UAE market news & discussions for 21 May 2008The major scrips continued to drift south today. Big falls for the shining stars earlier in the week in Abu Dhabi with RAK Poultry badly plucked, Methaq looking exhausted after its stellar climb, and International Fish Farming spluttering. First Gulf Bank had a solid gain on the back of yesterday's news of the Libyan bank licence and/or the Merrill BUY rating prompted more investors to build up their holding. Arkan dominated Abu Dhabi trading yet again, with price taking a big hit. In Dubai, Union Properties had a promising gain on heavier trading. On the DIFX, DP World is up 2% to $0.98, and Depa is up 1.3% to $1.58 at 4:30pm UAE time.
See the UAE stock calendar for more upcoming events. DubaiShareTalk latest updates |
- 21 May 2008 ADX DFM DIFX disclosures & news
- ARKAN Alumco MoU
- AABAR CEO resigns
- AABAR sells Pearl Energy
- DFM London roadshow 2008
- Insider trades May 2008
- DIB Merrill Lynch rating drops
- FGB Libya licence awarded
- FGB Merrill Lynch BUY rating
- Methaq fair price
- SHUAA rated Baa2/P-3 by Moody's
- SOROUH buys Pivot stake
- 20 May 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI fell 0.55% to 5619 points with turnover limited at only AED 598m, substantially less than on the Abu Dhabi bourse. Union Properties (UPP) stood out at the top of the traded value table as the only stock to see over AED 100m worth of deals during the day, and gained a healthy 3% to 4.85. However, AMAN was the star gainer with a 7.3% rise to 37.35 and trading volumes much higher than usual at almost AED 60m worth.
SALAM_BAH rose 1.2% to 2.45, Tabreed (TABREED) rose 1.2% to 2.53 and the remaining gainers were up less than 1% or on thin trading.
Most of the more actively traded stocks fell by less than 1%, with the exception of Dubai Investments (DIC) down 2.4%, Emaar Properties (EMAAR) down 1.3%, and Aramex (ARMX) down by 1.2%.
Abu Dhabi Securities Market
The ADX fell 0.64% to close at 4905 with turnover dropping back to a more usual level of AED 993m, although ARKAN still clocked up half of that while tanking by 3.4% to 5.55. No other stocks traded over the AED 100m turnover level.
First Gulf Bank (FGB) was the only significant gainer out of the list of 10, rising 2.1% to 23.95 from relatively high turnover. The top three stocks in the list each rose on single small trades.
RAK Poultry (RAPCO) continued its roller coaster ride spiralling downwards another 9.05% with trading volume similar to yesterday. The next 7 losers in the list were down on less than AED 1 m of turnover. Then came another rollercoaster stock, ASMAK dropping by 4% to 29.00, along with METHAQ dropping 3.4% to 3.56 - its week long turbocharged rally well and truly over.
Other less wild share price swings for RAK Cement (RAKCC) down 3.0% to 2.25, Qatar Telecom (QTEL) down 2.3% to 205.00, AGTHIA down 2.1% to 2.38, while almost all the usually active stocks fell by less than 2%. Etisalat (ETISALAT) dropped 1.4% to 20.70 on moderate turnover.
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