Tabreed share price leap stumps analysts


06/03/2012 09:34 AST

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

Gulfnews
National Central Cooling Co. - TABREED
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 94.5 4,335,462
GFH 0.64 9,408
SABB 22.75 263,450
PETRORABIGH 12.5 6,034,823
RIBL 11.05 1,902,111
ALMARAI 69.5 312,485
QNBK 172 80,123
Recent News

Oman plans daily oil output of 1m barrels this year
Oman plans to produce an average of one million barrels of crude oil per day this year, despite a production cut of 45,000 barrels a day agreed with oil exporting Opec bloc, a top-level official at t

Ahlibank posts profit of QR631.7mn in 2016
Ahlibank posted a net profit of QR631.7mn in 2016 even as the bank saw its balance sheet grow by 18.2% to QR38bn last year.

Last year’s net profit is only marginally lower than the QR647.7m

Turkey’s lira eases as investors pause before critical central bank me
Turkey’s lira weakened on Monday as comments from a deputy premier reaffirming the central bank’s independence failed to bolster confidence, a day before a policy meeting seen as a big credibility te

Ma'aden 'fastest growing company in GCC'
Thirteen of the 15 fastest growing companies in the GCC were from Saudi Arabia and Qatar and these companies achieved a growth of at least 20 per cent per annum over the five years to end 2015, a rep

GCC banks 'resilient in weaker economic environment'
The rated banks in the GCC continued to display good asset quality indicators, profitability, and capitalisation in 2016 by global standards, albeit with signs of deterioration from 2015, said a repo

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?