UAE market news & discussions for 14 September 2008 Dubai Financial Market Promising news yesterday from Emaar Properties (EMAAR) that they would buy back their own shares pushed up their share price in early trading. But it wasn't to last and their shares ended up falling 3% to 7.34 with total turnover of AED 441m for the day. On the bright side, if their share price does stay low, they might actually buy some shares but today's market reaction indicates investors haven't put much faith in the latest Emaar announcement.
Overall, it was a glum day with the DFMGI falling 3.4% to 4115 points and traded value well over the billion dirham level with a total of AED 1.4 bn changing hands. TAKAFUL-EM was heavily traded and fell 3.5% to 3.90, Union Properties (UPP) also saw more than AED 100m worth of turnover and plummeted 8.4% to 2.83. The worst performers however were Arabtec (ARTC) down by 11.2% to 11.05 and Tamweel (TAMWEEL) down by 10.0% to 4.21. Many other active stocks saw grim falls including Dubai Islamic Bank (DIB) and DFM which both collapsed by more than 5%. Only 3 stocks rose on the Dubai market, none of them trading any significant quantities. Abu Dhabi Securities Market
In Abu Dhabi, the ADX index was down 2.7% to close below 4000 points, at 3925, with turnover a less hectic AED 502m worth. Aldar Properties (ALDAR) was the only stock to trade more than AED 100m and fell 3.5% to 7.12. Four stocks saw 10% limit down trading, but from just one small trade each. The worst losers of significance were Union National Bank (UNB), down by 6.3% to 6.40, and Etisalat (ETISALAT), down by 4.2% to 15.30. First Gulf Bank (FGB) which had some big drops last week, continued in a similar fashion with a 3.6% fall to 16.60, Abu Dhabi Commercial Bank (ADCB) also fell 3.6%, to 3.49, while the largest bank, National Bank of Abu Dhabi (NBAD), got off relatively lightly with a 1.5% drop to 16.15. Most other stocks had falls of 1%-4%. There were 7 gainers, with only AGTHIA and ARKAN trading volume more than AED 1m, but both with gains of less than 1%. Astonishingly, Arkan's market cap is twice as much as Amlak or Arabtec, and equivalent to Abu Dhabi Islamic Bank or Union National Bank. | |
