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

Thursday, May 29, 2008

UAE markets 29 May 2008

UAE market news & discussions for 29 May 2008

The ADX once again saw high trading levels with the cement companies soaring on heavy trading - RAK White Cement in particular with turnover far in excess of their usual daily volume. The DFM turned around and had a marginal increase, with Union Properties the most heavily traded stock by value but rising only 1%. On the DIFX at 4pm, DP World was up 2% to $0.98, and Depa was unchanged at $1.56. Other news ...

  • Abu Dhabi Islamic Bank had a gathering at Jumeirah Beach Hotel and produced a press release that let us know they'd completed the purchase of a stake in Egypt's National Development Bank. ADIB shares fell slightly today.
  • Agility (WARE) shares shot up 10% in Kuwait as a result of being awarded a supply contract for the US Military, but were untraded in Dubai (and haven't been for over a month).
  • Amlak, ADIB, and the Arab Orient Insurance Company entered into a joint venture to establish Arab Orient Takaful Insurance in Egypt. ADIB fell, so did Amlak, and AOIC saw no trading (it never does).
  • Aramex saw a slight gain after Shuaa rated them as undervalued in a new report.
  • DGCX saw heavy trading of its new oil futures the first day earlier this week.
  • DP World held its Annual General Meeting this morning, a 1.3 cent per share dividend had been proposed in an earlier disclosure
  • Ekttitab, a Kuwait company, listed today on the DFM with shares rising the maximum daily limit of 15%.
  • Gulf Petroleum Investment rights issue subscription period could be from 01-15 June 2008
  • TAQA CEO said they're not buying shares in Iberdrola (of Spain) as part of the JV announced earlier this week - a Spanish website said they might be buying 5%. But when asked if Taqa were buying shares independently of the JV, the Taqa CEO declined to comment. According to a Bloomberg report. Taqa shares rose marginally today.
  • UAE semi-official inflation rate from the Abu Dhabi Chamber of Commerce and Industry was reported to be 14% for 2007
  • See also latest news and agenda for upcoming events

Agenda for the coming week

Thursday, 29 May 2008

ASNIC rights issue subscription period.
ALMADINA bonus shares in shareholder accounts (DFM note)
DPW AGM from 11am at Airport Expo Dubai
EKTTITAB listing date on the DFM
NRE ex-dividend date (DFM reminder)
TAQA BOD meeting convertible bond, agenda not supplied

Saturday, 31 May 2008

ASNIC rights issue subscription period.
NRE dividend record date (based on DFM note 29 May 2008)

Sunday, 01 June 2008

ASNIC rights issue subscription period.
GPI rights issue / capital increase subscription period starts? Disclosure not clear.

Monday, 02 June 2008

ASNIC rights issue subscription period.
GPI rights issue / capital increase subscription period (unconfirmed).

Tuesday, 03 June 2008

ASNIC rights issue subscription period.
GPI rights issue / capital increase subscription period (unconfirmed).

Wednesday, 04 June 2008

ASNIC rights issue subscription period.
GPI rights issue / capital increase subscription period (unconfirmed).
PALTEL BOD meeting, agenda includes 08Q1 statements, developments in Gaza Strip, and Paltel subsidiaries

Thursday, 05 June 2008

Al Salam Bank Sudan listing date DFM
ASNIC rights issue end date of subscription period
CBI AGM (agenda not supplied - ADX note)
GPI rights issue / capital increase subscription period (unconfirmed).

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best stock rises
symbol price change
FCI 6.05 +0.55 +10%
OEIHC 4.95 +0.45 +10%
UAB 6.83 +0.62 +10%
AAAIC 125.70 +11.40 +10%
RAKCC 3.24 +0.21 +6.9%
worst stock falls
symbol price change
UNION 3.33 -0.35 -9.5%
ADSB 4.86 -0.29 -5.6%
QTEL 180.60 -9.85 -5.2%
NCC 10.35 -0.50 -4.6%
ALFIRDOUS 2.60 -0.11 -4.1%
top volume
symbol value (AED) price
RAKCC648,534,4473.24
ARKAN391,738,8586.25
RAKWCT310,066,3872.76
OILC222,989,0302.60
RAKPROP205,303,6762.39

Dubai Financial Market

Turnover on the DFM improved to AED 1.14 billion today as it rose slightly by 0.17% to 5679 points. Union Properties (UPP) was the dominant share with a small 0.96% gain to 5.24, just ahead of Emaar Properties (EMAAR) (up 0.44% to 11.45) by traded value. Tamweel (TAMWEEL) also saw increased activity and gained 1.3% to 8.04, while Dubai Investments (DIC), the only other stock to trade more than AED 100m for the day, fell 2.1% to 3.72.

The newly listed Kuwait company, EKTITTAB, shot 15% limit up to 3.74 on relatively high volume for a secondary listing. SALAM_BAH rose 2.5% to 2.50, Aramex (ARMX) rose 1.6% to 2.59, and the remaining gainers were up less than 1% or on thin turnover.

The losers' list was topped by ALFIRDOUS with a 4.1% fall to 2.60, excluding falls on turnover of less than AED 1m. Apart from Dubai Investments, AMAN was the only other actively traded loser falling by more than 1% - with a 1.2% drop to 36.05.

