UAE market news & discussions for 16 August 2007The UAE markets saw unpleasant falls of more than 1% on increased volumes as markets around the world tumbled on growing investor fears over credit crunches related to the US subprime mortgage fallout. Asian markets were particularly hard hit with hits of 5% or more on some markets. It looks like it will be a bleak day for US stocks when their markets open today. |
- 16 Aug 2007 financial and business news for the UAE
- 2007 Q2 results for DFM and ADSM companies
- Al Qudra chief in 50th place on 2007 influential Arabs list - PR 15 Aug 07
- Al Qudra Real Estate will have Thomson Golf Course in Al Ain - PR 30 Jul 07
- Borse Dubai may consider full buyout of OMX - ET 16 Aug 2007
- Borse Dubai - questions from Sweden - FT 16 Aug 2007
- DFM - Kuwait companies keen to list in Dubai - KUNA 15 Aug 2007
- DIB research update from EFG-Hermes, FV 8.58 [NEUTRAL] - 15 Aug 07
- DIB 2007 H1 profit AED 1.51bn +113%, 2007 Q2 profit AED 1.08bn +188%
- EMAAR: Marc-Francois Dardenne is new Hotels & Resorts CEO PR 15 Aug 07
- EMAAR buys John Laing Homes (US) for $1.05 bn - GN 03 June 2006
- ETISALAT, DU, TRA say thanks for mobile phone recycling PR 15 Aug 2007
- IPO regulations in the GCC need to be reformed say analysts - R 16 Aug 07
- IPO report - The End of Easy Money
- Subprime crisis, Implications for UAE Markets
- UNB report from TNI says FV 8.63 dhs, rated [NEUTRAL] - 31 Jul 2007
- UNB 2007 FY profit forecast +7.8% to AED 1.01 bn (TNI)
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI crumpled by 1.5% to close just below 4200 points with increased turnover of 1.2 billion dhs, about half of that on Emaar Properties PJSC (EMAAR) shares which lost 2.3% to finish the week looking weak at 10.50 dhs. Emaar have exposure to the US housing market through their John Laing Homes subsidiary.
Arabtec Holding PJSC (ARTC) had the worst hit of the actively traded stocks, down 3.4% to 5.75. Dubai Islamic Bank (DIB) and National General Cooling Company PJSC (TABREED) were down 2.8% to 9.70 and 2.48 respectively, Aramex PJSC (ARMX) and DFM dropped 2.7%, Tamweel PJSC (TAMWEEL) and AIRARABIA down 2.4% and Islamic Arab Insurance Company PSC (IAIC) down 2.2%.
Only two stocks rose - the two merger banks, National Bank of Dubai (NBD) and Emirates Bank International Group (EBI) up by 1.5% and 1.1% respectively on insignificant trading volumes.
Abu Dhabi Securities Market
ADSM fared less badly than Dubai but still had a nasty 1.2% drop to 3437 points from a moderate 0.5 bn dhs turnover. About half of that from trading in Aldar Properties PJSC (ALDAR), down 2% to 6.59, and Oasis International Leasing Company PJSC (OILC), down 0.6% to 1.72.
In the long list of losers, the worst falls on significant trading volumes included Dana Gas PJSC (DANA) down 3.6% to 1.62, Abu Dhabi Commercial Bank (ADCB) down 3.4% to 6.27, Gulf Cement Company (GCEM) down 3.1% to 5.99, First Gulf Bank (FGB) down 2.4%, ARKAN down 2.3%, Aabar Petroleum Investments Company PJSC (AABAR) down 2.2%, Abu Dhabi National Energy Company (TAQA) down 2.1% and AGTHIA down 2.1%.
It was another good day for Abu Dhabi Ship Building (ADSB) with a jump of 4.1% to 3.43 and the distinction of having the highest turnover of the stocks that rose today. It was still only 1.25m dhs worth. ADNH was the only other gainer that clocked up more than a million dhs worth of trading, up by 2.6% to 5.90.
- Discuss UAE companies at Dubai Share Talk.