%
TAKAFUL-EM 4.48 +0.31 +7.4%
worst stock falls
symbol price change
SHUAA 6.10 -0.40 -6.2%
ARTC 18.00 -0.95 -5%
CBI 2.85 -0.15 -5%
NCC 8.75 -0.45 -4.9%
NBAD 21.05 -0.80 -3.7%
top volume
symbol value (AED) price
TAKAFUL-EM331,691,8094.48
TAMWEEL193,317,5487.11
EMAAR178,025,68310.55
ALDAR143,786,35011.75
DARTAKAFUL85,468,3146.42

Dubai Financial Market

The DFMGI tumbled another 1% to 5339 points today, with increased turnover of AED 1.3 billion although over half of that was from trading in just 3 stocks: TAKAFUL-EM soaring 7.4% to 4.48 from AED 332m of turnover and the second highest gainer for the day, Tamweel (TAMWEEL) sinking 3.3% to 7.11, and Emaar Properties (EMAAR) unchanged at 10.55 from AED 178m turnover. No other stocks in Dubai traded more than AED 100m by value.

Top gainer was the newly listed DARTAKAFUL, heading 15% limit up to 6.42 with no sellers in the queue but not suspended despite what other reports might say. GGICO continued its climb with a gain of 7.1% to 11.25 and a large number of inside trades. The only other 3 gainers, Arab Insurance Group (ARIG), AMAN, and SALAM_BAH, rose between 1-2% with only Aman trading more than AED 1m.

Shuaa Capital (SHUAA) was the worst of the losers as it continued its demise from yesterday, a drop of 6.15% to 6.10 today and much greater turnover after release of their Q1 results. Arabtec (ARTC) didn't fare much better, losing 5% to end at 18.00. Islamic Arab Insurance (IAIC) was down 3.25% to 2.68, Tabreed (TABREED) 3.1% to 2.20, Aramex (ARMX) 3.0% to 2.26, Amlak Finance (AMLAK) 2.9% to 4.29, Dubai Investments (DIC) 2.1% to 3.72, and another 11 stocks fell less than 2% or on traded value of less than AED 1m.

Abu Dhabi Securities Market

The ADX index fell 1.1% to 4870 but with turnover only at AED 378m with more than a third of that in Aldar Properties (ALDAR) stock, as it fell 2.1% to 11.65 from a total of AED 144m worth of deals, and the only stock in Abu Dhabi to see more than AED 100m of turnover.

There were 10 gainers but none of them saw more than AED 1m of turnover, in fact the total turnover for all 10 was barely over AED 1m. UNION had 1 small trade on a 9.75% rise to 4.39, DRIVE was up 8.1%, and Invest Bank (INVESTB) up 7.7%.

National Bank of Abu Dhabi (NBAD) was the worst of the losers trading more than AED 1m, and fell 3.7% to 20.50, with Abu Dhabi National Energy (TAQA) not far behind as it lost 3.3% to end at 2.89. AGTHIA fell 3.0% to 2.53, METHAQ 2.7% to 7.30, First Gulf Bank (FGB) 2.2% to 27.00, Oasis Leasing (OILC) 2.0% to 2.39, and another 18 stocks fell less than 2% or on turnover of less than AED 1m. Etisalat (ETISALAT) looked almost positive with only a 0.5% drop to 19.50.

Blog Archive