Dubai shares advance slightly in mixed day for Gulf markets

April 25, 2008

Gulf stocks declined on speculation share prices have outpaced prospects for earnings growth.
The Dubai Financial Market General Index advanced 0.6 per cent. Abu Dhabi Securities Market Index dropped 0.2 per cent. Abu Dhabi Commercial Bank fell 1.3 per cent to Dh7.09. The UAE's third-biggest bank by assets has added 9.6 per cent this month.
Abu Dhabi National Company for Building Materials rose 1.8 per cent to Dh3.90. The supplier of steel, cement, stones and hardware to construction companies said first-quarter net income increased 13 per cent to Dh16.2 million, according to a statement posted on the website of Abu Dhabi's bourse.

Aldar Properties gained 3.1 per cent to Dh11.80, its highest close since February 21. Abu Dhabi's biggest developer by market value said first-quarter net income more than tripled to Dh1.37 billion as sales soared. Arabtec Holding gained 1.3 per cent to Dh15.65, a record close. The company constructing the world's tallest building in Dubai won a contract to build the 60 billion-ruble ($2.56 billion) headquarters of Gazprom Neft in Russia.
Oman's Muscat Securities Market 30 Index added 0.3 per cent, while the Bahrain All Share Index fell less than 0.1 per cent. Qatar's Doha Securities Market Index lost 0.2 per cent.

DFM up, ADSM down (April 29-2008)

United Arab Emirates: Tuesday, April 29 - 2008

The Dubai Financial Market on Monday gained 36.93 points, or 0.65%, to end on 5,751. Market heavyweight Emaar was down 0.86%. Meanwhile, the Abu Dhabi Securities Market dipped 6.84 points, or 0.14%. to close on 4,990.

Foreigners buy Dhs2.4bn in DFM (May 03 )

United Arab Emirates: Saturday, May 03

The Dubai Financial Market said foreign investors share value reached Dhs2.374bn last week, 38.9% of the total value of stocks traded during the period. Meanwhile, the value of stocks bought by institutional investors has reached Dhs1.9bn or 31.1% of the total value of stocks traded during the period.

UAE markets end higher May 05 - 2008

Monday, May 05 - 2008 at 14:52

The Dubai Financial Market settled the day, Monday at 5,847.36, ending slightly higher by 0.08% with Gulfnav and Deyaar posting as top gainers. The Abu Dhabi Securities Market also ended the day at the positive end at 5,054.35, up by 0.18% with the construction sector emerging as top gainer.

Tamweel shines as UAE shares report more gains

18 April 2008

Abu Dhabi - UAE stocks continued their uptrend, making strong gains on the last trading day of the week, and lifting the Emirates Securities general index 0.64 per cent above its level on December 31, 2007.
Bullish trading resumed at Dubai Financial Market (DFM) where the general index advanced 1.25 per cent to 5,584.66, and Dh1.88 billion worth of shares changed hands.
DFM's shares were the heaviest traded accounting for more than Dh344 million worth of transactions, followed by Emaar Properties which reversed course gaining 0.45 per cent to close at Dh11.15. DFM surged 3.78 per cent to Dh5.49.
Biggest gainer
The biggest gainer, however, was Tamweel which shot up 5.1 per cent to Dh7.83, while Arabtec continued its uninterrupted gains assign 3.48 per cent to its value to close at Dh14.85.
Only five out of the twenty six traded companies recorded losses, of which most notably is Deyaar Development which retreated 0.85 per cent to Dh2.33, affected by the troubles facing its management and board of directors.
In Abu Dhabi, the general index advanced 0.68 per cent to 4,910.78 on relatively heavy trading worth Dh1.11 billion.
The real estate and banking sectors were the best performers, as the rally on Aldar Properties resumed lifting the price up 1.37 per cent to Dh11.20. Sorouh Real Estate maintained the upward trend as well advancing 0.63 per cent to Dh9.58.
In the banking sector, First Gulf Bank reported an impressive 4 per cent of gains to close at Dh22.00, followed by the National Bank of Abu Dhabi, the largest listed bank in Abu Dhabi in terms of market capitalisation, which advanced 2.44 per cent to Dh20.95.
Nevertheless, the market's total gains were negatively affected by etisalat's decline of 0.46 per cent to Dh21.80.
Overall, the Emirates Securities general index gained 1.01 per cent to close at 6,054.89 and to lift the market value of the listed shares up by Dh8.4 billion to Dh842.5 billion.

