UAE daily stock market reports for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM) - RSS feed

Thursday, August 16, 2007

UAE markets 16 Aug 2007

UAE market news & discussions for 16 August 2007

The 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.

An anonymous source from Borse Dubai was reported to have said a full buyout of OMX was under consideration. Syria said they would drop their dollar peg. Second quarter result updates for Dubai Islamic Bank (DIB), Grand Real Estate (GRAND), and National Real Estate (NRE).

Dubai Financial Market and Abu Dhabi Securities Market index for 16 August 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
ASMAK 5.57 +0.50 +9.9%
OEIHC 21.85 +1.40 +6.8%
ADSB 3.33 +0.13 +4.1%
AKIC 1.68 +0.06 +3.7%
ADNIC 8.37 +0.26 +3.2%
worst stock falls
symbol price change
SALAM 11.95 -2.10 -14.9%
UNION 2.00 -0.20 -9.1%
NCC 9.50 -0.50 -5%
QTEL 224.50 -10.50 -4.5%
DANA 1.62 -0.06 -3.6%
top volume
symbol value (AED) price
EMAAR635,023,22310.50
AIRARABIA157,238,1751.23
ALDAR133,917,9676.66
OILC130,778,3531.68
DFM96,034,9102.88

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.

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