Dubai Islamic Bank AED 9.3bn turnover 28 Aug 2005, market turnover AED 11.1bn, DIB bogus trades cancelled
Another trading record shattered in Dubai! Yesterday was a record at AED 6.5 billion dhs value, and that was getting close to being doubled today. Total traded value 11.1 billion dhs on 370 m shares.
Dubai Islamic Bank (DIB) was by far the most heavily traded stock at 9.3 billion dhs value from 270 m shares. Since they have 1.5 billion shares outstanding, that's not far off 20% of their shares being traded in one day! Price almost went limit up with at least one trade going through at 37.30 dhs. Most trading after an initial price spike seemed to be around the 32-34 dhs per share level. Closed at 34.85 dhs although the last trade to go through according to sca.ae was 32.90 dhs 6 secs before market close.
Interesting to see Emaar Properties (EMAAR) was down to third place on value traded - 530 m dhs and 23 m shares. EMAAR closing price of 23.25 was down just over 2% on previous day. Dubai Investment Company (DIC) had a good day in second place trading almost 1 billion dhs value, and up 7.71% from yesterday from 16.85 to 18.15 dhs with a high of 18.85 during the session.
Amlak (AMLAK) was down almost 3% to 13.35 at close, Shuaa (SHUAA) and Tabreed (TABREED) both down about 2%, Aramex (ARMX) down about 1.5%, no other significant movements except for National Bank of Dubai (NBD) which was up about 2%. Turnover figures DFM site after close (totals)...
DFM website 28 August 2005:
Traded Value 11,120,993,878
Traded Volume 371,537,917
No. of Deals 15023
DIC turnover...
2,851 deals
54,638,050 shares
991,542,100.30 dhs value
[edit] Topic title updated [/edit]
Last edited by sharewadi on Tue 12 Dec 2006 12:13; edited 3 times in total
Well, that turned out to be an interesting day, to say the least! Here's a better job of describing it all than I would do, from Khaleej Times.
Khaleej Times 29 August 2005:
All trades in DIB shares cancelled
By Babu Das Augustine
DUBAI — Widespread manipulation of Dubai Islamic Bank (DIB) stocks by two operators prompted the Dubai Financial Market (DFM) to cancel all trades in the bank’s shares yesterday. Following an investigation, DFM has found that most of the transactions on DIB were from two investors who manipulated the share prices. Although the DFM has not identified the two operators, market sources said these are two large institutional brokers — one of them closely linked to a leading bank.
The cancellation of trading will mean Saturday’s closing price is the last price of DIB share. The bull-run on Dubai Islamic Bank (DIB) counter yesterday saw its turnover hitting a new record high of Dh9.34 billion, 55 per cent higher than the highest ever market turnover reported in UAE and one of the highest ever daily turnovers in the world recorded on a single counter.
Khaleej Times, had termed the massive surge on the DFM turnover on Saturday as a one-stock bull run, and the DFM administration has moved quickly to correct the market distortions.
The massive surge in volumes and turnovers on the DIB counter on August 27 and 28 has prompted the DFM authorities to order an enquiry into the trading activities. In a faxed statement yesterday, DFM said that its investigations into the activities of the market found that two investors were involved in manipulating the price and demand trends affecting the market.
“In line with the rules and regulations of the market to protect the interests of all investors, the DFM administration is cancelling all trades contracted on August 28,” DFM statement said.
Investors had gone on no-holds barred buying spree on the DIB counter, driving up the share price by 7.4 per cent to Dh34.85. The scrip had hit an intra-day high of Dh37.30.
Triggered by market rumours of a rights issue DIB counter had been trading huge volumes from August 24. The DFM reported a massive turnover of Dh11.12 billion while the combined market turnover of both bourses hit a massive Dh11.6 billion.
Market sources said, the pattern of trading has been in the form of creating artificial demand by these two operators, while the rest of the market was forced to move along with these big players. “When a big institutional player places huge orders, it creates a major impact on the rest of the market as the small investors and day-traders will start buying the stock triggering a big increase in demand and hike in share prices. When the prices are high, the big players will start unwinding their positions making big profits, while the small players are left high and dry,” said a market analyst.
