UAE market news & discussions for 15 July 2008The positive performance yesterday did not carry on, with most stocks seeing red and both local markets falling. Considering the bad news in the rest of the world as Asian and European bank shares plummet, perhaps it's not so bad. Closer to home, the Saudi Tadawul seems to be in free fall with a 5.2% drop by 16:30 today and not a single stock showing green. However, Shuaa came up trumps after news that about 21% of their shares would now be available to foreign owners. They couldn't snap them up fast enough as shares traded limit up within minutes of the opening bell, and stayed there for the rest of the day with few orders trickling through at that price. Curiously, there were reports of Shuaa shares being suspended from trading, however, as can be seen from the trading log, a few orders still went through only seconds before the closing bell. On the DIFX, DP World is the only stock traded and is down 2 cents to US$0.78 at 16:30.
ShareWadi calendar this week Tuesday, 15 July 2008
Wednesday, 16 July 2008
Thursday, 17 July 2008
Friday, 18 July 2008 Saturday, 19 July 2008 Sunday, 20 July 2008
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Dubai Financial Market
The DFMGI fell 0.44% to 5293 points with turnover increased to AED 1.65 billion. Over a third of that was in AJMANBANK as it fell 2.9% to 3.37. Emaar Properties (EMAAR) took number 2 spot on the traded value table with AED 370m worth of deals and a 0.5% fall to 10.25. Two other stocks saw more than AED 100 million worth of trading - Union Properties (UPP) gaining 2.4% to 5.53, and DFM falling 3.7% to 4.66.
Shuaa Capital (SHUAA) was the standout stock today with 15% limit up trading to 7.53 within the first few minutes of opening, and not many sellers throughout the session exept for some insiders. Apart from them, and Union Properties, Emirates NBD (ENBD) was the only other gainer of more than 1% on turnover greater than AED 1 million, gaining 1.3% to close at 11.95. There were 4 other gainers.
Most of the more active stocks fell up to 3% today, with a couple of more unpleasant drops for AIRARABIA down 4.3% to 1.56, Dfm as mentioned, and Aramex (ARMX) down 3.3% to 2.35. Amlak Finance (AMLAK) fell 2.75%, Tabreed (TABREED) 2.6%, Arabtec (ARTC) 2.2%, and the remainder by less than 2%.
Abu Dhabi Securities Market
The ADX dropped 0.25% to close at 4940 points, with turnover more modest than in Dubai at AED 731 million. Aldar Properties (ALDAR) was the only stock trading more than AED 100 million as it slipped slightly by 0.8% to 12.00.
Commercial Bank International (CBI) stood out in the gainers list with greater than usual activity and a 3.4% rise to 3.07. Foodco Holdings (FOODCO) rose 3.2% on just over AED 1 million of turnover, ARKAN was up 1.5% and the remaining gainers were up less than 1% or on thin trading.
In the losers list, Gulf Cement (GCEM) took the top spot (ignoring the thinly traded stocks) with a 4.1% to 5.71, RAK Properties (RAKPROP) fell 3.1% to 1.90, Oasis Leasing (OILC) was down 2.7% to 2.47, Dana Gas (DANA) by 2.2% to 1.82, Sorouh Real Estate (SOROUH) by 2.0% to 9.01, AGTHIA 1.75% and the remainder by less than 1.5% or on turnover of less than AED 1 million. Etisalat (ETISALAT) had a small fall of 0.25% to 19.95.
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