Abu Dhabi Securities Market

The ADX continued to see a high level of activity with total value up to AED 2.6 billion and a 0.77% increase to 5038. Staggering turnover levels yet again for RAK Cement (RAKCC) up 6.9% to 3.33 and AED 650 million worth of trades, ARKAN up 3.0% to 6.23 and AED 391m worth, RAK White Cement (RAKWCT) up 5.3% to 2.83 and AED 310 million worth. Both RAK Cement and RAK White Cement daily volumes the highest seen for at least 12 months.

The top 4 gainers rose on less than AED 1 million turnover each, and DRIVE was up by 7.7% to 9.00. Other UAE cement companies also saw solid gains with Gulf Cement (GCEM) up 6.5% to 7.00, QCEM up 5.7% to 3.20, FCI up 10% to 6.05, but Sharjah Cement (SCIDC) didn't follow the trend, falling by 1.6% to 5.60.

Other gainers included RAK Ceramics (RAKCEC) up 4.2% to 4.13, RAK Properties (RAKPROP) up 3.5% to 2.36, Julphar (JULPHAR) up 2.2%, National Bank of Abu Dhabi (NBAD) up 2.1%, and another 14 stocks, including most of the more usually active stocks, rising by less than 2%. Etisalat (ETISALAT) was unchanged at 20.90.

Commercial Bank International (CBI) was at the top of the losers' list on turnover greater than AED 1 million, with a 2.8% fall to 2.76. Another 5 stocks had greater falls on thin trading.

RAK Poultry (RAPCO) dropped by 2.5% to 5.07, AKIC was dowwn 1.2%, and another 6 stocks fell less than 1%, including Sorouh Real Estate (SOROUH) and Abu Dhabi Islamic Bank (ADIB).

Wednesday, May 28, 2008

UAE markets 28 May 2008

UAE market news & discussions for 28 May 2008

The ADX continues to see high trading levels - turnover at 3 times the level at the DFM, with Arkan Building Materials turnover surging over the AED 1 billion level as it topped the list of gainers today. The ADX index overall fell slightly though, as the DFM rose. Methaq Insurance shares soared, and the National Corporation for Tourism & Hotels saw much greater than usual activity with a solid gain. On the DFM, Dubai Investments was the standout stock with a decent gain and heading the list by traded value. Union Properties also had a good day but otherwise there was little of note. At the DIFX, DP World was down $0.01 to $0.96, and Depa was unchanged at $1.56 as of 4pm UAE time. Other news...

  • Agility Public Warehousing obtained a renewal of its prime vendor contract, worth $0.009 to $2.8 billion for supplying the US military in Kuwait and Iraq, according to a dislcosure on the DFM website.
  • Arkan arranges a 1 billion dh loan, from Union National Bank, to build a new cement factory. With Arkan Return on Assets at only 3% for 2008 Q1, it's not clear how borrowing money makes sense for Arkan. The market obviously thinks it does - shares rose 3.4% yesterday on massive trading, and another 5.4% today on even greater turnover.
  • Dubai Mercantile Exchange was reported to be considering a sale of 20% of itself - could this be a continuation of the IPO news from almost a year ago?
  • Emaar MGF, the Indian associate of Emaar Properties, was reported to be investing AED 13.6 billion in Indian hotel development.
  • Etisalat has had a busy week - a deal with Tata announced, a possible purchase of a stake in Spice Communications, and a report that Etisalat are looking at alliances with other telecom companies.
  • National Bank of Abu Dhabi had a licence approved to open a representative office in Libya.
  • National Bank of Abu Dhabi are also reported to be considering almost $1 billion worth of Malaysian bonds
  • Thani Petroleum of Dubai was reported as considering a listing on the DIFX. Maybe. Or maybe not. And not for a few years. Perhaps...

Agenda for Wednesday, 28 May 2008

  • (IFA) BOD meeting, agenda not supplied
  • (NRE) EGM 30% share capital increase at KWD 0.100 par value and 0.150 premium per share (proposed)
  • (NRE) AGM 20% cash & 10% share dividends proposed, unclear disclosure but confirmed in 07FY statements
  • QTEL record date for rights issue eligibility

Agenda for Thursday, 29 May 2008

  • TAQA BOD meeting to discuss convertible bond
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best stock rises
symbol price change
ARKAN 6.07 +0.31 +5.4%
METHAQ 3.86 +0.19 +5.2%
NMDC 10.30 +0.47 +4.8%
NCC 10.85 +0.45 +4.3%
NCTH 13.50 +0.50 +3.8%
worst stock falls
symbol price change
UAB 6.21 -0.69 -10%
GCEM 6.57 -0.26 -3.8%
RAKCEC 4.03 -0.14 -3.4%
DRIVE 8.36 -0.25 -2.9%
AWNIC 6.70 -0.17 -2.5%
top volume
symbol value (AED) price
ARKAN1,321,349,9606.07
DIC318,653,9733.80
AGTHIA171,798,2192.84
METHAQ157,729,9043.86
RAKCC134,856,0373.03

Dubai Financial Market

Another quiet day on the DFM with turnover of only AED 833m while the index rose 0.34% to 5669. Dubai Investments (DIC) was the standout stock, overwhelmingly topping the traded value list with AED 319m (no other stock saw more than AED 100 m worth of deals), and a 3% rise to 3.80 at the top of the actively traded gainers list.

Union Properties (UPP) was another good gainer on reasonable turnover, rising 2.4% to 5.19. No other gains of more than 1% on significant trading levels. Emaar Properties (EMAAR) was up just 0.88% to 11.40. Eight stocks ended the day unchanged, including most of the usually active stocks.

None of the 7 losers fell by more than 1% today. The list was topped by DEYAAR falling 0.88% to 2.25.

