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

Thursday, February 28, 2008

UAE markets 28 Feb 2008

UAE market news & discussions for 28 February 2008

The DFMGI rose slightly (mostly in the closing minutes) while the Abu Dhabi market fell, and DPW shares on the DIFX are unchanged so far today. Turnover was muted everywhere. Abu Dhabi Aviation shot up again on reduced trading today, with a total gain of 60% in just over a week. A handful of other rarely traded stocks saw good rises on increased trading activity. Aldar Properties was the only stock with turnover exceeding AED 100 million in Abu Dhabi, with a slight fall in price. In Dubai, Shuaa Capital and Emirates NBD stood out with reasonable gains on solid turnover.

After the recent curious comment from Alan Greenspan suggesting the UAE should float the dirham, the UAE Central Bank Governor was reported to have said the dollar peg will stay because the dollar is heading for a rise. Yesterday the dollar hit an all time low against the Euro.

Dana Gas said they signed an agreement with Emarat to build and operate a gas pipeline in Hamriyah. Which sounds the same as what they said 2 years ago about a building a gas pipeline in Hamriyah with Emarat.

There were brief reports with information about the Drake & Scull IPO and Gulf Capital IPO, but not saying much that wasn't already known.

Tabreed was reported to be seeking financing worth AED 2 billion in the form of Islamic loans and convertible bonds.

DP World appointed some new executives for Africa, Europe and Russia. DP World were also reported to be spending AED 121 million to expand Adelaide Port in Australia, where it also operates container terminals in Brisbane, Melbourne, Perth, Sydney.

Agility (has a secondary listing on the DFM) said they paid the astonishingly low amount of just 250,000 Euros for a Spanish transport company. Looks like Spanish asset values really have tumbled. ICD (a Dubai government investment company) is also going shopping in Spain but they're spending a little more - AED 16.5 billion for Colonial, a real estate company.

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Dubai Financial Market and Abu Dhabi Securities Market index for 28 February 2008

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best stock rises
symbol price change
AWNIC 6.05 +0.55 +10%
ADAVIATION 5.89 +0.52 +9.7%
DRIVE 5.67 +0.50 +9.7%
INVESTB 3.83 +0.29 +8.2%
ADSB 5.05 +0.34 +7.2%
worst stock falls
symbol price change
ARIG 3.73 -0.42 -10.1%
ASMAK 6.20 -0.58 -8.6%
OEIHC 4.39 -0.35 -7.4%
MAZAYA 11.20 -0.80 -6.7%
CBD 14.60 -0.65 -4.3%
top volume
symbol value (AED) price
DFM304,306,0086.27
EMAAR249,439,73312.45
ALDAR201,965,32611.60
DEYAAR107,268,0872.67
DIB105,281,63612.40

Dubai Financial Market

The Dubai index rose 0.48% to 5960 points with turnover a modest AED 1.18 billion today. Shuaa Capital (SHUAA) hit the top of the actively traded gainers list, rising 3.5% to 7.19, and Emirates NBD (ENBD) had a 2.5% increase to 14.60. AIRARABIA and Dubai Investments (DIC) rose 1.4%, GULFNAV 1.2%, DEYAAR 1.1% and another 3 stocks rose less than 1%.

DFM shares topped the turnover list with a small rise, Emaar Properties (EMAAR) was in second spot on turnover but share price was unchanged at 12.45.

Commercial Bank of Dubai (CBD) stood out in the list of losers with a little over AED 1 million of turnover and a 4.3% fall to 14.60. The remaining 7 losers fell less than 1% or on turnover of less than AED 1 million.

Abu Dhabi Securities Market

The ADSM index fell by 0.3% to 4816 today with turnover at AED 861 million. ADAVIATION, as mentioned, traded limit up with no sellers in the queue and closed at 5.90 dhs, while turnover was down from yesterday's record levels.

A few other stocks stood out with increased activity and big gains. Invest Bank (INVESTB) up 8.2% to 3.89, Abu Dhabi ShipBuilding (ADSB) up 7.2% to 5.18, TKFL up 6.7% to 7.47, National Marine Dredging (NMDC) up 4.6% to 9.25, UNION up 4.3% to 3.15, ADNH up 2.9% to 9.65. Of the more usually active stocks, AGTHIA stormed ahead by 3.3% to 2.18 while Union National Bank (UNB) was the only other one to gain more than 1% - up by 1.1%.

RAK Cement (RAKCC) had a busy day and fell 3.3% to 2.06, Sorouh Real Estate (SOROUH) was down 2.4% to 10.20, Abu Dhabi Islamic Bank (ADIB) down 1.9% to 60.50, Sharjah Cement (SCIDC) down 1.6%, First Gulf Bank (FGB) down 1.5%, NBS trading much higher than usual turnover fell 1.2%, RAK Properties (RAKPROP) fell 1.1% and the remaining losers were down by less than 1% or on thin trading. Etisalat (ETISALAT) fell just 0.4% to 25.00.