In the case of DIB, the surge in demand and price began with a rumour that the bank was about to float a rights issue. DIB had officially denied the rumours on August 24. Through a faxed letter addressed to Essa Kazim, Director General of Dubai Financial Market, Mohammed Saeed Al Sharif, Deputy CEO, Financial Affairs, DIB, said the bank has not taken any decision to expand its capital. However, the rumours continued to drive the market as most day-traders believed that DIB will eventually announce a rights issue as it happened in the case of Amlak.
“We had seen the Amlak shares rising on rumours of an impending rights issue. Initially the company officially denied its plans to expand its capital, but a week later it confirmed the market rumours through an official announcement. All those who had the privileged information and those who followed the market rumours made huge sums of money. We did not see any action taken on the source of such information or the company which initially denied the rumour and then went ahead with the issue,” said an investor.
In the past, there have been a number of allegations of insider trading and price manipulations taking place on the market.
However most these allegations were dismissed as baseless because of the lack of concrete evidence.
“It is an open secret that a lot of price sensitive information is available in the market weeks prior to their official announcements.
Although rumours and sentiments play a big role in markets around the world, here, news is selectively leaked prior to any major corporate action such as quarterly results, capital expansion, bonus or rights issues etc. It is time the market authorities took some tough action against the perpetrators of such crimes,” said an investment banker.
Many investor feel the action has come at a right time and tough action needs to be taken against all those involved in manipulating the market. While voicing concern about the unethical practices in the market, some investors said similar activities, which occurred in the past, also should be investigated.
“The UAE market is facing a strange phenomenon of high liquidity and very low level of market sophistication. While on the one hand the there is huge potential for growth, the investors and brokers are not adequately educated to deal with a situation such as these. Low level of business ethics in the market can also work against the credibility and future growth of investments,” said P. Krishanamurthy an investment analyst.
Last edited by sharewadi on Tue 12 Dec 2006 12:14; edited 1 time in total
Some good discussion on the radio this morning (Dubai Eye 103.8 FM). It revolved around the maturity (or lack of) of the markets here and how this would be dealt with. I got the impression from the radio discussion that it was two individual investors involved but the newspaper article refers to institutional investors and/or brokers. Mind you, as they pointed out on the radio, there are a number of individuals who have enough cash to operate on the same scale as an institutional investor.
Apparently in the SCA rules and regulations, there is a three month prison sentence available for anyone found manipulating the market. Whether this episode gets that far remains to be seen. It would be disappointing no further action was taken though (apart from the cancellation of yesterday's DIB trading).
Dubai stock exchange said it had cancelled all $US2.6 billion ($A3.43 billion) worth of trades on Dubai Islamic Bank (DIB) on Sunday after it said the record turnover was a result of manipulation by two investors.
"Dubai Financial Market saw that most transactions on DIB was from two investors who ... (manipulated) the share price," the bourse said in a statement.
"Therefore, Dubai Financial Market Authority ... has decided to cancel all transactions on DIB during Sunday's session," it said. It did not identify the suspected manipulators.
About 9.4 billion dirhams of DIB shares changed hands and the stock hit a record high of 37.3 dirhams in early trading, before retreating to an adjusted close of 34.9 dirhams.
Analysts attributed the gains to investors' hopes the bank, worth about $US1 billion ($A1.32 billion), would raise its capital.
Trading on the Dubai bourse hit a record turnover of 11.1 billion dirhams, compared to turnover of 51.1 billion dirhams for all of 2004 and 4 billion dirhams in 2003.
Shailesh Dash, head of research at Global Investment House in Kuwait, said it was encouraging that authorities acted promptly.
"If these types of practices are allowed to go unchecked, they can certainly undermine confidence in the market," he said.
"But the authorities appear to have acted quickly and that is a good thing, especially at a time when a lot of international investors are taking an interest in the Dubai market and in markets across the Gulf," he said.
DIB said in a statement on Sunday that "it does not plan to increase its capital for the time being", confirming a statement to the Dubai bourse last week.
DIB shares were up 7.4 per cent for the day, 24.3 per cent in the past week and 250 per cent for the year. The Dubai bourse index closed at 1,089 points - down 0.7 per cent for the day and 0.6 per cent in the past week, but 148 per cent higher for the year.