Abu Dhabi Securities Market

The ADX continued to see heavy trading with turnover at AED 2.55 billion more than 3x the level in Dubai. The index fell slightly though, by 0.31% to 4999, despite a massive AED 1.3 billion worth of trading in ARKAN and a 5.4% gain to 6.22 topping the list of gainers, for still no apparent fundamental reason. The two heavyweight stocks, Etisalat (ETISALAT) (unchanged at 20.90) and National Bank of Abu Dhabi (NBAD) (down 0.94% to 21.00) probably keeping the index down.

Other solid gains for METHAQ up 5.2% to 3.89, NCTH with unusually large turnover, up 3.85% to 13.50, and AGTHIA up 2.5% to 2.83 also seeing robust trading levels.

RAK Poultry (RAPCO), falling 5.7% to 4.98, and Gulf Cement (GCEM) falling 3.8% to 6.49, were the worst of the losers trading more than AED 1 million. QCEM dropped by 2% to 3.00, Union National Bank (UNB) by 1.95% to 8.50, Dana Gas (DANA) by 1.9% to 2.07, and ADNH by 1.55% to 7.60. The remaining losers fell less than 1.5% or on thin trading.

Tuesday, May 27, 2008

UAE markets 27 May 2008

UAE market news & discussions for 27 May 2008

Little overall movement in either index today, although the ADX was having a busy time of it with Arkan Building Materials leaping back into the top spot by traded value, and RAK Cement turnover at a 12 month high, although share price didn't rise as much as the previous days. Little of note on the DFM, while on the DIFX at 4pm, DP World was $0.01 to $0.97 and Depa was down $0.01 to $1.56.

  • Al Salam Bank Sudan announced they would have a secondary listing on the DFM 05 June 2008
  • Al Sagr National Insurance rights issue starts today 27 May 2008
  • Dar Takaful IPO, an Islamic Insurance company starts the subscription period on 01 July 2008.
  • Etisalat and Tata announce a deal where Tata would deliver improved communication services in the UAE which sounds like a good idea since - the ironically the news was disclosed on the Indian stock exchange but not Abu Dhabi.
  • Bank of Sharjah said they would rename their subsidiary Banque de la Bekaa SAL as Emirates Lebanon Bank.
  • National Bank of Umm Al-Qaiwain rights issue shares should be in shareholder accounts yesterday.

Agenda for Tuesday, 27 May 2008

(ASNIC) rights issue start of subscription period. Finish date is Thursday 05 June 2008
(IIG) 25% share dividend in shareholder accounts
(NBQ) rights issue shares in CSD shareholder accounts yesterday (late ADX notification)

Agenda for Wednesday, 28 May 2008

(IFA) BOD meeting, agenda not supplied
(NRE) EGM 30% share capital increase at KWD 0.100 par value and 0.150 premium per share (proposed)
(NRE) AGM 20% cash & 10% share dividends proposed, unclear disclosure but confirmed in 07FY statements
QTEL record date for rights issue eligibility

Agenda for Thursday, 29 May 2008

TAQA BOD meeting (agenda not supplied)

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best stock rises
symbol price change
NBF 6.60 +0.60 +10%
TKFL 9.20 +0.83 +9.9%
RAKWCT 2.53 +0.23 +10%
JULPHAR 2.68 +0.16 +6.3%
FOODCO 5.06 +0.29 +6.1%
worst stock falls
symbol price change
OEIHC 4.61 -0.39 -7.8%
INVESTB 3.42 -0.23 -6.3%
ALFIRDOUS 2.63 -0.12 -4.4%
UNION 3.68 -0.12 -3.2%
CBD 10.40 -0.25 -2.3%
top volume
symbol value (AED) price
ARKAN776,175,8325.76
RAKCC491,458,1193.04
AGTHIA276,182,9642.77
DANA148,296,8112.13
OILC138,179,2182.54

Dubai Financial Market

The DFM continues to see subdued activity with turnover at just AED 574m for the day, although at least it was up marginally by 0.23% to 5650 points. Emaar Properties (EMAAR) saw the greatest traded value of just over AED 100 m, price was unchanged at 11.30. Union Properties (UPP), up 0.4%, and Dubai Investments (DIC), down 0.3%, were also relatively busy. Or perhaps less quiet would be a better description.

Emirates NBD (ENBD) saw the most significant rise of 2.1% to 11.95 but that was still only from AED 6m worth of trading. The top 2 gainers rose on few trades. Tamweel (TAMWEEL) was up by 1.4%, and another 6 stocks rose by less than 1%. Apart from Emaar, there were another 6 stocks with prices unchanged.

AMAN was the only loser of note, falling 1.5% to 36.55 from modest activity. Another 6 losers fell less than 1% except for the worst 2 on thin trading.

Abu Dhabi Securities Market

The top 3 stocks by turnover showed solid gains on the ADX but a slight fall in Etisalat (ETISALAT) of 0.5%, and other falls in heavyweight stocks, kept the index almost unchanged at 5015 points, just over a single point lower than yesterday. Total turnover was a solid AED 2.4 billion, with ARKAN once again in the spotlight making up almost a third of that with a 3.4% gain to 5.75. RAK Cement slowed up a little today with "only" a 4.5% rise to 3.00 but an astonishing AED 491m worth of trading, the 162m shares traded a record high for the past 12 months. AGTHIA was also having a busy day and gained 4.9% to 2.71.

