UAE market news & discussions for 22 August 2007There seems to be no reprieve to the local share slump with both markets falling today. Both Emaar and the DFMGI dropping below the important levels of 10 dhs per share and 4000 points. It looks like Emaar got hammered after yesterday's conference call in which the CFO said Q3 profits were expected to be 'extremely marginal'. |
- 22 Aug 2007 business news Dubai and Abu Dhabi
- Deyaar to list on 05 Sep 2007
- DFSA instructs Forsyth Partners GDL to cease activities - PR 22 Aug 07
- DGCX - Barrick Gold Corporation
- DMCC CEO talks about pulses futures trading opportunities PR 22 Aug 07
- DU selects Nokia Intellisync for email solution - PR 21 Aug 2007
- DRIVE - obtains ISO 9001-2000 certification - 22 Aug 2007
- Dubai World to buy 9.5% of MGM for AED 18 bn - BB 22 Aug 07
- EMAAR - 2007 Q3 profits to be 'extremely marginal' - R 21 Aug 07
- EMAAR - Burj Dubai tours for Dh 1300? ... not really - 7D 22 Aug 07
- ETISALAT included in list of 10 bidders for Kuwait mobile license 22 Aug 07
- GCC banks have limited exposure to US subprime crisis - 21 Aug 2007
- IAIC Salama 10% share buyback - BOD decision 07 Feb 2007
- NBAD - to sell AED 6.4 bn bonds - EGM on 05 Sep 07?
- NBAD increasing investment in Saudi - GDN 22 Aug 2007
- NBF arranges AED 200m loan for Awwal Fitness Ltd - PR 21 Aug 2007
- NRE - Al Watya - Al Qebla Market judgement - DFM 22 Aug 2007
- RAK to allow 100% foreign ownership - 22 Aug 2007
- UAE current account surplus down 28% for 2007 says OBG - KT 22 Aug 07
- Nasdaq may increase OMX offer, Investor AB considers bids - R 21 Aug 07
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI got whacked by almost 2.5% today, on hectic turnover of 1.1 bn dhs and closing at 3968 points. Emaar Properties PJSC (EMAAR) suffered badly, accounting for about half the total turnover and a 3.5% fall to below 10 dhs, down to 9.75 dhs per share, a level not seen since the end of 2004.
Even worse falls for AMAN down 7.25% to 21.75, Emirates Integrated Telecommunications Company (DU) down 5.35% to 4.60, DFM down 5.0% to 2.66, Amlak Finance Company (AMLAK) down 3.6% to 2.92, Tamweel PJSC (TAMWEEL) down 3.6% to 3.74, and Union Properties PJSC (UPP) down 3.5% to 3.02.
National General Cooling Company PJSC (TABREED) was down 3.3%, AIRARABIA fell 2.5% on busy trading. Dubai Investments PJSC (DIC) and Dubai Islamic Bank (DIB) fell about 3% each on moderate trading, while GULFNAV, Arabtec Holding PJSC (ARTC), Aramex PJSC (ARMX) and Shuaa Capital PJSC (SHUAA) all fell about 1-1.5%.
Biggest rise was for Islamic Arab Insurance Company PSC (IAIC), up 1% to 3.06. Emirates Bank International Group (EBI) and National Bank of Dubai (NBD) rose about half a percent on limited volumes.
Abu Dhabi Securities Market
The Abu Dhabi index sunk by almost 2% on moderate turnover of 307m dhs with only two stocks rising on trading volumes of more than 1m dhs worth - ABNIC up 4% to 7.80, and Ras Al Khaimah White Cement Company (RAKWCT) up just 0.5% to 2.05.
Aldar Properties PJSC (ALDAR) plummeted 5.1% to 6.04 and was at the top of the traded value list with 98m dhs of turnover. Other sharp falls for Sorouh Real Estate (SOROUH) down 4.35%, Ras Al Khaimah Properties PJSC (RAKPROP) down 4.3%, ARKAN down 3.6%, Abu Dhabi National Energy Company (TAQA) down 3.3% and National Bank of Abu Dhabi (NBAD) down 3.2%.
Emirates Telecommunications Company (ETISALAT) was down 1.2% to 17.15 and Oasis International Leasing Company PJSC (OILC) with a relatively quiet day, also down by 1.2%, to 1.64 and turnover of 69m dhs.
- Discuss UAE companies at Dubai Share Talk.