UAE market news & discussions for 05 August 2008Another depressing day on the UAE markets as both Abu Dhabi and Dubai saw greater than 1% falls. Turnover was light in Abu Dhabi but moderate in Dubai with Tamweel (falling) and the 2 newly listed insurance companies (soaring) accounting for almost half of the total. Shuaa and Arabtec had heavy falls in Dubai, while NBAD and Taqa dragged the index down in Abu Dhabi. The markets were perhaps rattled by Iran repeating threats to close the Straits of Hormuz, and a property report from Morgan Stanley forecasting a 10%, or possibly greater, decline in Dubai real estate values won't have helped. On the DIFX, DP World fell by $0.01 to $0.74, Depa was unchanged at $1.30 from just one trade, Damas untraded, and Goldfields (GFI) down another 4.6% to $9.90. 2008 second quarter results released or updated today
ShareWadi calendar this week Tuesday, 05 August 2008
Wednesday, 06 August 2008 Thursday, 07 August 2008
Dubai Share Talk latest updates |
- BAYAN share buyback
- Dar Takaful DFM listing
- DIFX DFM merger
- ENBD buying banks in Turkey?
- GPI capital increase
- IIG VC & GRAND CEO dies
- Insider trades August 2008
- Live chatroom for UAE stocks
- MACSharaf Securities Brokerage
- Marketwatch ADX DFM August 2008
- Property Dubai Morgan Stanley report
- QTEL 2008Q2 results by 15 September
- RAK White Cement power shortages
- Rashed Investment Bank
- SHOP KCMC capital increase
- SHUAA 08Q1 profit Dh67m -10%
- Tabreed Morgan Stanley report
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI tumbled another 1% to 5339 points today, with increased turnover of AED 1.3 billion although over half of that was from trading in just 3 stocks: TAKAFUL-EM soaring 7.4% to 4.48 from AED 332m of turnover and the second highest gainer for the day, Tamweel (TAMWEEL) sinking 3.3% to 7.11, and Emaar Properties (EMAAR) unchanged at 10.55 from AED 178m turnover. No other stocks in Dubai traded more than AED 100m by value.
Top gainer was the newly listed DARTAKAFUL, heading 15% limit up to 6.42 with no sellers in the queue but not suspended despite what other reports might say. GGICO continued its climb with a gain of 7.1% to 11.25 and a large number of inside trades. The only other 3 gainers, Arab Insurance Group (ARIG), AMAN, and SALAM_BAH, rose between 1-2% with only Aman trading more than AED 1m.
Shuaa Capital (SHUAA) was the worst of the losers as it continued its demise from yesterday, a drop of 6.15% to 6.10 today and much greater turnover after release of their Q1 results. Arabtec (ARTC) didn't fare much better, losing 5% to end at 18.00. Islamic Arab Insurance (IAIC) was down 3.25% to 2.68, Tabreed (TABREED) 3.1% to 2.20, Aramex (ARMX) 3.0% to 2.26, Amlak Finance (AMLAK) 2.9% to 4.29, Dubai Investments (DIC) 2.1% to 3.72, and another 11 stocks fell less than 2% or on traded value of less than AED 1m.
Abu Dhabi Securities Market
The ADX index fell 1.1% to 4870 but with turnover only at AED 378m with more than a third of that in Aldar Properties (ALDAR) stock, as it fell 2.1% to 11.65 from a total of AED 144m worth of deals, and the only stock in Abu Dhabi to see more than AED 100m of turnover.
There were 10 gainers but none of them saw more than AED 1m of turnover, in fact the total turnover for all 10 was barely over AED 1m. UNION had 1 small trade on a 9.75% rise to 4.39, DRIVE was up 8.1%, and Invest Bank (INVESTB) up 7.7%.
National Bank of Abu Dhabi (NBAD) was the worst of the losers trading more than AED 1m, and fell 3.7% to 20.50, with Abu Dhabi National Energy (TAQA) not far behind as it lost 3.3% to end at 2.89. AGTHIA fell 3.0% to 2.53, METHAQ 2.7% to 7.30, First Gulf Bank (FGB) 2.2% to 27.00, Oasis Leasing (OILC) 2.0% to 2.39, and another 18 stocks fell less than 2% or on turnover of less than AED 1m. Etisalat (ETISALAT) looked almost positive with only a 0.5% drop to 19.50.
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