Julphar (JULPHAR) saw a big 7% jump to 2.70, a stock where the fundamentals could possibly justify a rise in price, unlike RAK Cement, which looked expensive before it soared. RAK Ceramics was up by 2% to 4.10, and the remaining gainers rose less than 1%, or on thin turnover.

The losers list included most of the more usually active stocks. The worst losers on turnover of more than AED 1 m were RAK Poultry (RAPCO) continuing yesterday's slide with another 4.3% drop to 5.11, Gulf Cement (GCEM) down 2.8% to 6.63, NBS down 2.7% to 2.85, METHAQ down 2.4% to 3.62, Dana Gas (DANA) and Oasis Leasing (OILC) falling just under 2% and the remainder down by about 1.5% or less.

Monday, May 26, 2008

UAE markets 26 May 2008

UAE market news & discussions for 26 May 2008

The two main markets headed opposite ways again today with Abu Dhabi seeing more turnover than Dubai, and more green arrows. RAK Cement shot up another 10% as the company denied any knowledge of why someone flicked the nitro switch on their shares. Dana Gas saw a second day of very heavy trading but little change in price. On the DFM, Dubai Investments stood out a little by being at the top of the turnover table - not a stock that's often seen near that spot. But overall volumes were modest and DIC share price didn't change anyway.

On the DIFX, DP World was unchanged at $0.96, and Depa rose 1.3% to $1.57. The Future Pipe boss said they still wanted to list but were looking at London or the Euronext, unless DP World liquidity improved. Odd that he hadn't seemed to notice liquidity at the DIFX was thin until a couple of days before their IPO was to start. Other news...

  • Bloomberg said that The National said that Merrill Lynch said that the UAE and Qatar might dump the dollar peg within months. Sigh. We almost made it through a whole month without a currency peg headline.
  • Agility EGM yesterday approved the change of name to Agility Public Warehousing Company KSC
  • AMAN approved 15% foreign ownership & 10:1 share split in their EGM yesterday. Shares fell slightly, by 0.54% to 37.10, and apart from Abu Dhabi Takaful, and the newly listed Methaq, look like the most expensive insurance company shares you can buy in the UAE.
  • Dubai Investments rights issue phase 2 was more than 4x oversubscribed, leaving any surplus allotment to be spread very thinly.
  • Ektettab Holding (a Kuwait company) plans to have a secondary listing on the DFM.
  • Gulf Petroleum Investments bought an oil rig for AED 624m. They had a press conference to tell everyone so it seemed reasonable to include a line here, and it does sound like a lot of money. But we hope Arabtec aren't going to start issuing press releases every time they buy a new crane.
  • Shuaa Capital will have an EGM on 10 June 2008 to vote on delisting from the Kuwait Stock Exchange.
  • Tabreed said their cooling capacity would expand from half a million tonnes in 2008 to 1.5 million tonnes by the end of 2010. According to their figures, and our calculations, that would mean they need AED 15 billion to develop that capacity. They only have AED 400 million in the bank but said they did not have plans to borrow. According to Reuters. Which leaves us wondering just what exactly a convertible bond is then.
  • Tabreed 2008 first quarter accounts ... oh wait, sorry. Just wishful thinking. No we still haven't seen them.

Agenda for Tuesday, 27 May 2008

  • (ASNIC) rights issue possible start of subscription period, or not. Unclear disclosure. If correct, then finish date is Thursday 05 June 2008

Agenda for Wednesday, 28 May 2008

  • (NRE) EGM 30% share capital increase at KWD 0.100 par value and 0.150 premium per share (proposed)
  • (NRE) AGM 20% cash & 10% share dividends proposed, unclear disclosure but confirmed in 07FY statements
  • QTEL record date for rights issue eligibility
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Dubai Financial Market and Abu Dhabi Securities Market index for 26 May 2008

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best stock rises
symbol price change
TKFL 8.37 +0.76 +10%
OEIHC 5.00 +0.45 +9.9%
RAKCC 2.91 +0.26 +9.8%
DIN 27.25 +1.30 +5%
UCC 4.70 +0.11 +2.4%
worst stock falls
symbol price change
ADAVIATION 5.70 -0.28 -4.7%
GMPC 3.69 -0.18 -4.7%
INVESTB 3.65 -0.14 -3.7%
RAPCO 5.34 -0.20 -3.6%
FOODCO 4.81 -0.18 -3.6%
top volume
symbol value (AED) price
DANA359,705,2902.17
ALDAR262,726,14612.35
ARKAN150,136,7735.57
AGTHIA110,347,8002.64
SOROUH109,945,3999.79

Dubai Financial Market

The DFM suffered an unpleasant 1.2% loss to 5637, made more irritating by the knowledge that the ADX was in the green today. Turnover was looking a bit thin at AED 627 million. Dubai Investments (DIC) was the only stock to trade more than AED 100m worth (just), closing unchanged at 3.70.

Only 4 stocks rose, none by more than 1% and trading more than AED 1m worth. Arabtec (ARTC) was the only actively traded stock in the gainers list with a slight 0.3% rise to 16.10.

Tabreed (TABREED) saw the biggest fall today, of 2.7% to 2.54. Emirates NBD (ENBD) not far behind with a 2.5% drop to 11.70. Emaar Properties (EMAAR) was number 3 with a 2.2% decrease to 11.30, Tamweel (TAMWEEL) got a 2% hit to end at 7.89, Union Properties (UPP) was down 1.6% and the remainder fell by less than 1.5%.