Wednesday, February 27, 2008

UAE markets 27 Feb 2008

UAE market news & discussions for 27 February 2008

A quiet days trading on both UAE markets today. The DFM index managed to close just ahead and the ADSM index closed slightly down.
On the DFM, DIB was the standout share rising 3.78% to 12.35 dirhams with 32 million shares traded. DIB has just been named best Islamic Bank in the UAE at the Islamic Finance News Awards.

On the ADSM, ADAVIATION continued its climb rising 6.97% to 5.37 dirhams with 24 million shares traded.

The Dollar plunged to a new low against the EURO breaching the 1.50 level for the first time. It was reported that some Asian Central Banks were intervening to slow their currencies rise against the dollar.
House prices are heading higher in the UAE, due to increased construction costs, delays in supply of new dwellings and reduced borrowing costs accordig to a report by EFG- Hermes.

DFM Company announcements
ARMX: 10% share dividend proposed, AGM 25 March 2008.
AMLAK: Amlak Finance and Landmark Properties Form Strategic Alliance

ADSM Company announcements
ADIB: announces holding board meeting on 28/02/2008 at 10:00 AM to discuss buying back 10% of its shares and other issues.
TKFL: Resignation of a member of the Board of Directors of Abu Dhabi National Takaful Company
SOROUH: Sorouh announces its board of directors meeting results held on 26/02/2008
ETISALAT: proposes 35% dividend for second half of 2007 making the 2007 FY dividend 60%. The Board also proposed a one for five bonus share issue for all investors.

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

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best stock rises
symbol price change
ARIG 4.15 +0.50 +13.7%
TKFL 6.85 +0.57 +9.1%
ADNIC 10.25 +0.85 +9%
ADAVIATION 5.37 +0.35 +7%
FBICO 3.02 +0.18 +6.3%
worst stock falls
symbol price change
NCTH 9.35 -1.00 -9.7%
DRIVE 5.17 -0.48 -8.5%
OEIHC 4.74 -0.29 -5.8%
GFH 15.10 -0.90 -5.6%
MAZAYA 12.00 -0.65 -5.1%
top volume
symbol value (AED) price
DIB405,648,65712.35
EMAAR262,203,14012.45
DFM258,690,0876.25
TAMWEEL221,428,1536.88
DEYAAR148,098,4262.64

Dubai Financial Market

The DFM index closed at 5,931 a rise of 0.07% from the previous close. 355 million shares were traded worth 1.7 billion dirhams. Ten shares advanced and fourteen declined.
The top traded shares were GULFNAV falling 1.76% to 1.67 dirhams and AIRARABIA falling 1.39% to 2.12 dirhams both on volume of 60 million shares traded.

Other shares to fall included: Emaar Properties (EMAAR) 12.45 (1.19%), DEYAAR 2.64 (1.49%) and DFM 6.25 (0.15%).

Shares to rise included: Arab Insurance Group (ARIG) 4.15 (13.69%), ARAMEX 3.20 (0.94%), Dubai Islamic Bank (DIB) 12.35 (3.78%), Tamweel (TAMWEEL) 6.88 (1.77%) and Union Properties (UPP) 4.82 (0.62%).

Abu Dhabi Securities Market

The ADSM index closed at 4,830 a fall of 0.20% from the previous close. 149 million shares were traded worth 905 million dirhams. Twenty one shares advanced and fifteen declined.
The top traded share by value was ADAVIATION, rising a further 6.97% to 5.37 dirhams on turnover of 24 million shares.

Other shares to rise included: Abu Dhabi Islamic Bank (ADIB) 62.85 (3.71%), Sorouh Real Estate (SOROUH) 10.45 (0.97%) and AGTHIA 2.10 (0.48%).

Shares to fall included: Aldar Properties (ALDAR) 11.65 (0.43%), Dana Gas (DANA) 2.44 (2.40%), Etisalat (ETISALAT) 25.10 (0.79%), First Gulf Bank (FGB) 23.00 (1.29%) and RAK Properties (RAKPROP) 2.71 (0.73%).

Tuesday, February 26, 2008

UAE markets 26 Feb 2008

UAE market news & discussions for 26 February 2008

The ADSM saw reasonable gains today with Abu Dhabi Aviation, Sharjah Islamic Bank, and Abu Dhabi Islamic Bank all showing big gains on heavy trading. The DFM index barely changed with Shuaa standing out with a good increase, while DFM and Air Arabia shares saw heavy trading with a moderate fall and a rise respectively.

AlBaraka Bank (listed in Bahrain and on the DIFX) released 2007 financial results with a Net Profit of $144 million due to shareholders, an increase of 80% from 2006. Their shares, as usual, saw no trading on the DIFX.