SHARJAH — The Emirates Securities and Commodities Authority (ESCA) and the management of the Dubai Financial Market (DFM) canceled all deals involving shares of the Dubai Islamic Bank (DIB) made yesterday.
The action, which also pinpointing two operators as allegedly involved fake deals involving DIB shares, came after charges were leveled that the rally of DIB shares was the result of price manipulation and it was artificially engineered.
An incredibly high volume of 268.23 million DIB shares were changed hands in 7,844 deals with a turnover of 9.34 billion dirhams. Frenzied deals on the counter took the overall DFM turnover to a height of 11.12 billion dirhams for the day.
On Saturday 143.7 million DIB shares were sold in record 6,292 deals fetching 4.66 billion dirhams.
The DFM management said that it has decided to cancel all the changes that resulted from these operations in terms of the closing price and balances of customers. "Necessary measures are underway against the violating parties and brokerage companies concerned," the statement said.
"The DFM management studied the unusual trading movement on Dubai Islamic Bank's shares on Aug. 28, 2005 and came to the conclusion that the majority trades on the shares of the said bank were made by two investors, who concluded corresponding and fake deals in huge quantities to affect the bank's share price upward and downward in a bid to make fast profits," said the statement.
"This, however, caused utmost harm to the other dealers in the market, who had no role to play in those trades." Shortly after concluding yesterday's trading session, the DFM management, in coordination with the ESCA, instituted an investigation into the price manipulation. The authorities studied the operations that were effected on the DIB counter. The bank showed prompt response to the DFM management's letter requesting disclosure and replied to the circulating rumors.
The market was agog with rumors that the bank will go in for a capital increase through a rights issue after the recent stock split that boosted liquidity. Investors dismissed a denial by the DIB management last week that the bank had any plan for capital increase.
In a faxed letter addressed to DFM Director-General Essa Kazim, DIB Deputy Chief Executive Officer for Financial Affairs Mohammed Saeed Al-Sharif said the bank has not taken any decision to expand its capital.
Last edited by sharewadi on Tue 19 Jun 2007 16:57; edited 1 time in total
Make no mistake this is an important test for the DFM.
Any market place has no real tangible assets apart from its reputation. The authorities at DFM must move quickly to find out what happened, report the findings and then punish those responsible if wrong doing is proved. If doubt about the validity of prices and trades is allowed to continue then investors will withdraw, volumes will decline and worst of all stock prices will decline.
Yes, a few more articles today... Sounds like the people/institutes involved will be banned from the markets. If this the reality, then that would show that the authorities are serious. There are no doubt many people (here and overseas) watching to see what the outcome is.
Khaleej Times 30 August 2005:
ESCA to crack down on market rigging
BY BABU DAS AUGUSTINE
DUBAI — Emirates Stocks and Commodities Authority (ESCA) will come down heavily on all those who were involved in the recent cases of price rigging and alleged cases of insider trading, a senior official told Khaleej Times yesterday.
“We will investigate the DIB case and a few other cases of alleged insider trading and price rigging which have been brought to our notice. Any violation of market regulations and trading practices will be dealt with strictly and the perpetrators will be punished according to the provisions of the law,” the official said.
Commenting on the price rigging incident on the DIB counter Abdullah Al-Turaifi, executive director of ESCA said: “People who took part in the manipulation or took advantage of the manipulations in the market will be completely stopped from trading in the financial markets.”
On Sunday, Dubai Financial Market had cancelled a massive volume of 268.23 million shares worth Dh9.36 billion traded on DIB counter were found to be fraudulent.
The ban will affect local, expatriate and foreign investors and a leading brokerage house who had participated in the malpractices.
As part of the scrutiny on insider trading, the stock trading activities and the links of senior executives with brokerages and market operators are likely to be probed. Sources in ESCA also hinted at investigations into the role of a few audit firms in the leaking of price sensitive information to the market.