Abu Dhabi Securities Market

The ADX had a modest 0.22% gain with turnover down a bit to AED 1.5 billion, but still more than twice the DFM level. Dana Gas (DANA) dominated the floor for a second day with AED 360 million worth of trading but only a small move in share price, up 0.46% to 2.21. Aldar Properties (ALDAR) was also busy with AED 263 of turnover and a better 2.1% gain to 12.35.

RAK Cement had a third day of soaring share prices, 10% limit up once again, to 2.91 with the lack of sellers at that price holding turnover down to a still robust AED 51 million. Two other limit up stocks saw just small single trades for the day.

Other gains on active trading for ASMAK up 2.3% to 28.60, Gulf Cement (GCEM) up 2.1% to 6.49, Abu Dhabi National Energy (TAQA) up 1.6%, NBS up 1.4%, Oasis Leasing (OILC) up 1.2%, AGTHIA up 1.15%, and Etisalat (ETISALAT) up 0.96% to 21.05.

The list of losers was longer than the stocks in the green, but the biggest 9 falls were on thin trading with none seeing turnover of more than AED 2 million. ADAVIATION was the worst of them with a 4.7% plunge to 5.70. After last week's excitement in the chicken coop, RAK Poultry (RAPCO) volumes dried up as it fell 3.6%.

RAK Properties (RAKPROP) topped the list of falls on the more usually active stocks list, with just a 1.3% drop to 2.28. Sudan Telecom (SUDATEL) and ARKAN fell 1.1%, First Gulf Bank (FGB) 1.05%, and another 9 stocks fell less than 1%.

Sunday, May 25, 2008

UAE markets 25 May 2008

UAE market news & discussions for 25 May 2008

The ADX was performing well again today, with turnover more than twice the level at the DFM and some solid gains for cement companies and energy companies. Dana Gas and Agthia were the top stocks on gains and trading levels, although RAK Cement might have had a bigger day had there been more sellers interested at the 10% limit up price. Other news...

  • Emirates NBD was reported to be interested in buying a stake in Saudi Hollandi bank from the Royal Bank of Scotland. Their shares fell slightly.
  • Taqa Energy was reported to have signed a deal with Iberdrola, a Spanish company. Their shares shot up nearly 4% but turnover wasn't unusually high.
  • International Financial Advisers released 08Q1 financial statements - more than a week past the ESCA deadline. Still no sign of Tabreed's financial statements for the first quarter - the only company left on the DFM or ADX not to have released Q1 results (as far as we know).
  • Qatar Telecom - last day for rights issue eligibility tomorrow
  • See latest UAE stock news and UAE stock calendar for more.
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Dubai Financial Market and Abu Dhabi Securities Market index for 25 May 2008

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best stock rises
symbol price change
GRAND 3.70 +0.47 +14.6%
RAKCC 2.65 +0.24 +10%
NBF 6.00 +0.52 +9.5%
AGTHIA 2.61 +0.18 +7.4%
GCEM 6.68 +0.44 +7.1%
worst stock falls
symbol price change
SUDATEL 6.48 -1.93 -22.9%
SALAM 18.50 -1.80 -8.9%
OEIHC 4.55 -0.43 -8.6%
NCTH 13.30 -1.20 -8.3%
ADNIC 9.00 -0.70 -7.2%
top volume
symbol value (AED) price
DANA572,391,3792.16
ALDAR391,524,10812.10
AGTHIA196,652,4462.61
RAKPROP191,669,8492.34
SOROUH186,857,5939.77

Dubai Financial Market

The DFMGI crept up by 0.12% to close at 5703 with turnover subdued at AED 1.13 billion. Emaar Properties (EMAAR) was at the top of the traded value chart with AED 165m worth and a slight gain of 0.43% to close at 11.55. Another 4 stocks saw relatively similar traded value levels, DFM unchanged at 5.81, Union Properties (UPP) up 1.8% to 5.13, Tamweel (TAMWEEL) up 0.75% to 8.05.

AMAN was the top gainer on trading greater than AED 1 m, rising by 2.2% to 37.30. Shuaa Capital (SHUAA) was up 1.8%, and the remaining active gainers rose less than 1%.

There were 8 losers, none falling more than 1% on turnover of more than AED 1 million.

Abu Dhabi Securities Market

The ADX index rose by a healthy looking 0.9% to close above the 5 thousand point level - at 5005 with a very solid AED 2.27 billion worth of turnover, and ARKAN not at the top of the list for a change. Instead, it was Dana Gas (DANA) dominating trading with a massive AED 572 million worth of deals, steaming ahead by 4.85% to 2.18. No news seen to explain the jump, perhaps it's just traders targeting another 2 dh share. AGTHIA was another one in the spotlight, with lower turnover but a larger jump of 7.4% to 2.67. Aldar Properties (ALDAR) also had a solid gain of 4.3% to 12.35 from robust turnover, possibly reflecting a recommendation from the Sohn Investor Conference in New York on Thursday.

Decent gains also for the other 2 energy stocks, Abu Dhabi National Energy (TAQA) up 3.9% to 3.69, and Aabar Petroleum (AABAR) up 2.6% to 3.50. Cement companies were looking good too, with RAK Cement (RAKCC) on a scorching 10% jump to 2.65 with no sellers in the queue, following its 8% jump on Thursday. Gulf Cement (GCEM) increased 7.05% to 6.86 on solid trading, and RAK White Cement (RAKWCT) was up 3.1% to 2.34, also seeing high levels of activity.