Abu Dhabi Aviation shares have shot up 41% this week on heavy trading after a Board of Directors reshuffle, but the Abu Dhabi Aviation head of investor relations said there was no news to explain the rise in price.

DP World were reported to be planning to spend AED 4.8 billion to expand Sokhna Port in Egypt, which they recently purchased for AED 2.5 billion. DPW shares fell 2.2% to $0.89 today.

Morgan Stanley included Arabtec, First Gulf Bank, and Dubai Islamic Bank shares as recommendations in a recent report that said Abu Dhabi was a market to watch. ARTC and DIB are listed in Dubai.

First Gulf Bank shareholders approved the convertible bond issue worth AED 9 billion. FGB shares

Waha Capital (ex-Oasis Leasing) AGM was postponed to 03 March 2007 due to a lack of quorum.

The Ajman Bank IPO closes tomorrow, and there was news that the upcoming Al Qudra IPO would only be open to UAE and GCC nationals.

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Dubai Financial Market and Abu Dhabi Securities Market index for 26 February 2008

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best stock rises
symbol price change
ARIG 3.65 +0.34 +10.3%
FCI 7.51 +0.67 +9.8%
FBICO 2.84 +0.25 +9.7%
ADAVIATION 5.02 +0.38 +8.2%
GFH 16.00 +0.90 +6%
worst stock falls
symbol price change
RAPCO 4.02 -0.43 -9.7%
ADNIC 9.40 -0.90 -8.7%
GLOBAL 14.00 -1.00 -6.7%
TKFL 6.28 -0.19 -2.9%
DEYAAR 2.68 -0.07 -2.5%
top volume
symbol value (AED) price
DFM505,344,0116.26
AIRARABIA440,362,1032.15
EMAAR270,290,54212.60
GULFNAV202,816,0421.70
DANA195,311,1682.50

Dubai Financial Market

The DFMGI barely moved by the end of the day, closing up by just 0.06% to 5928 points. Turnover was a steady 2 billion dhs worth of deals. Shuaa Capital (SHUAA) was the big gainer (ignoring the 2 top rises on thin volumes) with a 5% rise to 6.97. DFM shares saw the highest turnover of AED 505 million but falling by 1.1%, AIRARABIA also busy with a 1.9% rise to 2.15. GULFNAV rose 2.4% to 1.70, Arabtec (ARTC) was up 1.3%, Du Telecom (DU) and Emirates NBD (ENBD) rose 1.1% and another 4 stocks rose less than 1%.

DEYAAR was the notable loser today, falling by 2.6% to 2.68. The other stocks in the red fell by less than 1% or on turnover less than AED 1 million.

Abu Dhabi Securities Market

The ADSMI rose 0.71% to 4840 with turnover a moderate 1.27 billion dhs. ADAVIATION shot up another 8.2% on record turnover of AED 52 million. NBS was up 4.3% to 4.28, Abu Dhabi Islamic Bank (ADIB) up 3.9% to 61.80, and Commercial Bank International (CBI) up 3.6% to 3.29. A couple of other stocks showing good gains on reasonable turnover were Sharjah Cement (SCIDC) up 2.5%, Dana Gas (DANA) and Sorouh Real Estate (SOROUH) up 2%. The remaining gainers on active trading rising by less than 1.5%.

National Bank of Abu Dhabi (NBAD) was the worst of the losers on turnover of more than AED 1m, falling by 2.1% to 22.90. The other losers fell by less than 1% or on turnover of less than AED 1 m.

Monday, February 25, 2008

UAE markets 25 Feb 2008

UAE market news & discussions for 25 February 2008

A good session on the DFM today as the index finished up 0.66% despite the Bears trying to push it down for the whole trading session. Like a good team the index finished in front despite playing poorly. This type of trading session will give the Bulls heart.
The ADSM finished the day slightly down falling 0.29% on low volumes.
DEYAAR was the stand out share on the DFM rising 2.99% to 2.75 dirhams on massive volume of 252 million shares traded.
DANA topped the trading on the ADSM, rising 1.66% to 2.45 dirhams on turnover of 96 million shares traded.

The UAE economy is in good shape, likely to grow 6.6% this year even if oil falls to $60 per barrel according to the UAE Central Bank Governor.
AJMAN Bank's IPO is drawing a good response according to receiving Banks. The issue will close Wednesday 27 February 2008.

DFM Anouncements
TAMWEEL BOD meeting 27 February 2008.
EMAAR disclosed its audited Finiancial results for FY 2007.
DIB AGM to be held 9 March 2008.

