UAE market news & discussions for 21 January 2008More bloodshed on the UAE markets with DFM suffering a particularly nasty fall today. If it's any consolation, stock markets in the rest of the region, and the world, are going through similar turbulence. Curiously, the ADSM seemed to recover early in the session after a big drop on opening, but then slid away again, while the DFM was more consistent in its bloodletting. Du Telecom and IAIC Salama fell more than 10%, while Tamweel was the only DFM listing to rise, only slightly though. On the ADSM, Oasis Leasing was the only stock to rise on active trading, while Al Dar Properties stood out in the losers' list.On the DIFX, DPW shares briefly dipped below $1 for the first time, but recovered slightly to close at $1.02, still more than 5% down for the day. Aabar Petroleum announced that their subsidiary Pearl Energy (which they wanted to sell last week) had been awarded 2 exploration contracts in the Gulf of Thailand. DP World said that container throughput grew by 18% in 2007. If that can be used as an indicator of profits, then growth is about in line with expectations, and their shares still look expensive based on earnings even after the recent fall in price. Emaar MGF said they hope to raise up to AED 6.6 billion (US$1.8 bn) in their upcoming IPO in India. The IPO runs from 01-06 February 2008. NanoDynamics cleared up last weeks DIFX listing questions by announcing an IPO from the end of January. Just over 9m shares will be offered with a price range of $10-12.50. Listing date was not supplied. Mork from Ork will do some analysis later, Nano Nano. Spice Corp, an Indian conglomerate said they may list in Dubai in 2010. Or they may list in Singapore. Last year, Damac Properties gave away a plane as a Dubai Shopping Festival prize. This year, they've topped that by offering an island in the Caribbean this year. Which could be a nice place to stay while you wait for them to finish the apartment you bought. And for one of those "biggest in the world" announcements, we turn to Abu Dhabi's Masdar energy company - saying they plan to build the world's biggest hydrogen power plant with a capacity of 500 MW, in keeping with their drive to develop green energy. It probably won't be called the Hindenburg Power Plant. 2007 Results
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- 21 January 2008 shares and financial news for DFM and ADSM
- Air Arabia correction due? Jan 2008
- Analyst reports and recommendations
- DIC 2007 FY profit forecast AED 1.43 billion
- DPW-New promises
- Dubai Financial Market General Index (DFMGI) Comments 01 Dec 07
- Empost to spend AED 1.5 bn in Asia - R 20 Jan 08
- ETISALAT (and DU?) royalties reduction - R 06 Jan 2008
- Emirates Post IPO
- Insider trades January 2008
- TAMWEEL 2007 FY profit fall 47% to AED 451m - PR 20 Jan 2008
- Tamweel in 2008 18 Dec 07
- Technical Analysis resources for beginners?
- 20 January 2008 shares and financial news for DFM and ADSM
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI plummeted 5.3% making for a very bad week so far, with turnover an unnerving AED 3.2 billion. Only Tamweel (TAMWEEL) rose with a 0.9% increase to 6.56.
Du Telecom (DU) and Islamic Arab Insurance (IAIC) crashed by 10.5% to 5.95, and 10.1% to 3.37 respectively. DFM dived 9.5% to 4.94 on heavy trading, Amlak Finance (AMLAK) was down 9%, Union Properties (UPP) 7.75%, Emaar Properties (EMAAR) and GULFNAV 6.8%, DEYAAR 6.4%, Dubai Investments (DIC) 5.2%, AIRARABIA 4.9%, Aramex (ARMX) 4.5%, Shuaa Capital (SHUAA) 4.4%, Dubai Islamic Bank (DIB) 4.1%, and Arabtec (ARTC) one to smile about with only a 1.4% fall.
Abu Dhabi Securities Market
ADSM dropped 1.6% to 4618 points on lower turnover of AED 1.3 billion. Only 7 stocks rose today, the top 4 on less than AED 1 million of turnover. Oasis Leasing (OILC) and National Bank of Abu Dhabi (NBAD) rose less than 1% on more active trading, and UAB rose 2.6% from thin trading.
AWNIC had the biggest fall of 9.4% to 6.95, Bank Of Sharjah (BOS) fell 6.9% on busy enough trading, Aldar Properties (ALDAR) suffered the most of the more active stocks, falling by 5.4% to 10.10. Abu Dhabi Commercial Bank (ADCB) fell 5%, Aabar Petroleum (AABAR) 4.3%, Sorouh Real Estate (SOROUH) 4.1%, another 7 stocks fell between 3-4% and the remainder falling less than 3%.
Etisalat (ETISALAT) fell only 0.4% but from heavy trading. They, and the slight rise for Nbad kept the ADSM index from looking worse than it did.
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