Other gainers on turnover greater than AED 1m included ADAVIATION with a 6.4% rise to 5.90, ADNH up 3.8% to 8.00, RAK Ceramics (RAKCEC) up 3.1% to 4.06, RAK Poultry (RAPCO) up 2.8% to 5.55, and the remaining gainers up less than 2% or low turnover.

Losers included Sudan Telecom (SUDATEL) dropping by 23% but that was mostly an adjustment for the 20% share dividend, NCTH plummeting 8.3% on heavy trading, and the remainder falling less than 2% or on low volumes. Etisalat (ETISALAT) fell just 0.24% to 20.95.

Thursday, May 22, 2008

UAE markets 22 May 2008

UAE market news & discussions for 22 May 2008

Retuers reports this afternoon that Eirvin Knox, the Abu Dhabi Commercial Bank CEO is wanted by Interpol. Will he end up becoming Mr Zack Shahin's (the Deyaar CEO) cellmate? Despite that seemingly bad news, it was a positive day on the markets - perhaps shares boosted by news that oil is over $135 per barrel.

The DFM family is in London trying to encourage foreigners to buy shares but it was in Abu Dhabi where most of the action was today, with turnover twice the level in Dubai, and several stocks showing good gains, including outstanding performances for RAK Cement and RAK Properties. In Dubai, Union Properties built on yesterday's gains with a bigger rise and taking the top spot by turnover for the second day in a row, leaving us wondering what's up. Tamweel also saw a big jump. On the DIFX at 2:30 pm, both DP World and Depa are unchanged at $0.97 and $1.58 respectively. Other news...

  • Aabar Energy PJSC changed its name again, this time to Aabar Investments PJSC. Aabar shares rose 1.5% to AED 3.43 on moderate turnover today.
  • Arkan Building Materials clarified yesterday's MoU with Alumco, except they didn't really. Trading today was at high volumes anyway.
  • DFM investor conference in London ends today. DFM shares rose 1.9% to 5.81.
  • Dubai Islamic Insurance (AMAN) EGM is on Sunday 26 May 2008 to decide on foreign ownership and 10:1 share split. Shares fell 2.3% to 36.50 today.
  • See latest UAE stock news and UAE stock calendar for more.
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Dubai Financial Market and Abu Dhabi Securities Market index for 22 May 2008

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best stock rises
symbol price change
SALAM 20.30 +2.60 +14.7%
NBF 5.48 +0.49 +9.8%
INVESTB 3.63 +0.32 +9.7%
RAKCC 2.41 +0.18 +8.1%
NMDC 9.96 +0.67 +7.2%
worst stock falls
symbol price change
TKFL 7.61 -0.71 -8.5%
NCC 10.40 -0.50 -4.6%
ADNH 7.67 -0.33 -4.1%
ADSB 5.10 -0.16 -3%
JULPHAR 2.50 -0.07 -2.7%
top volume
symbol value (AED) price
ARKAN357,501,1135.56
ALDAR279,165,71411.60
RAKPROP269,257,5402.32
SOROUH261,658,3179.63
UPP225,623,9555.04

Dubai Financial Market

The DFMGI ended the trading week with a 1.4% recovery to close at 5697 points. Turnover was still modest at AED 1.1 billion but at least it was an improvement. Union Properties (UPP) topped the traded value table with AED 225m worth of trading and a solid 3.9% rise to 5.04, Tamweel (TAMWEEL) in second place by turnover, had an even better gain of 6.0% and ended at 7.99, making it the top gainer for the day (excluding that single small trade for SALAM).

Other notable gains for Aramex (ARMX) up 3.2% to 2.57, TABREEED up 2.4% to 2.59, Du Telecom (DU) also up 2.4%, to 6.05, Amlak Finance (AMLAK) up 2.3% to 4.89, DFM up 1.9% to 5.81. Another 10 stocks rose less than 2%, including Emaar Properties (EMAAR) which was up by 1.8% to close at 11.50.

Abu Dhabi Securities Market

Turnover on the ADX jumped to a solid AED 2.1 billion, almost twice the level seen in Dubai, with ARKAN yet again at the top of the traded value while gaining 1.6% to 5.60, but robust activity for several other stocks with solid gains.

RAK Cement (RAKCC) stood out with a big jump of 8.1% to 2.45 from a massive AED 183m worth of trading, putting it at the top of the gainers list (except for 2 very small single trades in NBF and Invest Bank (INVESTB)). RAK Properties (RAKPROP) also had a big day with a 5.9% increase tto 2.32 and much greater than usual trading volumes. AGTHIA had a very respectable 4.3% rise to 2.47, Sorouh Real Estate (SOROUH) saw a decent 3.9% rise to 9.75, RAK White Cement (RAKWCT) was up 3.6% to 2.30, Aldar Properties (ALDAR) rose 2.2% to 11.65, Oasis Leasing (OILC) was up 2.1% to 2.45, Dana Gas (DANA) 2.0% to 2.07, and another 10 gainers rose less than 2%. Etisalat (ETISALAT) rose 0.5% to 21.00 on modest trading.

There were 14 losers today, but only one that saw a greater than 1% fall on turnover of more than AED 1 million - ASMAK, finishing 2.2% down at 28.45. The newly listed METHAQ seemed to halt its slide with only a 0.3% fall to 3.66 and reduced trading activity.