ADSM Anouncements
(AABAR) Aabar general assembly meeting was postponed until Sunday March 2, 2008 due to the lack of quorum.
(GCEM) Gulf Cement discloses financial statements for the year ended 2007.
(TKFL) Result of Abu Dhabi National Takaful board meeting.
(UAB) United Arab Bank discloses results of General Assembly Meeting held on February 24, 2008

Dubai Financial Market and Abu Dhabi Securities Market index for 25 February 2008

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best stock rises
symbol price change
FBICO 2.59 +0.23 +9.7%
ADAVIATION 4.64 +0.41 +9.7%
FCI 6.84 +0.57 +9.1%
ASMAK 6.60 +0.54 +8.9%
OEIHC 4.75 +0.38 +8.7%
worst stock falls
symbol price change
NBQ 8.50 -0.85 -9.1%
UNION 3.09 -0.16 -4.9%
ARIG 3.31 -0.14 -4.1%
DNIR 3.85 -0.15 -3.8%
QTEL 265.00 -8.30 -3%
top volume
symbol value (AED) price
DEYAAR691,605,4472.75
EMAAR292,958,42212.65
DFM268,975,5906.33
DANA236,054,1052.45
SOROUH170,888,24210.15

Dubai Financial Market

The DFM index closed at 5,924 a rise of 0.66% from the previous close. 423 million shares were traded worth 1.6 billion dirhams. Fifteen shares advanced and five declined.
The top traded share was DEYAAR, rising 2.99% to 2.75 dirhams on volume of 252 million shares.

Other shares to rise included: Amlak Finance (AMLAK) 4.91 (1.02%), DFM 6.33 (2.26%), Emaar Properties (EMAAR) 12.65 (0.39%) and GULFNAV 1.66 (0.60%).

Shares to fall included: Arabtec (ARTC) 11.70 (0.42%) and Islamic Arab Insurance (IAIC) 3.71 (0.26%)

Abu Dhabi Securities Market

The ADSM index closed at 4,806 a fall of 0.29% from the previous close. 238 million shares were traded worth 993 million dirhams. Seventeen shares advanced and twenty six declined.
The top traded share was Dana Gas (DANA) rising 1.66% to 2.45 dirhams on volume of 96 million shares.

Other shares to rise included: ADAVIATION 4.64 (9.69%), NBS 4.15 (3.75%) and RAK Cement (RAKCC) 2.10 (2.44%).

Shares to fall included: Aabar Petroleum (AABAR) 4.59 (1.71%), Etisalat (ETISALAT) 25.00 (0.40%), Oasis Leasing (OILC) 2.73 (1.44%), RAK Properties (RAKPROP) 2.72 (0.73%) and Sorouh Real Estate (SOROUH) 10.15 (0.98%).

Sunday, February 24, 2008

UAE markets 24 Feb 2008

UAE market news & discussions for 24 February 2008

A subdued days trading on UAE markets today with the DFM index slightly down and the ADSM index up by 0.50 per cent. Volume traded was steady with slightly more than 3 billion dirhams worth of shares changing hands across both markets.

On the DFM, the top traded share was DEYAAR rising 5.11% to 2.67 dirhams on volume of 174 million shares traded.
On the ADSM, the top traded share was DANA rising 2.55% to 2.41 dirhams on volume of 70 million shares traded.

Inflation/Revaluation: Two stories today that underline the difficulties of the GCC currency peg with the dollar. In Saudi prices rose by 1.36% in January the fastest month on month increase in 9 years. Annualised this would put inflation at 16.3%.
Basic food prices are up 36% from last year in the UAE. According to economists currency reforms are the only meaningful way to slow the rate of increase.

Al Qudra an Abu Dhabi based Investment Company, flags expansion plans and confirms an IPO in the near future.

DFM Company Announcements
(ARTC) Arabtec EEC JV receives a Letter of Acceptance from DAMAC in Jordan.
(EMAAR) Emaar Properties: releases agenda of its AGM being held on 19/3/2008

ADSM Company Announcements
(QTEL) Qatar Telecom issues press release on annual 2007 financial results and dividend proposal
(QTEL) Qatar Telecom discloses financial statements for the year ended 2007, AED 1.6 bn down 1.1% from FY2006

Dubai Financial Market and Abu Dhabi Securities Market index for 24 February 2008

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best stock rises
symbol price change
MAZAYA 12.65 +1.65 +15%
FCI 6.27 +0.57 +10%
RAPCO 4.45 +0.40 +9.9%
DRIVE 5.65 +0.50 +9.7%
ADAVIATION 4.23 +0.35 +9%
worst stock falls
symbol price change
AAAIC 131.50 -14.50 -9.9%
UNION 3.25 -0.29 -8.2%
AKIC 1.71 -0.06 -3.4%
SHUAA 6.50 -0.20 -3%
CBI 3.09 -0.08 -2.5%
top volume
symbol value (AED) price
EMAAR672,320,82312.60
DEYAAR463,085,4522.67
ARKAN233,513,4214.23
DFM215,886,2436.19
DANA170,302,0762.41

Dubai Financial Market

The DFM index closed at 5,885 today a slight fall of 0.15% from the previous close. 467 million shares were traded worth 2.05 billion dirhams. Ten shares advanced and fourteen declined.
The top traded share was DEYAAR rising 5.11% to 2.67 dirham on volume of 174 million shares traded.