The ESCA has established strict rules governing price rigging and the use of insider information. The authority may file complaints which could result in the courts imposing jail terms of three months to three years and or fines of Dh 100,000 to Dh1, 000,000 for each person who submits any information which is false, and which could affect the market prices of a security or an investor's decision to invest; trades securities based on non-public information which he was able to obtain based on his position; announces rumours concerning purchase or sale of securities; takes advantage of non-public information which could influence the price of a security for his personal benefit.
There have been a number of instances in the past that important information relating to price sensitive news on corporate action have been leaked to the market ahead of official communications to the stock exchanges. “Quarterly results of many companies are available in the market weeks ahead of their official announcements. In some cases profit figures to their last decimal are doing rounds much ahead of it is officially communicated. Important corporate actions including the Emaar and Amlak's rights issues and stock split of Tabreed were available to the key players weeks ahead of the official announcements. Nobody in the market really believes these are mere coincidence that rumours turning out to be legitimate news,” said a fund manager.
In the case of DIB shares it is the second time such large-scale malpractices are being reported on the market. Last year in May (on May 15) many trades were entered fraudulently. That time too, the timely intervention, both by the Dubai Financial Market (DFM) and Esca fixed the wrongdoers.
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Investors seek stringent action against 'insiders'
BY BABU DAS AUGUSTINE
DUBAI - ESCA rules prohibit individuals from trading in securities based on non-public information which one was able to obtain based on his position; uses rumours concerning purchase or sale of securities; takes advantage of non-public information which could influence the price of a security for his personal benefit.
Further, the authority's rules and regulations require that holdings of insider parties and their immediate family members in listed companies must be disclosed to the authority. Any changes in such holdings must be communicated to the authority.
Trading on insider information (information which is not disclosed to the public) violates the principle of full, true and plain disclosure, as well as the principle that all investors must share equally in the risk and opportunity. Insider trading generally refers to the purchase or sale of securities while in possession of material non-public information concerning such securities, or "tipping" such information (providing the information to a third party to their trading benefit, or so they can trade on behalf of the insider,) where the trader or tipper breaches a fiduciary duty or a duty arising out of trust or confidence.
“Those who trade on insider information have a clear advantage over other investors who do not have access to the same information. Legitimate investors will likely be unwilling to trade in a market where they perceive that other investors may have an advantage over them,” said a DFM investor.
Analysts said the ESCA move on price rigging is praise worthy and added that the market watchdog should impose hefty fines perpetrators of insider activity.
Under US securities law of 1934, insider trading can occur when a person, who possesses material non-public information, trades securities or communicates such information to others who trade. The person who trades violates the law if he has a fiduciary duty or other relationship of trust and confidence not to use the information.
The most common examples of insider trading involve corporate officers and directors; they owe a duty not to trade the securities of their own companies or not to disclose any material non-public information they possess. Trading is also prohibited when a person, who receives information through a confidential relationship, uses the information for his own trading or gives tips to others. People who receive information in confidence can include a broad range of persons involved in the securities markets. From time to time, the US-SEC has charged investment bankers, lawyers, employees, accountants, bank officers, brokers, and financial reporters with misappropriating information and violating insider-trading prohibitions.
The prohibition of insiders taking any advantage in share dealing started with the crash of 1929 in the USA. The fall in share prices raised public concern about the abuse of insider trading and how this affected the average investor. In most developed and emerging markets, the insider laws are different shades of the US laws.
In 1960s Pakistan issued several laws along with the present securities law as an ordinance. A partial version of the US law was adopted. In India, the Securities and Exchanges Board of India's (SEBI) Insider Regulations Act of 1992 is specific about the role of insider in giving sensitive information to outsiders. However, the US laws are far more encompassing as it has also introduced the concept of misappropriating inside information.
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Offenders named in bogus trade of DIB shares
By Stanley Carvalho, Staff Reporter
Abu Dhabi: The UAE's market regulator yesterday named two UAE nationals, one a minor, and the brokerage firm involved in the bogus trading of Dubai Islamic Bank's shares on August 28.
The offenders now face penalties and legal action.
The investors who concluded bogus deals are Rashid Bin Zayed Bin Aweidha Al Qubaisi, a minor UAE national (under the guardianship of his father Zayed Bin Aweidha Al Qubaisi) and Khalid Ahmad Majran Al Kindi, a UAE national.
