UAE market news & discussions for 21 April 2008It was a less exciting day on the markets today with Abu Dhabi slipping back below 5000 points, and Dubai seeing a slight increase. Turnover was still strong on both markets. ESCA and the Ministry of the Economy were reported to be studying a law to allow UAE brokers to offer margin trading. Since, as far as we know, brokers and banks already offer margin trading to UAE investors, perhaps this new law is intended to regulate margin trading rather than turbocharge the markets. Results today for:
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- 21 April 2008 ADSM DFM DIFX disclosures & news
- 2008 Q1 results - NCB Capital report
- 2008 Q1 UAE financial results
- AABAR trading 05 Mar 08
- Air Arabia 2008 Q1 profits tripled?
- Ambiguity in ESCA's brokerage structure or what ?
- DEYAAR 2008 Q1 profit AED 200m 20 Apr 2008
- Gulf Navigation foreign ownership approved - 14 Apr 2008
- Insider trades April 2008
- Margin trading for UAE markets - EB 21 Apr 2008
- RAKBANK 2008 Q1 profit AED 140m +65% 20 Apr 2008
- SALAM 2008 Q1 profit AED 55m +112% 20 Apr 2008
- UNB 2008 Q1 profit AED 340m +32% 21 Apr 2008
- TAMWEEL 2008 Q1 results expected 22 April 2008
- 18-20 April 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
After a sharp climb at the start of the session, the DFMGI gave up all its gains and closed at 5721 points, just 0.15% ahead of yesterday's close. Emaar Properties (EMAAR) moved back to the dominant position on the trading floor with AED 462m worth of trading and a 0.9% rise to 11.60, ahead of DFM with AED 290m turnover but a 1.9% fall to 5.69.
Islamic Arab Insurance (IAIC) stood out on the gainers list with a 4.35% rise to 3.60, Dubai Investments (DIC) also performed well, rising 3.1% to 4.35 from robust trading. GGICO rose 1.8% despite more insider selling, Shuaa Capital (SHUAA) was up 1.1%, and another 5 stocks rose less than 1%.
The loser's list was headed by the star of the previous couple of days, Tamweel (TAMWEEL), falling 2.5% to 8.15, while its competitor, Amlak Finance (AMLAK), lost 2.0% to close at 4.81. AMAN was down 2.3% to 29.30, Du Telecom (DU) was in the dudu by just 1.3%, Aramex (ARMX) lost 1.15%, AIRARABIA 1.0% and another 4 stocks fell by less than 1%.
Abu Dhabi Securities Market
The ADSM index started a little higher than yesterday's close but gradually trickled down to end just below 5000 points at 4996 from turnover of just over AED 1 billion. ARKAN once again dominated the floor with AED 278m of turnover and a 2% rise to 4.72.
It was another day of more interest in the illiquid stocks with some big jumps and increased trading volumes for Foodco Holdings (FOODCO) up 8.85% to 5.84, NBF up 8.8% to 5.30, AAAIC up 8.8%, to 111.00, ADNH up 3.8% to 12.30, and ASMAK up 3.7% to 12.85.
Union National Bank (UNB) had a 2.0% rise to 8.74 and released their 08Q1 results this afternoon. RAK Cement (RAKCC) was up 1.5%, RAK White Cement (RAKWCT) up 1%, and the remaining gainers were up less than 1% or on thin trading.
QCEM stood out in the loser's list with a big drop of 8.8% to 3.00, Finance House (FH) fell 3.2% to 10.60, Oasis Leasing (OILC) took a 2.9% hit to end at 2.35, DRIVE was down 2.1% to 7.75, Sharjah Cement (SCIDC) and Abu Dhabi Commercial Bank (ADCB) lost 1.2%, and the remaining losers were down by less than 1% or on turnover of less than AED 1 million. Etisalat (ETISALAT) fell 0.7% to 21.75.
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