Other shares to rise included: GULFNAV 1.65 (0.60%), Commercial Bank of Dubai (CBD) 15.20 (4.82%) and Dubai Investments (DIC) 5.77 (0.34%).

Shares to fall included: Amlak Finance (AMLAK) 4.86 (1.41%), DFM 6.19 (0.80%), Emaar Properties (EMAAR) 12.60 (0.39%) and Union Properties (UPP) 4.75 (0.41%).

Abu Dhabi Securities Market

The ADSM index closed at 4,820 today a rise of 0.47% from the previous close. 253 million shares changed hands worth 1.06 billion dirhams. Nineteen shares advanced and twenty four declined.
The top traded share was Dana Gas (Dana Gas (DANA)), rising 2.55% to 2.41 dirhams on volume of 70 million shares traded.

Other shares to rise included: ARKAN 4.23 (2.67%), Etisalat (ETISALAT) 25.10 (1.21%) and RAK Properties (RAKPROP) 2.74 (0.74%).

Shares to fall included: Aabar Petroleum (AABAR) 4.67 (0.64%), Sorouh Real Estate (SOROUH) 10.25 (0.49%), Oasis Leasing (OILC) 2.77 (1.07%) and Aldar Properties (ALDAR) 11.75 (0.84%).

Thursday, February 21, 2008

UAE markets 21 Feb 2008

UAE market news & discussions for 21 February 2008

All three markets rose today with Etisalat and Waha Capital (ex-Oasis Leasing) standing out in Abu Dhabi on a decent hike in price and strong volumes. While in Dubai, Emaar was undoubtly ruling the roost with another big jump in price and turnover about a third of the DFM total. DPW shares rebounded by almost the same amount that they fell yesterday. Goldfields was the only other stock traded on the DIFX today, also rising.

Arabtec announced they won a contract worth AED 360 million to build a hotel as part of the Abu Dhabi National Exhibition Center. Based on current profit margins (additional EPS estimate of 0.036 per year) and PE of about 15 for Arabtec, that could be worth an extra Dh 0.55 on the share price. Arabtec shares rose just 1.7%, or Dh 0.20 today. The contract may have already been priced into Arabtec's shares.

EFG Hermes released a report on Du Telecom, giving it a fair value of 7.45, an upside potential of about 15%. The market didn't seem to think much of that. Du's share price fell by 0.5% to 6.46 today, a stark contrast to the reaction Emaar had to HSBC's report yesterday. Emaar shares were up another 4.5% to 12.65 today, a total gain of about 11% in 2 days.

Al Qudra finally announced their IPO yesterday, to take place at the beginning of next month (March 2008). Hopefully they'll provide more information to help retail investors decide if it's one worth buying into. Based on previous statements from Al Qudra, the IPO should be open to foreign investors.

Crescent Petroleum said yesterday that progress is being made on the Iran gas contract, and could be wrapped up in a meeting next week. We're not holding our breath. Dana Gas shares made a little progress today also, rising by 1.3% to 2.35, after falling 0.4% yesterday.

Agility (WARE), previously known as PWC Logistics, a Kuwait company with a secondary listing on the DFM, were reported to have possibly had earnings of AED 2.3 billion for 2007. Agility shares have not traded on the DFM since last month.

2007 result updates
  • Fujairah National Insurance 15% dividend proposed (unconfirmed)
  • National Bank of Abu Dhabi 2007 financial statements released
  • Union Insurance 2007 results released
Meeting and other dates announced today
  • Alliance Insurance BOD meeting 04 March 2008
  • Amlak Finance AGM & EGM 16 March 2008 (agenda released including convertible bond proposal)
  • Fujairah National Insurance AGM 20 March 2008 (unconfirmed)
  • Jeema Mineral Water AGM 09 April 2008 (unconfirmed)
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Dubai Financial Market and Abu Dhabi Securities Market index for 21 February 2008

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best stock rises
symbol price change
PALTEL 31.35 +2.85 +10%
FBICO 2.36 +0.21 +9.8%
ADNIC 9.98 +0.79 +8.6%
ADAVIATION 3.88 +0.18 +4.9%
ASCANA 2.59 +0.12 +4.9%
worst stock falls
symbol price change
NCTH 9.55 -1.05 -9.9%
AWNIC 5.55 -0.61 -9.9%
ARIG 3.31 -0.19 -5.4%
OIC 13.30 -0.70 -5%
GFH 14.45 -0.75 -4.9%
top volume
symbol value (AED) price
EMAAR1,083,181,37112.65
DFM593,724,7766.24
AIRARABIA418,207,5122.11
AMLAK321,132,0084.93
TAMWEEL212,250,5986.80

Dubai Financial Market

The DFMGI rose 1.1% to 4798 from increased turnover of 3.4 billion dhs. Emaar Properties (EMAAR) lead the way with it's big jump of 4.6% to 12.65 and just over AED 1 billion of turnover. DFM shares were also heavily traded, seeing almost 600 m dhs worth change hands but share price fell slightly by 0.5% to 6.24.