Wednesday, May 21, 2008

UAE markets 21 May 2008

UAE market news & discussions for 21 May 2008

The major scrips continued to drift south today. Big falls for the shining stars earlier in the week in Abu Dhabi with RAK Poultry badly plucked, Methaq looking exhausted after its stellar climb, and International Fish Farming spluttering. First Gulf Bank had a solid gain on the back of yesterday's news of the Libyan bank licence and/or the Merrill BUY rating prompted more investors to build up their holding. Arkan dominated Abu Dhabi trading yet again, with price taking a big hit. In Dubai, Union Properties had a promising gain on heavier trading.

On the DIFX, DP World is up 2% to $0.98, and Depa is up 1.3% to $1.58 at 4:30pm UAE time.

  • Aabar announced management changes including the resignation of the CEO, who moved to Mubadala, the buyer of Pearl Energy from Aabar.
  • Arkan signed another MoU following the one earlier this week with Aldar, this time with Alumco of Dubai.
  • DFM went to London along with most of the more active stocks, and a couple of obscure ones. But apparently Aramex, Dubai Investments, Du Telecom, and Emirates NBD didn't want to go, or perhaps they just missed their flight.
  • Dubai Investments are scheduled to allot rights issue shares and send refund cheques tomorrow.
  • Shuaa received a Baa2 rating from Moody's, who expressed concerns about concentration risks of Shuaa's portfolio.
  • Sorouh announced the purchase of a stake in another company, and continued its theme of not keeping its owners very well informed by not disclosing how much they paid.

See the UAE stock calendar for more upcoming events.

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Dubai Financial Market and Abu Dhabi Securities Market index for 21 May 2008

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best stock rises
symbol price change
AMAN 37.35 +2.55 +7.3%
GLOBAL 15.00 +0.75 +5.3%
ARIG 3.39 +0.16 +5%
DIN 24.75 +1.15 +4.9%
UAB 6.90 +0.29 +4.4%
worst stock falls
symbol price change
RAPCO 5.43 -0.54 -9%
FCI 5.50 -0.50 -8.3%
TKFL 8.32 -0.68 -7.6%
EIC 8.13 -0.60 -6.9%
DRIVE 8.53 -0.59 -6.5%
top volume
symbol value (AED) price
ARKAN490,725,3535.47
UPP106,453,8494.85
EMAAR79,947,77211.30
ALDAR73,223,06411.35
DIC62,820,5903.66

Dubai Financial Market

The DFMGI fell 0.55% to 5619 points with turnover limited at only AED 598m, substantially less than on the Abu Dhabi bourse. Union Properties (UPP) stood out at the top of the traded value table as the only stock to see over AED 100m worth of deals during the day, and gained a healthy 3% to 4.85. However, AMAN was the star gainer with a 7.3% rise to 37.35 and trading volumes much higher than usual at almost AED 60m worth.

SALAM_BAH rose 1.2% to 2.45, Tabreed (TABREED) rose 1.2% to 2.53 and the remaining gainers were up less than 1% or on thin trading.

Most of the more actively traded stocks fell by less than 1%, with the exception of Dubai Investments (DIC) down 2.4%, Emaar Properties (EMAAR) down 1.3%, and Aramex (ARMX) down by 1.2%.

Abu Dhabi Securities Market

The ADX fell 0.64% to close at 4905 with turnover dropping back to a more usual level of AED 993m, although ARKAN still clocked up half of that while tanking by 3.4% to 5.55. No other stocks traded over the AED 100m turnover level.

First Gulf Bank (FGB) was the only significant gainer out of the list of 10, rising 2.1% to 23.95 from relatively high turnover. The top three stocks in the list each rose on single small trades.

RAK Poultry (RAPCO) continued its roller coaster ride spiralling downwards another 9.05% with trading volume similar to yesterday. The next 7 losers in the list were down on less than AED 1 m of turnover. Then came another rollercoaster stock, ASMAK dropping by 4% to 29.00, along with METHAQ dropping 3.4% to 3.56 - its week long turbocharged rally well and truly over.

Other less wild share price swings for RAK Cement (RAKCC) down 3.0% to 2.25, Qatar Telecom (QTEL) down 2.3% to 205.00, AGTHIA down 2.1% to 2.38, while almost all the usually active stocks fell by less than 2%. Etisalat (ETISALAT) dropped 1.4% to 20.70 on moderate turnover.

Tuesday, May 20, 2008

UAE markets 20 May 2008

UAE market news & discussions for 20 May 2008

Both UAE markets closed down today. The DFM continues its range bound trading closing 0.12% down with less than one billion worth of shares being traded. GULFNAV was the most traded by volume closing unchanged at 1.80 dirhams.
ARKAN continues to dominate trading on the ADX. Despite being up earlier it closed down 1.39% at 5.66 dirhams on massive volume of 280 million shares traded. This helped push the value of shares traded to over 2.5 billion dirhams.

Company News
Al Qudra replaces chairman
Qasimis most influential family on ADX-listed firms' boards
Bayan Investment Has First-Quarter Loss of 3.2 Million Dinars
Etisalat raises stake in Atlantique Telecom
Shuaa Has Six Investment-Banking Mandates, Chief Says

See the UAE stock news page for links to latest news articles.
See the ADX DFM DIFX calendar for agenda items this week.

