UAE market news & discussions for 13 May 2008Abu Dhabi fell marginally today but the DFM suffered a more pronounced drop on increased turnover compared to yesterday, with all the major stocks falling, except for Dubai Islamic Insurance. Big climbs in Abu Dhabi for Methaq limit up for a third day in a row, and Asmak also limit up. On the DIFX, only Depa and DPW World were traded, both stocks closing unchanged from yesterday's. Stock related news for 13 May 2008
Agenda items today and tomorrow Tuesday, 13 May 2008 DubaiShareTalk latest posts |
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- 13 May 2008 ADSM DFM DIFX disclosures & news
- ADX to list ETFs by end of 2008
- Air Arabia 2008 Q1 profit +81% to AED 78m
- DIFX minimum broker commission
- DME gold futures
- Dubai Mercantile Exchange IPO?
- EMAAR 2008 Q1 profit AED 1.7bn -4% 16 Apr 2008
- ETISALAT to buy MTN in Africa?
- ETISALAT to buy Tata stake?
- Insider trades May 2008
- Marketwatch ADX DFM May 2008
- Mubasher E-trade license - first from ESCA?
- UAE banks - Fitch report
- 12 May 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI fell 1.35% to 5721 from AED 1.6 billion of turnover. Islamic Arab Insurance (IAIC) Salama was traded heavily again, topping the turnover table with AED 323m worth but gave back some of yesterday's gains by falling by 2.5% to 3.57.
Only AMAN stood out in the short list of 4 gainers, with a 2.05% rise to 37.40 and relatively high turnover. Their EGM to decide on a share split and foreign ownership is on Sunday next week. Compared to the most other scrips, Arabtec (ARTC) could be seen as having a good day with price unchanged at 16.10.
The top 3 losers saw very light turnover. Global Investment House (GLOBAL) was the worst on greater than AED 1 million worth, with a fall of 3.3% to 14.80. TABREED, Emirates NBD (ENBD), and DFM all fell by more than 2%, Emaar Properties (EMAAR) was down 1.7% to 11.60, AIRARABIA and Du Telecom (DU) fell 1.5%, Dubai Islamic Bank (DIB) by 1.4%, Tamweel (TAMWEEL) and Dubai Investments (DIC) by 1.3% and the remainder by less than 1% or on thin trading.
Abu Dhabi Securities Market
The ADX index fell marginally by just 0.09% to 5022 while turnover was a fairly decent at AED 1.3 billion. ARKAN topped the traded value list with AED 323m worth and a 1.9% rise to 5.49, for no apparent reason when looking at fundamentals. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) both saw decent turnover and small gains of 0.4%.
The big gains, however, were for the newly listed METHAQ up another 10% to close at 2.94, and ASMAK closing at 26.15 - a 9.7% increase. Neither stock had any sellers in the queue at the end of the day. NCTH had a 5% jump to 14.30 with reasonable trading levels, Commercial Bank International (CBI) was up by 2.2%, and the remaining gainers were up by less than 1% or on thin trading.
A bad day for ADNIC, with some trades 10% limit down at 9.00 but closing just above that at 9.06, with turnover higher than usual. ADAVIATION fell 2.25% to 5.93, Sudan Telecom (SUDATEL) was down 1.3% with unusually high turnover - the news they'd signed up more than 4 million customers apparently not seen as positive by the market. Other losers were down by less than 1% or on thin trading. Etisalat (ETISALAT) was down 0.5% to 21.40, the market seemingly unmoved by news of potentially large telecom related shopping in South African and Indian.
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