Other solid gains for Islamic Arab Insurance (IAIC) Salama up 3% and Tamweel (TAMWEEL) up 2.3%. Arabtec (ARTC) rose 1.7%, AIRARABIA 1.4%, and Amlak Finance (AMLAK) and Aramex (ARMX) by less than 1% each.

The losers queue was longer but the top 7 all traded less than AED 1 million dhs worth. Dubai Investments (DIC) topped the list of active losers with only a 0.86% fall to 5.75. Another 8 stocks fell by less than 1%.

Abu Dhabi Securities Market

THE ADSM index was up 1.1% to 4797 from just over AED 1 billion of turnover. Etisalat (ETISALAT) dragged the index up with its 3.1% rise to 24.85 and second highest spot on the traded value table (unusual for Etisalat to be so actively traded). Aldar Properties (ALDAR) took the top spot by turnover with AED 160m worth of deals and a 1.3% rise to 11.70.

Other notable trading today for ADAVIATION with a 4.9% jump to 3.92 from busy trading, Oasis Leasing (OILC) up 2.9% to 2.79, ADNH, DAN, and NDMC all up 1.3%, and RAK Properties (RAKPROP) up 1.1%.

Union National Bank (UNB) stood out in the losers list with a 1.55% fall to 9.32 on higher than usual volumes. ARKAN fell 1.4%, Invest Bank (INVESTB) 1.25% and the remainder fell less than 1% or on thin trading.

Wednesday, February 20, 2008

UAE markets 20 Feb 2008

UAE market news & discussions for 20 February 2008

A bumper day on DFM today with the index shooting up 2.5% on traded volume of 599 million shares worth 3.3 billion dirhams. AMLAK, DFM and EMAAR were all up over 5% on very large volume of shares traded. HSBC initiated coverage of EMAAR giving it a fair value of 23 dirhams and calling it the least understood $20 billion company in the world. Is this the turning point for EMAAR?

The ADSM index managed a slight rise of 0.39% on modest volumes.
OILC was the top traded share rising 2.26% to 2.72 dirhams on traded volume of 66 million shares.

In overnight trading oil surged to a new record of $101 on fears of a reduction in supplies from OPEC and a fire at a Texan oil refinery.

DFM Announcements
(DIN) : Announces agenda of its AGM being held on 16/3/2008
(GFH) : Announces the allocation of GFH 10% bonus shares into shareholders accounts today,

ADSM Announcements
(ADIB) Abu Dhabi Islamic Bank board meeting on 21 February 2008
(ALDAR) Aldar Properties Al Zeina and Al Muneera Predicts Net AED 850 Million in Sales at IPS
(FOODCO) Foodco Hodling board meeting on 27 February 2008

Dubai Financial Market and Abu Dhabi Securities Market index for 20 February 2008

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best stock rises
symbol price change
GLOBAL 15.00 +1.40 +10.3%
FCI 5.71 +0.51 +9.8%
FH 9.99 +0.81 +8.8%
OEIHC 43.65 +3.35 +8.3%
GFH 15.20 +1.15 +8.2%
worst stock falls
symbol price change
MAZAYA 11.00 -0.95 -7.9%
ADSB 4.51 -0.28 -5.8%
RAKCEC 4.08 -0.22 -5.1%
ARKAN 4.18 -0.22 -5%
GRAND 4.38 -0.22 -4.8%
top volume
symbol value (AED) price
DFM1,051,306,6186.27
EMAAR878,354,64012.10
SOROUH394,398,76210.20
AMLAK362,074,8344.89
ALDAR221,863,84811.70

Dubai Financial Market

The DFM index closed at 5,866 today an increase of 2.49% from the previous close. 599 million shares were traded worth 3.3 billion dirhams. Twenty three shares advanced and four declined.
The top traded share was DFM, rising over 5% to 6.27 dirhams on turnover of 169 million shares and value of over one billion dirhams.

Other shares to rise included: AIRARABIA 2.08 (1.96%), Amlak Finance (AMLAK) 4.89 (5.84%), DEYAAR 2.54 (1.19%), Emaar Properties (EMAAR) 12.10 (6.60%), Dubai Investments (DIC) 5.80 (3.01%), GULFNAV 1.65 (1.22%), Dubai Islamic Bank (DIB) 11.95 (1.27%) and Du Telecom (DU) 6.49 (1.88%).

ARAMEX was the only notable share to fall, closing down 0.31% at 3.15 dirhams.

Abu Dhabi Securities Market

The ADSM index closed at 4,744 today an increase of 0.39% from the previous close. 236 million shares were traded worth 1.2 billion dirhams. Twenty shares advanced and seven declined.
The top traded share was Oasis Leasing (OILC), rising 2.26% to 2.72 dirhams on traded volume of 66 million shares.