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

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best stock rises
symbol price change
SALAM 17.70 +2.30 +14.9%
NCTH 13.55 +1.20 +9.7%
EIC 8.73 +0.73 +9.1%
GMPC 3.89 +0.29 +8.1%
NMDC 9.68 +0.70 +7.8%
worst stock falls
symbol price change
RAPCO 5.97 -0.62 -9.4%
FOODCO 5.01 -0.51 -9.2%
FBICO 5.56 -0.46 -7.6%
RAKCEC 4.03 -0.29 -6.7%
METHAQ 3.80 -0.25 -6.2%
top volume
symbol value (AED) price
ARKAN1,587,138,2615.66
DIB161,486,5018.98
EMAAR155,834,80011.45
DFM139,994,2845.73
METHAQ136,856,6473.80

Dubai Financial Market

The DFM index closed at 5,650 a fall of 0.12% from the previous close. 192 million shares were traded worth 869 million dirhams. Eleven shares advanced and fourteen declined.
The top traded share was GULFNAV closing unchanged at 1.80 dirhams on volume of 45 million shares.

Shares to rise included: AIRARABIA 1.98 (0.50%), Emaar Properties (EMAAR) 11.45 (0.43%) and Union Properties (UPP) 4.71 (0.64%).

Shares to fall included: Amlak Finance (AMLAK) 4.78 (0.62%), DEYAAR 2.25 (0.88%), Dubai Islamic Bank (DIB) 8.98 (2.49%) and Tamweel (TAMWEEL) 7.53 (1.18%).

Abu Dhabi Securities Market

The ADX index closed at 4,936 a fall of 0.59% from the previous close. 558 million shares were traded worth 2.6 billion dirhams. Sixteen shares advanced and thirty one declined.
ARKAN topped trading again falling 1.39% to 5.66 dirhams on volume of 280 million shares.

Other shares to fall included: Aldar Properties (ALDAR) 11.40 (1.72%), Dana Gas (DANA) 2.04 (2.39%), AGTHIA 2.38 (2.46%), METHAQ 3.80 (6.17%) and WAHA 2.46 (1.20%).

Shares to rise included: Abu Dhabi Islamic Bank (ADIB) 6.48 (0.47%), RAK White Cement (RAKWCT) 2.20 (1.38%), RAK Cement (RAKCC) 2.30 (4.55%) and NBS 2.88 (3.23%).

Monday, May 19, 2008

UAE markets 19 May 2008

UAE market news & discussions for 19 May 2008

The DFM index managed a small gain closing up 0.24% today. Volume continues to be weak with the value of shares traded just 611 million dirhams. The top traded share was AIRARABIA closing 0.51% higher at 1.97 dirhams with 28 million shares traded.
The ADX index closed down 0.77%. However trading volume was high boosted by massive trading in ARKAN. 229 million shares were traded with the stock finishing 4.36% higher at 5.74 dirhams.

Company News
Aldar share capital increased to AED 2.47 billion from convertible sukuk
Aman EGM date postponed to 25 May 2008
Amlak Jordan IPO - Jordinvest concludes IPO preparations for Inwan Investment PLC
Etisalat's first credit rating by end of June
Global Investment House London IPO priced at $18.75 per GDR
TAQA Plans $1 Billion Coal-Fired Plant in UAE
UAE Economy Ministry Plans Price Freeze on Essential Foods

See the UAE stock news page for links to latest news articles.
See the ADX DFM DIFX calendar for agenda items this week.

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

More UAE stock market news and discussions...

best stock rises
symbol price change
JULPHAR 2.60 +0.17 +7%
AGTHIA 2.44 +0.12 +5.2%
ALFIRDOUS 2.61 +0.12 +4.8%
NCC 10.35 +0.45 +4.5%
FBICO 6.02 +0.26 +4.5%
worst stock falls
symbol price change
GRAND 3.23 -0.56 -14.8%
SALAM 15.40 -2.60 -14.4%
NBF 4.86 -0.54 -10%
DRIVE 9.38 -0.92 -8.9%
NCTH 12.35 -1.15 -8.5%
top volume
symbol value (AED) price
ARKAN1,315,289,0215.74
METHAQ251,676,0264.05
AGTHIA148,219,3252.44
DFM118,411,3175.73
DANA118,279,1772.09

Dubai Financial Market

The DFM index closed at 5,657 a rise of 0.24% from the previous close. 134 million shares were traded worth 611 million dirhams. Twelve shares advanced and eleven declined.
On a slow day the top traded share was AIRARABIA rising 0.51% to 1.97 dirhams on volume of 28 million shares.

Other shares to rise included: Arabtec (ARTC) 16.05 (0.62%), DFM 5.73 (1.05%), Dubai Islamic Bank (DIB) 9.21 (2.33%) and GULFNAV finished unchanged on 1.80 dhs.

Shares to fall included: DEYAAR 2.27 (0.43%), Tamweel (TAMWEEL) 7.62 (0.26%) and ARAMEX 2.54 (0.78%).

Abu Dhabi Securities Market

The ADX index closed at 4,965 a fall of 0.77% from the previous close. 556 million shares were traded worth 2.4 billion dirhams. Eighteen shares advanced and twenty eight declined.
ARKAN with a masive turnover of 229 million shares topped trading closing at 5.74 dirhams a rise of 4.36%.

Other shares to rise included: Dana Gas (DANA) 2.09 (0.97%), AGTHIA 2.44 (5.17%), METHAQ 4.05 (0.51%), RAK Properties (RAKPROP) 2.27 (1.34%) and RAK Cement (RAKCC) 2.20 (0.92%).

Shares to fall included: Sorouh Real Estate (SOROUH) 9.43 (1.46%), Etisalat (ETISALAT) 21.15 (0.70%), Aldar Properties (ALDAR) 11.60 (0.43%), Abu Dhabi Islamic Bank (ADIB) 6.45 (1.07%) and Abu Dhabi Commercial Bank (ADCB) 5.43 (4.23%).

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