UAE market news & discussions for 31 August 2008It was a lacklustre (have we used that word before?) end to an unpleasant month on the UAE markets with both indices slightly down today, and a decent gain for Emirates NBD hiding an even worse performance for the DFM. Arabtec also shot up but Emaar tumbled in the last half hour of trading. There was nothing of note on the ADX, unless you count the interesting rise in Asmak fish farm, contrary as usual, and showing that even when there are cheap stocks around, punters are still ready to pile into the overpriced companies. |
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- Bull n Bear
- Marketwatch DFM ADX August 2008 part II
- Jabal Ali Port with big delays
- DPW-H1 results
- EMAAR - accumulate?
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI fell by 0.56% to 4763 on turnover of AED 724 million. However, it was worse than that as most stocks fell by 1-3%, it was only the 4.7% rise to 11.10 for the heavyweight Emirates NBD (ENBD) that saved the index from a more painful move. Arabtec (ARTC) also impressed, at the top of the traded value table with AED 210m worth, and almost at the top of the gainers list with a 4.7% rise to 14.60. Emaar Properties (EMAAR) was the only other stock to trade more than AED 100m with AED 165m of turnover but an unpleasant fall of 3.4% to 9.11.
Dubai Investments (DIC) and Tamweel (TAMWEEL) were the only other gainers trading more than AED 1m of shares. Both rose negligible amounts though (less than 0.5% each).
AJMANBANK got the gong for the worst loser today, down by 5.05% to 2.82. AMAN fell 4.0% to 2.88 on thin trading, GGICO was down 3.8% to 10.05, Union Properties (UPP) 2.3% to 3.80, Amlak Finance (AMLAK) 2.2% to 3.60, Tabreed (TABREED) 2.0% to 1.96 and the remainder down by less than 2%.
Abu Dhabi Securities Market
The ADX index was marginally down today, 0.06% (less than 3 points) to 4413 from turnover of just AED 358m, with winners and losers fairly evenly split, and 7 of the 10 top traded stocks in the green. however it was a 2.5% fall to 17.30 for National Bank of Abu Dhabi (NBAD) that kept the index from looking better. There were no stocks that saw more than AED 100m of turnover, the two big property stocks Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) saw a little over AED 60m worth each on small rises of less than 1% to 9.46 and 7.20 respectively.
ASMAK was the top gainer on more than AED 1m of traded value, rising 4.6% to 30.10. Next was RAK Cement (RAKCC) with a 2.3% rise to 3.04, NCTH was up 1.9%, ARKAN 1.7%, AGTHIA and ADNH up 1.3%, Abu Dhabi National Energy (TAQA) 1.1%, First Gulf Bank (FGB) 0.9%, and another 10 stocks by less than 1% or on turnover of less than AED 1m.
Commercial Bank International (CBI) was the biggest loser on turnover greater than AED 1m, dropping by 3.1% to 3.44, Abu Dhabi Commercial Bank (ADCB) was down 2.1% to 4.13, RAK Properties (RAKPROP) fell 1.2%, NBS 1.0%, and the remainder fell less than 1% or on thin trading.
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