Other shares to rise included: Aldar Properties (ALDAR) 11.70 (1.30%), RAK Properties (RAKPROP) 2.69 (1.13%), Sorouh Real Estate (SOROUH) 10.20 (4.19%) and Etisalat (ETISALAT) finished steady on 24.05.

Shares to fall included: Aabar Petroleum (AABAR) 4.66 (0.43%), ARKAN 4.18 (5.00%), Dana Gas (DANA) 2.32 (0.43%) First Gulf Bank (FGB) 22.95 (1.08%) and Abu Dhabi National Energy (TAQA) 3.78 (1.31%).

Tuesday, February 19, 2008

UAE markets 19 Feb 2008

UAE market news & discussions for 19 February 2008

The DFM and ADSM shuffled about on modest volumes today, with both markets eventually creeping up slightly. Arkan shares fell back slightly after the company yesterday said they had no news to explain the sharp price increase on heavy trading on Sunday and Monday. DPW shares on the DIFX pulled back by 3% to $0.94 after the solid increase yesterday after the Egypt port news.

The Ajman Bank IPO propectus contains financial projections through to 2013, which we've used to make some estimates of possible share prices through to 2013 based on earnings and book values.

Oasis Leasing is now known as Waha Capital, and yesterday said they were planning to invest 20 billion in various businesses, including 15 billion in property.

Mubadala's (a large Abu Dhabi investment company) chief operating officer, Waleed al-Muhairi, told Reuters today that they were looking to buy into energy, aerospace, and property companies. Not everyone seems to be afraid of the big bad subprime crisis then.

Meeting dates announced today
  • Abu Dhabi Aviation BOD meeting 20 February 2008? (unconfirmed, confusing disclosure)
  • Abu Dhabi National Takaful (TKFL) BOD meeting date 24 February 2008
  • Aramex BOD meeting 26 February 2008
  • Commercial Bank International AGM date 15 March 2008
  • Fujairah Insurance Company (AFNIC) BOD meeting 21 February 2008
  • National Marine Dredging Company BOD meeting 20 February 2008
  • RAK Ceramics AGM date 13 March 2008
2007 FY result updates
  • Al Mazaya Holding Company 2007 FY profits increased almost 40% to AED 418 million. The board declared a 50% cash dividend and 20% share dividend. Share price on the DFM jumped 15% today, from one small trade. Shares were not traded yesterday.
  • Emirates Insurance Company released full financial statements
  • Global Investment House audited financial results released
  • Gulf Cement cash dividend 20%, share dividend 15% (unconfirmed)
  • Invest Bank cash dividend 10%, share dividend 10% (Record Date 28 Feb 08)
  • Oman Insurance audited financial results released
  • RAK Ceramics 20% share dividend proposed (unconfirmed)
  • Tabreed share dividend 7% proposed (yesterday)
DubaiShareTalk latest posts

Dubai Financial Market and Abu Dhabi Securities Market index for 19 February 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
MAZAYA 11.95 +1.55 +14.9%
TKFL 6.35 +0.44 +7.4%
ADSB 4.79 +0.32 +7.2%
ALMADINA 10.90 +0.55 +5.3%
ASCANA 2.45 +0.11 +4.7%
worst stock falls
symbol price change
FH 9.18 -0.97 -9.6%
RAPCO 4.05 -0.34 -7.7%
FOODCO 3.94 -0.31 -7.3%
ASMAK 6.07 -0.35 -5.5%
OEIHC 40.30 -1.95 -4.6%
top volume
symbol value (AED) price
ARKAN483,107,5384.40
DFM286,045,9725.97
EMAAR127,613,98311.35
TAQA127,045,5483.83
SOROUH107,981,1339.79

Dubai Financial Market

The DFMGI rose just 0.3% from relatively low turnover of AED 806 million. DFM shares saw AED 286m worth of turnover but a small gain of 0.34% to 5.97. Emaar Properties (EMAAR) took number 2 spot in the turnover list with a 0.44% gain to 11.35.

Tabreed (TABREED) topped the actively traded gainers list with a rise of just 1.2% to 3.34, Tamweel (TAMWEEL) was up 1.1% to 6.55 and the remaining gainers rose less than 1% or on thin trading.

AMAN insurance was the worst of the losers, falling 3.05% to 27.00. Perhaps prompted by the disclosure that the General Manager had resigned. Islamic Arab Insurance (IAIC) Salama fell 2.7% to 3.58, GGICO fell 1.8% and another 5 stocks fell by less than 1%.

Abu Dhabi Securities Market

The ADSMI rose slightly by 0.19% to close at 4726, with turnover of AED 1.12 billion higher than in Dubai - an unusual event. Over a third of that was from trading in ARKAN shares which fell by 2.7% to 4.22.

