UAE market news & discussions for 10 August 2008The week started off in a bad way for UAE stocks as the markets tumbled, with several popular stocks plummeting sharply, although overall turnover was modest in Dubai at least. The Abu Dhabi property companies - Aldar, Sorouh, and RAK Properties were especially badly hit, and in Dubai, Emaar was less badly off and Union Properties wasn't too badly off. First Gulf Bank stood out with limit down trading, Ajman Bank, Dubai Islamic Bank and Emirates NBD looked a bit ill also, but other bank stocks suffered relatively modest falls. Arabtec topped the loser's list in Dubai, continuing last week's losses, while Shuaa seemed to halt the sharp slide seen last week. Of the few gainers, Methaq stood out in Abu Dhabi with a decent rise (although its Takaful cousins in Dubai had sharp falls), and Du and Union National Bank were the only other more popular stocks to rise but only slightly. There are about 27 companies listed on the ADX or DFM still to release results for 08Q2, including Ajman Bank, Dana Gas, IAIC Salama, Tabreed. ESCA deadline is this Thursday. See the UAE stocks list for more details. Sharewadi Calendar this week Sunday 10 August 2008
Monday 11 August 2008
Tuesday 12 August 2008 Wednesday 13 August 2008 Thursday 14 August 2008
Friday 15 August 2008 Saturday 16 August 2008
Sunday 17 August 2008 Dubai Share Talk latest posts |
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- Insider trades August 2008
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- Stocks price under IPO price
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Dubai Financial Market
The DFMGI had a 3.0% fall to 5095 points from AED 766m worth of turnover, with only Emaar Properties (EMAAR) trading more than AED 100m worth as it fell 3.8% to 10.05 from AED 178m of traded value.
There were only two gainers today, Commercial Bank of Dubai (CBD) up 0.45% from one small trade, and Du Telecom (DU) up just 0.37% to 5.49.
The losers list was topped by Arabtec (ARTC), plummeting 9.9% to 15.45. DFM shares followed with a 6.6% fall to 4.11, both stocks with a little below AED 100m of turnover each. DARTAKAFUL fell 6.2% to 6.67, TAKAFUL-EM lost 5.2% to end at 4.34, Tamweel (TAMWEEL) was down 4.4% to 6.50, AJMANBANK 4.3% to 2.89, and the remainder falling less than 4%. Shuaa Capital (SHUAA) and AMAN almost looked positive in comparison, as the only two stocks that fell less than 1%.
Abu Dhabi Securities Market
The ADX tumbled 2.55% to 4652 from AED 646m of turnover with two stocks trading more than AED 100m worth. Aldar Properties (ALDAR) crashed by 7.4% to 10.80 from AED 224m worth, and METHAQ, one of the few gainers, rose 2.8% to 7.53 from AED 141m.
Apart from Methaq, NBQ was the only other gainer out of the short list of 7 rising more than 1% on more than AED 1m of turnover as it increased by 1.1% to 6.40.
Four stocks saw 10% limit down trading, 3 of them on insignificant volumes, but First Gulf Bank (FGB) on more substantial volumes stood out as the fourth, and ended the day at 22.90. Sorouh Real Estate (SOROUH) was another big loser, dropping by 6.4% to 7.61, Aabar Petroleum (AABAR) and RAK Properties (RAKPROP) fell 4% each, Oasis Leasing (OILC) was down 3.4%, and Abu Dhabi National Energy (TAQA) 3.1%. The remainder fell less than 3% or on thin trading.
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