UAE market news & discussions for 11 September 2008Yet another dire day on the UAE markets with both the DFM and the ADX suffering heavy falls. Heavy trading again in Emaar and Aldar with both stocks seeing significant drops. Arabtec was the worst performer in Dubai, falling more than Tamweel. Odd when you think with the overflowing jailhouse executive wing, there'd be a construction opportunity for the building firm. The only significant bit of green was for the rarely traded National Bank of Umm Al Quwain, with a big jump on unusually high trading. On the DIFX, DP World continues to slide away, falling 6.1% to $0.62. Depa saw one trade at $1.09, unchanged from yesterday. |
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- Marketwatch DFM ADX September 2008
- ARTC bear confirmed
- Reasons for stock market declines (long post)
- TAMWEEL price forecast update
- National Bank of Dubai Securities
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI descended 2.45% to 4259 points from turnover of AED 878m with 2 stocks trading more than 100m worth. Emaar Properties (EMAAR) fell 3.6% to 7.57 from 260m of turnover and TAKAFUL-EM had a relatively small loss of 0.74% to 4.04 from 199m of traded value.
There were only 2 gainers, ALSALAMSUDAN and Commercial Bank of Dubai (CBD), with a total of 4 trades between them and turnover less than AED 300k.
Apart from a single small trade for EKTTITAB, Arabtec (ARTC) topped the loser's list and plummeted 7.8% to 12.45. Tamweel (TAMWEEL) continued its demise, falling 6.2% to 4.68, Tabreed (TABREED) was down 4.4% to 1.72, Amlak Finance (AMLAK) 3.8% to 3.56, Du Telecom (DU) 3.5% to 4.70, Islamic Arab Insurance (IAIC) 3.3% to 2.07, Dubai Islamic Bank (DIB) and DFM 3.2% to 6.40 and 3.36 respectively, SALAM_BAH 3.1% to 2.20. Six more stocks fell 2%-3%, and another 8 stocks fell less than 2%.
Abu Dhabi Securities Market
The ADX fell 1.35% to 4034 from AED 564m of turnover with Aldar Properties (ALDAR) dominating trading as it fell 4.4% to 7.61 from AED 269m worth of share trades. No other stocks saw more than AED 100m of traded value.
There were 11 gainers with Qatar Telecom (QTEL) at the top of the list with one tiny trade. NBQ saw unusually high turnover and rose 5.5% to 6.50. Abu Dhabi Islamic Bank (ADIB) was up 1.2% and the other gainers rose less than 1% or on thin trading.
Aldar was the worst of the losers trading more than AED 1m worth, Dana Gas (DANA) fell 3.4% to 1.39, First Gulf Bank (FGB) 3.2% to 18.00, Sorouh Real Estate (SOROUH) 3.1% to 5.90, Aabar Petroleum (AABAR) 2.8% to 3.52, National Bank of Abu Dhabi (NBAD) 2.1% to 16.80, Abu Dhabi National Energy (TAQA) 2.0% to 2.38, and another 12 stocks fell less than 2%.
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