UAE markets 07 Sep 2008

UAE market news & discussions for 07 September 2008 Two new ski ramps were built today in the UAE. Firstly the DFM index fell by 4.64% after spending much of the day down by over 5%. It seemed any stock with an exposure to the property market was marked to be sold at any price. Explanations for this route are plentiful and range from Sub Prime to the recovery in the dollar reducing the need for a revaluation in the dirham. Simply it looks like a buyers strike and sellers are willing to take any price. A few examples included EMAAR down 7.98%, ARTC down 6.89%, UPP down 6.93%, DFM down 6.46%. On the ADX the index closed 3.74% lower at 4,149. FGB fell 9.73%, ALDAR 8.77% and SOROUH 8.48% All the cement companies fell some as much as 9%. DIFX Closed Further business items see Sharewadi news

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• Marketwatch DFM ADX September 2008
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• Marketwatch DFM ADX August 2008 part II
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• GULFNAV negative closes
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• Bull n Bear
• DPW-H1 results
• EMAAR - accumulate?
• Margin calls drag UAE stocks down
• ARTC Price

More UAE stock market news and discussions...

best stock rises symbol price change ASMAK 32.05 +2.50 +8.5% IFA 7.70 +0.45 +6.2% CBI 3.45 +0.15 +4.5% GGICO 9.99 +0.09 +0.9% GMPC 4.04 +0.01 +0.2%

worst stock falls symbol price change ARIG 3.15 -0.35 -10% ADAVIATION 3.72 -0.41 -9.9% QCEM 2.56 -0.28 -9.9% FOODCO 4.40 -0.48 -9.8% FGB 18.55 -2.00 -9.7%

top volume symbol value (AED) price EMAAR 417,721,332 8.07 ALDAR 149,933,635 8.32 ARTC 96,818,122 13.50 SOROUH 95,590,379 6.37 AIRARABIA 90,620,641 1.40

Dubai Financial Market

The DFM index closed at 4,471 a fall of 4.64% fro the previous close. 268 million shares were traded worth 1.05 billion dirhams. Three shares advanced and twenty five declined.
The biggest loser of the day was Emaar Properties (EMAAR) falling 7.98% to 8.07 dirhams on turnover of 51 million shares traded.

Other shares to fall included: AIRARABIA 1.40 (7.28%), Union Properties (UPP) 3.49 (6.93%), Arabtec (ARTC) 13.50 (6.89%), Tabreed (TABREED) 1.81 (6.70%), DFM 3.47 (6.46%), Shuaa Capital (SHUAA) 5.80 (5.22%), AJMANBANK 2.70 (4.25%), DEYAAR 1.74 (4.39%), Dubai Islamic Bank (DIB) 6.80 (4.09%) and Tamweel (TAMWEEL) 5.52 (4.82%).

No stocks rose on significant volume.

Abu Dhabi Securities Market

The ADX index closed at 4,149 a fall of 3.74% from the previous close. 97 million shares were traded worth 560 million dirhams. Three shares advanced and thirty five declined.
The biggest loser of the day was First Gulf Bank (FGB) falling 9.73% to 18.50 dirhams on turnover of 3.4 million shares traded.

Other shares to fall included: Abu Dhabi Islamic Bank (ADIB) 5.29 (6.54%), National Bank of Abu Dhabi (NBAD) 17.00 (2.02%), Aldar Properties (ALDAR) 8.32 (8.77%), Sorouh Real Estate (SOROUH) 6.37 (8.48%), Aabar Petroleum (AABAR) 3.67 (6.14%) and Dana Gas (DANA) 1.49 (5.70%).

All the cement companies declined as follows:

Gulf Cement (GCEM) 4.21%, QCEM 9.86%, RAK Cement (RAKCC) 5.25%, RAK Ceramics (RAKCEC) 4.39%, RAK White Cement (RAKWCT) 2.36%, Sharjah Cement (SCIDC) 8.19% and Union Cement (UCC) 6.25%.

No stocks rose on significant volume.

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