Rises on turnover of greater than AED 1 million for AKIC up 3.5% to 1.72, Oasis Leasing (OILC) up 2.3% to 2.63, Aldar Properties (ALDAR) up 1.3% to 11.55, Sorouh Real Estate (SOROUH) and RAK Properties (RAKPROP) up by 1.1%, Sharjah Cement (SCIDC) up by 1.1%, and the remaining gainers up by less than 1%. Etisalat (ETISALAT) rose just 0.2% to 23.95.

Aparat from Arkan, ADAVIATION was the only other loser falling by more than 1% on turnover greater than AED 1 million. Their shares dropped 4.6% to 3.50.

Monday, February 18, 2008

UAE markets 18 Feb 2008

UAE market news & discussions for 18 February 2008

Both markets in the UAE closed lower today. The DFM fell by 0.78% and the ADSM fell by 1.42%. Share volume traded on the DFM was low at 140 million but greater on ADSM at 335 million.

The top traded share on the DFM was itself falling 0.16% to 5.95 dirhams on 31 million shares traded.
ARKAN topped trading on the ADSM, rising 5.85% to 4.52 dirhams on huge volume of 230 million shares traded worth over one billion dirhams.

Business News
IRAN launched an oil exchange yesterdaqy based on the Gulf Island of Kish. Trade is restricted to oil related products, with crude oil planned for the second phase. Transactions will be conducted in Iranian rials.
Borse Dubai confirmed on Sunday it had bought QATAR's stake in OMX and would consider any future offer from QATAR to buy its stake in LSE.
KSA would not change its FOREX policy for now according to the Finance Minister and Central Bank Governor.

Company Announcements:
DFM
Arabtec dividend announced - 50% cash, no share bonus, AGM date 24 March 2008
Gulf Finance House dividends - 85% cash, 10% bonus shares (AGM yesterday)
(DRC) 18/02/2008 DRC: Un-audited financial results for 2007 were discussed and approved in its BOD meeting held on 17/2/2008
(OIC) 18/02/2008 Reminder: AGM of OIC is being held today, 18/02/2008.
(TABREED) 18/02/2008 TABREED: Announces its AGM to be held on 12/3/2008 to discuss the recommended 7% bonus shares distribution.
ADSM
(EIC) Results of EIC BOD meeting and Invitation to attend general assembly meeting on March 13, 2008 at 11:00 AM 18/02/2008
(CIB) – Egypt BOD meeting on 21 February 2008 18/02/2008


Dubai Financial Market and Abu Dhabi Securities Market index for 18 February 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
AWNIC 6.16 +0.56 +10%
GMPC 7.73 +0.70 +10%
RAPCO 4.39 +0.39 +9.8%
UNION 3.59 +0.26 +7.8%
RAKCEC 4.30 +0.27 +6.7%
worst stock falls
symbol price change
GRAND 4.60 -0.55 -10.7%
TKFL 5.91 -0.57 -8.8%
ADNIC 9.21 -0.79 -7.9%
FBICO 2.15 -0.18 -7.7%
DRIVE 5.20 -0.28 -5.1%
top volume
symbol value (AED) price
ARKAN1,042,451,5924.52
DFM188,135,7065.95
EMAAR156,813,45411.30
TAQA111,090,9983.81
ETISALAT82,820,68524.00

Dubai Financial Market

The DFM index closed at 5,707 a fall of 0.78% from the previous close. 140 million shares were traded worth 727 million dirhams. Six shares advanced and twenty declined.
The top traded share was DFM, falling 0.16% to 5.95 dirhams on turnover of 31 million shares.

Other shares to decline included: AIRARABIA 2.04 (0.48%), Emaar Properties (EMAAR) 11.30 (0.44%), Arabtec (ARTC) 11.55 (3.34%) and DEYAAR 2.51 (0.79%).

Shares to rise included: GULFNAV 1.62 (0.62%), Union Properties (UPP) 4.75 (0.42%) and Islamic Arab Insurance (IAIC) 3.68 (1.65%).

Abu Dhabi Securities Market

The ADSM index closed at 4,717 a fall of 1.42% from the previous close. 335 milion shares were traded worth 1.6 billion dirhams. Fifteen shares advanced and twenty eight declined.
The top traded share by a long way was ARKAN rising 5.85% to 4.52 dirhams on volume of 230 million shares worth over one billion dirhams.

Other shares to rise included: Abu Dhabi National Energy (TAQA) 3.81 (0.53%) and Gulf Cement (GCEM) 6.58 (0.30%).

Shares to fall included: Aabar Petroleum (AABAR) 4.66 (1.69%), Dana Gas (DANA) 2.32 (1.28%), Etisalat (ETISALAT) 24.00 (2.24%), RAK Properties (RAKPROP) 2.63 (2.23%) and Sorouh Real Estate (SOROUH) 9.68 (0.51%).

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