Yahya Awadallah Salama, a Palestinian national who was managing the accounts of Al Kindi without authorisation, has also been named by the Emirates Securities and Commodities Authority (ESCA).
"The trades were executed through the brokerage firm Al Sharhan for Stocks managed by Jubran Abdul Rahman Jubran Ajaaj, a Jordanian national and better known as Zuhair Kiswani," said a statement from Esca.
"The two investors have done a lot of transactions in big quantities that affected the price of the Dubai Islamic Bank shares (to go up and down) so that they could make quick profits and create a belief that the market is very active.
"Another meeting will be held by Esca soon to look into the violation and impose penalties on the people involved as per rules and regulations of Esca, and it would be proposed to the Ministry of Justice and Islamic Affairs and Endowments to proceed on the judicial action," said the statement.
This saga has dragged on. I keep meaning to add updates to this topic but ... So does this mean that the traders are in jail or not? And is the Regulatory Authority regulating authoritatively?
Gulf News 12 December 2006:
Bogus share trading case postponed for sixth time
By Bassam Za'za', Staff Reporter
Dubai: The audit committee looking into the Dubai Islamic Bank (DIB) bogus share trading case has not yet submitted its report to the appeal court.
It is the sixth time the hearing has been postponed since May. The case was adjourned until January 15, to wait for the report to be submitted by the three-member committee specialised in financial markets and stock exchanges. The court said the committee will examine the case involving trading of DIB shares on August 27 and 28 last year.
The Dubai Court of First Instance earlier sentenced six traders to three years each in jail. Each was fined Dh1 million and ordered to jointly pay Dh1 million in temporary compensation to the Emirates Securities and Commodities Authority (ESCA) and Dubai Financial Market (DFM). Deals worth Dh9.35 billion had been cancelled.
Compliance
The court said the committee's job was to review the share transactions between two of the traders to determine their compliance with market rules.
It will also determine whether the defendants or other investors tried to manipulate share prices and whether that affected other investors trading in DIB shares and whether those acts influenced the market negatively.
This is a joke now. Well it became a joke a long time ago.
In the meantime, DFSA acts promptly on the case of false claims by Enduam. I was about to say no wonder there's no enthusiasm for UAE stocks. But there's even less enthusiasm at DIFX where there's more regulation. Go figure ...
Gulf News 16 January 2007:
Bogus share trading case adjourned again
By Bassam Za'za', Staff Reporter
Dubai: The Dubai Islamic Bank (DIB) share trading case was adjourned the seventh time on Monday after the investigating audit committee failed to submit its report as scheduled.
Presiding judge Adnan Al Farra of the Dubai Court of Appeal adjourned the case until February 19.
The three-member auditing committee, specialised in financial markets and stock exchanges, was scheduled to report the court about its findings on Monday.
The committee was assigned earlier upon a decision by the court which said it will examine the case involving trading of DIB bogus shares on August 27 and 28, 2005.
The Dubai Court of First Instance earlier sentenced six traders - two UAE nationals, three Jordanians and a Palestinian - to three years each in jail.
Each was fined Dh1 million and ordered to jointly pay Dh1 million in temporary compensation to the Emirates Securities and Commodities Authority (ESCA) and Dubai Financial Market (DFM).
And what will the outcome be? Another panel? Another report? Perhaps ... a result?
Gulf News 03 April 07:
Panel to give report on bogus shares
By Bassam Za'za', Staff Reporter
Dubai: A court has announced that the audit committee investigating the bogus Dubai Islamic Bank (DIB) shares case will submit its report next week.
In yesterday's hearing at the Dubai Court of Appeal, presiding judge Adnan Al Farra announced that the three-member committee, specialised in financial markets and stock exchanges, will submit its findings next week.
The court adjourned its hearing to April 9.
The committee was assigned based on a court decision to examine the case involving the trade of bogus DIB shares on August 27 and 28, 2005. The Court of First Instance earlier sentenced six traders - two UAE nationals, three Jordanians and a Palestinian - to three years in jail.
Each was fined Dh1 million and ordered to jointly pay Dh1 million in temporary compensation to the Emirates Securities and Commodities Authority (ESCA) and Dubai Financial Market (DFM).
