UAE market news & discussions for 23 June 2008The DFM had an unpleasant fall, dragged down by DFM shares themselves, Emaar, and Dubai Islamic Bank, while the rising star of yesterday, Ajman Bank, came crashing down almost as quickly as it rose. The Abu Dhabi market barely moved, with Methaq up yet again, but few other stocks rose. A UAE stock picker is under development with filter for sector, market, and a couple of other variables. Comments / suggestions are welcome - please add to this topic in the forum. Agenda today and coming weekWednesday, 25 June 2008 Thursday, 26 June 2008 DubaiShareTalk latest updates |
- 23 Jun 2008 ADSM DFM DIFX disclosures & news
- Ajman Bank opening price
- BOS Lebanon partnership
- DIB Nakheel Tashyed
- EIB capital increase?
- ESCA disclosure awards
- Green Crescent IPO
- IFA Nakheel Golden Mile auction
- Insider trades June 2008
- MAZAYA capital increase
- Princess Resort Ajman cancelled
- Shuaa CEO interview
- TAQA loan AED 11 bn
- TNI IPO
- Universal Brokerage Jordan
- 20-22 Jun 2008 ADSM DFM DIFX disclosures & news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI lurched downwards by 1.7% as the heavyweight stocks fell and AJMANBANK plummeted 15% to 3.37 while taking pole position again on the traded value table with AED 442m worth of trades. Dubai Islamic Bank (DIB) was the only other stock trading more than AED 100m worth, and its 2.7% fall to 8.25 took the index down with it. Total turnover was just over AED 1 billion.
Out of only 6 gainers, the top three rose on limited turnover, while DEYAAR up 0.93% to 2.16, and Union Properties (UPP) up 0.77% to 5.22, were the only rises of any note.
The other big gainer from yesterday, AMAN, joined Ajman Bank at the top (or bottom if you like) of the loser's list with a 5.2% slide to 3.63. Tamweel (TAMWEEL) was also hurting with a 3.5% fall to 8.00, Du Telecom (DU) du-dued by 2.9% to 5.69, Amlak Finance (AMLAK) by 2.7% to 4.65, Dubai Investments (DIC) 2.25% to 3.91, DFM 2.2% to 5.34, and another 9 stocks fell less than 2%, including Emaar Properties (EMAAR) which dropped by 1.8% to 11.00.
Abu Dhabi Securities Market
After the dismal performance in Dubai, you could almost smile in Abu Dhabi as the ADX fell by a tiny 0.04%, or just under 2 points, to 5037. Turnover was moderate at just under AED 1 billion, but that was dominated by METHAQ surging yet again, by 4% to an implausibly high 6.19. Methaq turnover at AED 650 million was more than 10x the amount for the next in the traded value list - ARKAN - another VIP luxury brand stock apparently, if share price is anything to go by, although they closed flat today.
Only 7 stocks rose today, with Methaq the only gain of significance - the others rising less than 1% or on thin trading. Etisalat (ETISALAT) rose 0.5%, that small gain saving the index from ending further in the red despite the large number of losers.
The worst of the losers was RAK Poultry (RAPCO) with a 6.4% fall on just over AED 1 m of turnover. Other notable falls for AGTHIA down 2.3%, RAK Cement (RAKCC) down by 2.2%, Aldar Properties (ALDAR) down 1.1%, and the remainder fell less than 1% or on thin trading.
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