UAE market news & discussions for 28 August 2008After a solid performance yesterday on the DFM, it slipped slightly today which was probably to be expected but at least it wasn't a complete rout of yesterday's gains. The dead cat could still be bouncing. The ADX cat bounced up today, after yesterday's small drop, with FGB once again one of the more volatile stocks in terms of price movements. On the DIFX, DP World rose a decent 7.5% to $0.86 after release of 2008 H1 results with profit more than doubling to $288 million. PE still looks expensive compared to most other UAE stocks, at an annualised 25.7, but at least it's much lower than the 50+ levels last year. |
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- Marketwatch DFM ADX August 2008 part II
- DPW-H1 results
- EMAAR - accumulate?
- Saudi Tadawul index up
- Margin calls drag UAE stocks down
- ARTC Price
- No visa guarantee for UAE property investors
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI slipped back by 0.26% to 4790 with turnover also down a bit, to AED 653 million. Emaar Properties (EMAAR) was the only stock trading more than AED 100m with 22m shares traded and price falling by 0.84% to 9.43.
Arabtec (ARTC) was the top gainer of significance as it rose 2.6% to 13.95, Shuaa Capital (SHUAA) not far behind with a 2.5% rise to 6.20. Aramex (ARMX) was up 1.5%, Tamweel (TAMWEEL) 1.0%, and Tabreed (TABREED) and Dubai Islamic Bank (DIB) rose less than 0.5%. Two more gainers rose on total turnover of less than AED 1 m.
GULFNAV was the worst loser of note, falling 2.0% to 1.48. AJMANBANK also lost 2.0% and closed at 2.97. TAKAFUL_EM dropped by 1.85% to 3.71, DEYAAR 1.6% to 1.85, DARTAKAFUL 1.1%, Union Properties (UPP) 1.0%, and another 9 stocks fell less than 1% or on thin trading.
Abu Dhabi Securities Market
In Abu Dhabi, the ADX gained a respectable 1.3% but on low trading of AED 416m with Aldar Properties (ALDAR) the only stock to trade more than AED 100m worth, as it rose slightly by 0.42% to 9.60.
First Gulf Bank (FGB) was the most notable gainer, rising 3.85% to 22.35. RAK Properties (RAKPROP) also did well, up by 3.15 to 1.62, National Bank of Abu Dhabi (NBAD) was up 2.6% to 17.70, NBS up 2.4% to 3.00 on relatively heavy trading, Sorouh Real Estate (SOROUH) 2.0% to 7.22, Etisalat (ETISALAT) 1.7% to 17.95, Dana Gas (DANA) 1.2% to 1.64, and the remaining gainers up less than 1% or on turnover of less than AED 1 million.
There were only 7 losers, and only METHAQ saw more than AED 1m of turnover, down only 0.12% to 8.33. Another 5 stocks were unchanged.
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