UAE market news & discussions for 13 August 2008Both the ADX and DFM surged ahead today, on increased trading volumes (although that was a bit deceptive for Abu Dhabi). Did a dead cat bounce or have the bulls seen off the bears? Ajman Bank soared in Dubai, followed by Tamweel with a big jump. Many other actively traded Dubai stocks had gains of 4-6%. It wasn't quite as positive in Abu Dhabi with FGB standing out in the gainers list, a couple more fairly solid rises but most of the other more popular stocks rising 0-2%. However, Aldar continued to slide on heavy trading - more than half the total turnover for the ADX. 2008 second quarter results released or updated today
ShareWadi calendar this week 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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- ALDAR Cebarco Bahrain
- ASMAK Hydra convertible bond
- ASNIC 08Q2 profit Dh25m +171%
- ASNIC capital increase
- CIB Egypt 08Q2 profit Dh360m +31%
- DNIR 08Q2 profit Dh12m +26%
- EMAAR lawsuit Saudi Arabia
- EMAAR 08Q2 profit Dh1.66bn +7%
- FOODCO 08Q2 profit Dh23m +485%
- Good portfolio and rebound when?
- Marketwatch ADX DFM August 2008
- NIND 08Q2 profit Dh810m -41%
- TABREED 08Q2 profit Dh23m +85%
- UPP seeks $1bn loan
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI rose 2.6% to 5074 with turnover a more robust AED 1.45 billion and several stocks trading more than AED 100m worth for the day. Emaar Properties (EMAAR) was the busiest with AED 376m turnover and a 2.5% increase to 9.84. The others saw AED 130m-170m of turnover each: Arabtec (ARTC) crept up 0.33% to 15.35, DFM shot up 6.4% to 4.13, Tamweel (TAMWEEL) did even better with a 9.8% jump to 6.48, and AJMANBANK was the star with 15% limit up trading at 3.11 and taking top spot on the gainers list. Will anyone be surprised if Ajman Bank 2Q results are released tomorrow?
Other solid gains for AIRARABIA up 6.6% to 1.61, DEYAAR 6.3% to 2.02, Amlak Finance (AMLAK) 5.8% to 4.19, Tabreed (TABREED) 5.1% to 2.05, TAKAFUL-EM 4.9%, Shuaa Capital (SHUAA) and GULFNAV 4.6%, Islamic Arab Insurance (IAIC) 4.2%, and the remainder up less than 4% or on turnover of less than AED 1m. Emirates NBD (ENBD) was unchanged at 11.50.
There was only one loser today, GRAND falling 2.15% from one insignificant trade.
Abu Dhabi Securities Market
The ADX recovered by 1.6% to 4463 points from turnover of AED 819m, although that wasn't as good as it looked as over half of that was from trading in Aldar Properties (ALDAR), which bucked the trend and fell 2.1% to 9.85. Sorouh Real Estate (SOROUH) also saw more than AED 100m of turnover and edged up by 0.66% to 7.87.
The top 5 gainers all saw 10% limit up deals, or close to it, but from total turnover of less than AED 200,000 between them. Of the more actively traded stocsk, First Gulf Bank (FGB) was the standout gainer on more robust trading levels, rising 7.2% to 22.15. Other gainers included RAK Cement (RAKCC) up 5.1% to 3.10, ARKAN 5.05% to 6.10, AGTHIA up 4.1% to 2.35, Oasis Leasing (OILC) 4.1% to 2.30, Aabar Petroleum (AABAR) 3.6%, and the remainder up less than 2% or on thin trading. Etisalat (ETISALAT) rose 1.7% to 18.50.
Apart from Aldar, only RAK Bank (RAKBANK) stood out in the losers list, with a 5.9% fall to 7.50 from greater than usual activity. The other 4 losers fell on thin turnover except for Dana Gas (DANA) which ended down by just 0.6%.
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