The court said the committee's job is to determine whether the defendants or other investors tried to manipulate share prices and if that affected other investors trading in DIB shares.
Well, is this result a surprise or not? What sort of message does this send to all those foreigners that ADSM and DFM were trying to sign up recently? Is it likely to inspire them with confidence when investing in the UAE stock markets? And what about UAE investors - do they see this as a good result?
How can over 9 billion dhs of trading in one stock on one day not be manipulation when there's no significant news about the company concerned? Just a whim of a handful of traders, who drove the share price limit up at one point during the day?
I wonder how specific DFM and ESCA have to be to satisfy the defence that they were clear about trading regulations. This is what the ESCA website says...
ESCA website 19 June 2007:
16. Chapter Two: Trading - Article 16
Any dealing in Securities with the aim of deceiving other transacting parties shall be null and void. Resort to a series of illusory transactions representing essentially fictitious Trading conducive to the deluding of others as to the existence of an active market in the Securities traded shall be deemed a form of deception.
Any act aimed at causing a rise or a fall in the price of any Securities with the intention of encouraging other transacting parties to join in, whether as sellers or purchasers of the Securities, as the case may be, shall be null and void.
And I really am curious to know exactly how this result will give "stability and credibility to the DFM and its traders", as one of the defence lawyers said.
So now that the accused have been acquitted, will ESCA reinstate all those cancelled Dubai Islamic Bank trades? It seems the court thinks they were legitimate.
Gulf News 19 June 2007:
Appeal Court acquits six accused of manipulating DIB share prices
By Bassam Za'za', Staff Reporter
Dubai: The Court of Appeal yesterday acquitted six dealers who were accused of manipulating prices of Dubai Islamic Bank (DIB) shares through bogus trading.
The Dubai Court of Appeal cleared the six, identified as Z.Q., K.K., UAE nationals, J.A., M.A., B.F. and Jordanians, and Y.H., Palestinian, of manipulating the price of DIB shares on the Dubai Financial Market on August 27 and 28, 2005.
Trades worth Dh9.35 billion were cancelled on those two days after it was alleged that the share price had been manipulated.
Presiding judge Adnan Al Farra fined Y.H. Dh20,000 for illegally trading in the Dubai Financial Market (DFM) without obtaining a licence from the Emirates Securities and Commodities Authority (ESCA).
He dismissed the Dh1 million compensation claim filed by ESCA and DFM.
"This ruling has cleared the defendants of conducting any bogus trading during those two days. Justice has prevailed and this ruling will give stability and credibility to the DFM and its traders," one of the defence lawyers Ali Abdullah Al Shamsi told Gulf News.
No suspicion
The three-member committee of the Ruler's Court which specialises in financial markets and stock exchanges, issued a "reliable report which ruled out any suspicion", said Al Shamsi.
Another advocate, Samir Ja'afar said: "This ruling has revealed the truth. The suspects have denied conducting bogus trades since the beginning of the case and pleaded innocent. Part of what happened is identified as a cross trade and there were no bogus trades."
After the ruling, a number of people rushed out of the courtroom to congratulate the defendants on their acquittal on their mobiles as they were not present at that time.
This verdict is subject to appeal before the Cassation Court within the next 30 days.
The audit committee which handed its report after almost 11 months of examination to the appeal's court, said: "According to DFM's regulations and rules, investors are not confined to the number of transactions during the trading session or to a time frame between transactions."
Damage to market
The 95-page report said: "The claimants did not give specific definitions of the terms of legal or illegal speculations, bogus deals, formal trading and active market in their leaflets or list of regulations."
"None of the investors lodged complaints about any accrued damages due to the share transactions.
"With regard to the damage to the market, the claimant did not prove any damage, taking into consideration that the DIB's share maintained a minor decline in its price between August 29 and September 30, 2005.
"This was despite the cancellation of the transactions which were carried out on August 28 of the same year," said the report.
The Dubai Court of First Instance had earlier sentenced the suspects and fined each Dh1 million and ordered to jointly pay Dh1 million in temporary compensation to ESCA and DFM.
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... So does this mean that the traders are in jail or not? And is the Regulatory Authority regulating authoritatively?
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