By Ahmed A. Elewa
© Gulf News 2008

UAE shares gain Dh5.2b in market capitalisation

By Ahmed A. Elewa, Senior ReporterPublished: April 07, 2008, 00:05

Abu Dhabi: UAE markets started the week on a positive note adding Dh5.2 billion in capital gains after raking in Dh16.1 billion last week, taking the total value of listed companies up to Dh823.99 billion.
The Emirates Securities general index advanced 0.63 per cent to 5,921.74 to minimise the losses recorded since the beginning of the year to less than 1.6 per cent.
Positive investor sentiment in Dubai drove the general index up 0.92 per cent to 5,516.13 in relatively heavy trading worth Dh1.36 billion of transactions.
Emaar's agreement with DP World in relation to the development of King Abdullah Economic City in Saudi Arabia had a positive impact on the developer, lifting it up 0.44 per cent to Dh11.40.
Its financial arm, Amlak Finance, shot up almost three per cent to Dh4.53. Dubai Investment rose 2.92 per cent to Dh4.23.

All the sectors ended the session in positive territory with the exception of the utilities sub-index which retreated marginally by 0.37 per cent.
In Abu Dhabi, real estate companies dominated the market as the three listed developers accounted for heavy trading. The general index rose 0.29 per cent to 4,772.96.
More than Dh492 million worth of real estate shares changed hands in the market's total value of transactions worth Dh991.5 million.
Ras Al Khaimah Properties continued its impressive advance gaining 5.36 per cent to close at Dh2.43.
Aldar Properties added 1.85 per cent to its value to close at the Dh11 mark, while Sorouh real estate retreated marginally by 0.21 per cent to Dh9.13.
Overall, the real estate sub-index reported the strongest gains and advanced by 1.24 per cent.
The energy sector was also among the best performers, especially Aabar Petroleum, which gained 2.08 per cent to close at Dh3.40.

http://www.gulfnews.com/Business/Markets/10203625.html

Abu Dhabi Securities Market (ADSM) turnover surges for second day

10 April 2008

Turnover on the Abu Dhabi Securities Market dwarfed that of the Dubai Financial Market for the second day running on Thursday. More than Dh1.4 billion of shares changed hands on the ADSM to push it up 1.52 per cent to 4,877 points, while the Dubai Financial Market also ended in the green, rising 0.38 per cent to 5,453, despite a turnover of just Dh735 million. This reversal of the usual trading pattern is baffling analysts because there is no fundamental reason for the sudden shift to Abu Dhabi. Some believe it could be a form of market manipulation by major funds, who are concentrating on the Abu Dhabi bourse to create high volumes and volatility to persuade day traders to dump stocks in Dubai and switch to the capital. At this point, these funds can then buy the day traders' Dubai stocks on the cheap, while simultaneously selling their Abu Dhabi holdings at inflated prices. Such a strategy implies the ADSM could be heading for a fall, although analysts believe it should remain buoyant until the middle of next week at least. "Dubai trading is flat and what happened in Abu Dhabi on Wednesday and Thursday can't be justified," said Ayman El Saheb, Darahem Financial Brokerage director of operations. "Abu Dhabi securities were targeted, particularly in real estate, while Dubai stocks were ignored, yet it's common knowledge that speculators prefer Dubai because it has more traded stocks to play with." Aldar Properties was the ADSM's most active share in cash terms as it climbed 1.38 per cent to Dh11.05, its highest close for more than a month. The capital's heavyweights also prospered, with National Bank of Abu Dhabi surging 2.02 per cent, while etisalat fared even better, jumping 3.28 per cent. The telecoms operator has been in high demand since its share price was adjusted to allow for the issue of bonus shares and has added 12 per cent in April. Rak Properties, Sorouh Real Estate an Arkan also all gained more than one per cent. Meanwhile, the DFM's General Index was blighted by the usual late sell-off, which saw the index drop 60 points in the final hour's trading. This decline saw Emaar fall 0.44 per cent to Dh11.10, making yesterday the first time Emaar and the DFM General Index has moved in different directions since March 26. "Dubai has been lacking momentum, with insufficient liquidity to sustain at current levels, so this week we saw a couple of gains, but overall the index fell," said Saheb. Arabtec posted a new all-time high for the second successive session, this time rising 3.81 per cent to Dh13.60, to make it Dubai's fourth-best performer yesterday. This latest rise means the construction firm has surged 12.4 per cent in the two sessions since announcing the winning of a Dh3 billion contract to build 2,600 homes. Beside Arabtec, the other companies on the DFM's top five gainers list were all small-cap companies, with a combined turnover of just Dh370,000. Like Wednesday, Dubai's blue chips saw little action, with du and the DFM's own stock closing unchanged, while Dubai Islamic Bank and Emirates NBD added 0.21 and 1.37 per cent respectively.