UAE markets 10 Sep 2008

UAE market news & discussions for 10 September 2008 Another horror day on UAE bourses today but DFM shows signs of reaching a bottom. Despite being down over 4% in early trading the DFM index closed 2.58% lower at 4,365. This reverses the pattern of trading from the last two days when the market opened higher and closed lower. The value of shares traded was slightly over one billion dirhams. SHUAA lead the way falling 9.31%, next was UPP down 8.62%. EMAAR closed at a new low of 7.85 dirhams down 2.84%. As more TAMWEEL executives hit a career low so did the share price falling a further 4.03% to 4.99 dirhams. The ADX index fell from the start and did not recover losing 2.23% to close at 4,089. Losses were accross the board but notables were FGB down 6.25%, ALDAR down 6.21% and ETISALAT down 2.91%. In summary, The selling pressure seemed to moderate towards the close. This may indicate that sellers have run out of stocks to sell or they believe that stock prices have fallen far enought to turn them into holders or buyers. Who really knows??? DIFX DEPA $1.09 down 3.54% on 450 thousand shares traded DPW $0.66 down 9.59% on 11 million shares traded Further business items see Sharewadi news

• Marketwatch DFM ADX September 2008
• National Bank of Dubai Securities
• Reasons for stock market declines (long post)
• TAMWEEL price forecast update
• DU price forecast
• Trading Air Arabia
• Aramex price
• Saudi Tadawul index up
• EMAAR - accumulate?
• Drake Scull oversubscription
• RAK Properties share price
• Good prices to buy
• ARTC Price
• What's up with ShareWadi?
• Private Messaging issues
• DIB share price forecast
• Feedback on dxb_kola
• I had shares in P&O Shipping.
• Marketwatch DFM ADX August 2008 part II
• Interest Rate, Inflation & PE ratios
• Jabal Ali Port with big delays
• DIB & TAMWEEL
• GULFNAV negative closes
• Tabreed forecast?
• Where is amlak heading?

More UAE stock market news and discussions...

best stock rises symbol price change NBQ 6.16 +0.56 +10% GMPC 4.04 +0.23 +6% ADSB 4.13 +0.23 +5.9% JEEMA 3.29 +0.15 +4.8% SICO 5.85 +0.15 +2.6%

worst stock falls symbol price change ALSALAMSUDAN 3.76 0.49 15% SHUAA 5.26 0.54 11.4% UPP 3.18 0.30 10.4% AKIC 2.14 0.15 7.5% FGB 18.65 1.30 7.5%

top volume symbol value (AED) price EMAAR 352,531,142 7.85 ALDAR 185,201,247 8.15 TAMWEEL 130,232,023 4.99 ARTC 105,514,775 13.50 SOROUH 89,969,734 6.18

Dubai Financial Market

The DFM index closed at 4,365 a fall of 2.58% from the previous close. 261 million shares were traded worth 1.1 billion dirhams. Four shares advanced and twenty nine shares declined.
The top traded share was Emaar Properties (EMAAR), falling 2.84% to 7.85 dirhams on turnover of 45 million shares.

Other shares to fall included: AJMANBANK 2.72 (1.09%), Arabtec (ARTC) 13.50 (4.59%), DFM 3.47 (0.28%), Dubai Islamic Bank (DIB) 6.61 (4.47%), Shuaa Capital (SHUAA) 5.26 (9.31%), Tamweel (TAMWEEL) 4.99 (4.03%), TAKAFUL-EM 4.07 (3.09%) and Union Properties (UPP) 3.18 (8.62%).

Shares to rise included: Dubai Investments (DIC) 3.19 (1.26%) and ARAMEX 3.18 (1.01%).

Abu Dhabi Securities Market

The ADX index closed at 4,089 a fall of 2.23% from the previous close. 120 million shares were traded worth 553 million dirhams. Ten shares advanced and twenty nine declined.
The top traded share was Dana Gas (DANA) falling 3.31% to 1.46 dirhams on volume of 46 million shares.

Other shares to fall included: First Gulf Bank (FGB) 18.65 (6.52%), Aldar Properties (ALDAR) 8.15 (6.21%), Sorouh Real Estate (SOROUH) 6.18 (5.21%), Etisalat (ETISALAT) 16.70 (2.91%) and Abu Dhabi Commercial Bank (ADCB) 3.89 (4.19%).

Shares to rise included: Abu Dhabi Islamic Bank (ADIB) 5.92 (2.42%), SICO 5.85 (2.63%) and Commercial Bank International (CBI) 3.32 (1.22%).

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.