UAE market news & discussions for 15 September 2008 The UAE wasn't spared from worldwide stock turmoil on the news of the Lehman bankruptcy, and takeover of Merril Lynch. After a frightening start to the day with several actively traded stocks crashing by more than 10%, the DFMGI recovered somewhat but still ended the day down by 1.7% at 4.44 with turnover a solid 1.5 billion dirhams, while the ADX plummeted by 4.35% to 3754 points with turnover up to almost a billion dirhams. At the time of writing this, the DIFX isn't looking much good either with DP World down 11% to just $0.55, and Depa down 5.5% to $1.03. For those looking for good news amongst all the blood letting, several stocks did rally from midway through the session, but don't get too excited just yet. European and Asian stocks are taking a battering again today.
Dubai Financial Market
Rocky stock of the day award goes to Arabtec (ARTC) with a low of 9.40 for the day, over 10% down on yesterday's close, but a smart recovery to end the day 6.3% in the green at 11.75 putting it at the top of the gainers list, and second highest turnover in Dubai with AED 227m worth of deals. Emaar Properties (EMAAR) as usual, saw the greatest turnover with close to half a billion dirhams worth and a 1.8% fall to 7.21 after bouncing off a low of 6.27. Union Properties (UPP) (down 1.1%), AMAN (up 1.3%), and DFM (up 1.9%) also saw turnover of more than AED 100m. Aramex (ARMX), Dubai Investments (DIC), TAKAFUL-EM, and AIRARABIA all ended up with gains of about 2.5% to 3.0%, and GULFNAV with a 0.76% rise was the only other gainer in Dubai. A grim day for Shuaa Capital (SHUAA) though which fell 10.2% to 4.49, while Emirates NBD (ENBD), DIB, and Tabreed (TABREED) all had 4%-5% hits. The remaining actively traded stocks fell about 2% or less.
Abu Dhabi Securities Exchange
On the ADX, Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the only 2 stocks trading more than AED 100m and both fell about 6.8%, to 7.47 and 5.61 each. First Gulf Bank (FGB) was close to AED 100m of turnover and had a less unnerving fall of 2.8% to 17.00. Other big falls of more than 9% for Union National Bank (UNB) and Abu Dhabi Commercial Bank (ADCB), 5.9% for National Bank of Abu Dhabi (NBAD), and 4.4% for Etisalat (ETISALAT). Most of the actively traded stocks were down between 4% and 8%. There were no gainers of note in Abu Dhabi - the top 4, rising more than 9% each, saw less than 10 trades between them and total turnover less than AED 100k. ARKAN (again!?) was the only gainer with more than AED 1m worth of trading, with just a 0.66% rise. Latest UAE business news | |
