UAE market news & discussions for 12 June 2008Both markets slumped today, making for a rather dull week in the end, with most of the actively traded stocks dropping by 0-2%. Aabar Energy, or Petroleum, or Gas Station, or whatever they're calling themselves this week, had another good day with an intra-day high just shy of AED 4.00. Union National Bank is another Abu Dhabi stock that seems to be on the up in the past couple of days, with much greater than usual trading activity. While in Dubai, there was little to write home about. On the DIFX, Depa was down 2% to $1.52, and DP World unchanged at $0.93. The Shuaa CEO, in an interview with Arabian Business, said he thought Emaar shares were undervalued and are worth 18-20 dhs per share. Which is about what everyone else (including ShareWadi) thinks. Except for that final arbiter of share price - the stock market. And just to remind us who's boss, Emaar shares fell 1.2% today to 11.20. Other stock market news ...
Agenda this week and next weekThursday, 12 June 2008 Friday, 13 June 2008 Saturday, 14 June 2008 Sunday, 15 June 2008 Monday, 16 June 2008 Tuesday, 17 June 2008 Wednesday, 18 June 2008 Thursday, 19 June 2008 DubaiShareTalk latest updates |
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- 12 Jun 2008 ADSM DFM DIFX disclosures & news
- ADIB Egypt rights issue
- Ajman Bank opening price
- Ajman Bank listing date
- DP World Operator of the Year
- GLOBAL Best Investment Bank award
- Mashreq wins best bank award
- NetSol new DIFX listing
- TAQA convertible bond AED 4.15 bn
- Taqa Theolia Morocco
- TAQA deals in 2008 worth AED 18 bn
- UCC BOD report
- 11 Jun 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
After a couple of flat days, the DFM index took off today, but not in the direction we want to see. It fell 1.1% to 5659 with turnover slightly below the AED 1 billion level. Emaar Properties (EMAAR) was at the top of the traded value list with AED 264m worth of deals, and a 1.3% fall to 11.20.
Apart from Aramex (ARMX) which rose 0.75% to 2.67, all the actively traded stocks fell today. There was only one other gain - a single small trade in the newly listed ALSALAMSUDAN, and a couple more trades at unchanged prices for other thinly traded stocks.
Dubai Investments (DIC) was the worst of the more active losers, with a 2.8% fall to 4.10. Islamic Arab Insurance (IAIC) was not far behind with a 2.6% drop to 3.33, while AMAN fell 2.5% to 3.49. Tabreed (TABREED) was down 2.3% to 2.50, Shuaa Capital (SHUAA) fell 2% to 8.22, and the remainder fell less than 2%.
Abu Dhabi Securities Market
The ADX index had a marginally better day, only dropping by half the amount seen in Dubai, to 5118, but turnover was a little higher at AED 1.2 billion. Abu Dhabi National Energy (TAQA) was the busiest stock with AED 227m worth of deals while falling by 1.8% to 3.77, another energy stock, Aabar Petroleum (AABAR), was also trading heavily but in a more positive light as it gained 1.6% to close at 3.85, and score top spot on the short list of gainers. RAK Cement (RAKCC) was also busy and rose 1.1% to 3.71, and Dana Gas (DANA) also saw more than AED 100m worth of trading, but price remained unchanged at 2.09.
Other gainers included RAK Ceramics (RAKCEC) up 1.5% on thin trading, Union National Bank (UNB) up 1.4% on heavier than usual trading, METHAQ up 1.3%, and another 5 on thin trading or with smaller than 1% gains.
The top three losers saw less than 10 trades and less than AED 0.5 m of turnover between them. The worst loser of note was Abu Dhabi Commercial Bank (ADCB), dropping by 2.1% to 5.20. Other losers included AGTHIA dropping by 1.8%, First Gulf Bank (FGB) down by 1.7%, NBS and RAK White Cement (RAKWCT) down by 1.6%, and the remainder by less than 1.5% or on thin trading.
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