Tabreed share price leap stumps analysts


06/03/2012 09:34 AST  Gulfnews

The astronomical rise in Tabreed's share price has led to confusion over what is driving intense buying interest in the Abu Dhabi-based utilities firm.

Tabreed, which is also known as the National Central Cooling Company, has seen its stock value gain 427 per cent from its low on January 16 — the company's share price has risen from 40 fils to Dh2.13 in seven weeks — although the reasons behind the surge are unclear.

Several listed companies — including construction firm Arabtec — have experienced significant upwards movement in recent weeks as the Dubai Financial Market continues its bull run. However, such large swings tend to create speculation as analysts and investors look for answers.

"Market rumours hint that Tabreed buyers are similar to Arabtec, with strategic buyers building positions in the company using various entities to stay below the five per cent declaration threshold set by the Securities and Commodities Authority law," Mohammad Ali Yasin, a capital markets specialist based in the UAE, said.

For more on this Click Here

National Central Cooling Co. - TABREED
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR
Most Viewed Companies
Ticker Price Volume
GFH 0.21
SECO 14.74 5,260,462
DARALARKAN 12.5 47,357,023
ADIB 6.78 826,911
TRADEUNION 28.3 1,588,836
NBAD 15.05 1,349,794
MASQ 120
Recent News

TAQA secures $200 million Samurai loan to refinance bonds
The Abu Dhabi market index ADXGI finished the second week of April with a day gain of 0.50 per cent, closing at 5,156.65 points on Thursday, April 17. The shares of Abu Dhabi National Energy Company

Developers gain as lenders lose at Dubai market
The Dubai Financial Market General Index (DFMGI) advanced by 0.72 per cent to close at 4,762.21 points on Thursday, April 17. The gauge gained 150 per cent in the past 12 months and showed few signs

Saudi PetroRabigh Says Unit Shutdown Extended To April 25
Saudi Arabia’s PetroRabigh will extend the shutdown of a vacuum gas oil treatment unit to April 25, the company said.

The joint venture between Saudi Aramco and Japan’s Sumitomo Chemical s

Qatar Stock Exchange up 0.78pc
Qatar Exchange added 97.12 points (or 0.78pc) when the bourse closed at 12,550.98 points Thursday afternoon.

The volume of the shares traded was up to 37,110,091 from 35,161,071 on Wednesd

SABIC CEO meets Chinese Premier during Boao Forum for Asia
Mohamed Al-Mady, SABIC Vice Chairman and CEO, interacted with Li Keqiang, Premier of People's Republic of China, on several occasions during the Boao Forum for Asia (BFA) Annual Conference 2014 in Ha

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Are you satisfied with your full-service broker?