UAE market news & discussions for 17 September 2008Those who picked a bottom yesterday will be smiling today as the screens were covered in green arrows. The Dubai market was up 2.3% to close above 4000 points, with turnover well over AED 1 billion, and Abu Dhabi rose 1.6% but turnover only half the level seen in Dubai. How long the smiles will last is anyone's guess. On the DIFX so far today, DP World has jumped by 8.8% to $0.62 but Depa and Dewa are untraded. The bailout of AIG in the US will have settled some investors, and the UAE Central Bank directive to UAE banks to provide details of any exposure to Lehman Brothers should be seen as a good thing. Dubai Financial MarketEmaar Properties (EMAAR) saw close to half a billion worth of deals but only rose 2.0% to 7.27. Arabtec (ARTC) was heavily traded with an 8.0% jump to 12.15 putting it at the top of the gainers list (ignoring the thinly traded stocks). DFM and AJMANBANK also saw more than AED 100m of trading, and gained 5.2% and 6.85% respectively. Most other actively traded stocks had 2%-5% gains, with only DIB, DARTAKAFUL, and Emirates NBD (ENBD) rising by less than Emaar. There were only 2 losers in Dubai today, GGICO and TAKAFUL-EM falling less than 1% each. Abu Dhabi Securities MarketThe heavily traded Aldar Properties (ALDAR) rose 3.7% to 7.40 on AED 256m of turnover, and METHAQ was the only other stock trading more than AED 100m worth, gaining just 1.6% to 8.21. Julphar (JULPHAR) had another big jump of 9.45% to 2.20, ASMAK was also at the top of the list with a 9.3% rise to 31.00, and third highest gainer was TKFL with an 8.5% rise to 7.60. All three stocks with greater than usual trading activity, especially Abu Dhabi Takaful. NBS had a good day with a 6.3% rise, and RAK Properties (RAKPROP) bumped up 3.7%. National Bank of Abu Dhabi (NBAD) was up 3.7%, Oasis Leasing (OILC) 3.5%, Dana Gas (DANA) 3.1% and the rest of the usually active stocks rose less than 3%. Etisalat (ETISALAT) was up 2.2% to 16.25. First Gulf Bank (FGB) closed flat, and only 6 stocks saw red today, including Abu Dhabi Commercial Bank (ADCB) which fell 1.2% to 3.05. |
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- Marketwatch DFM ADX September 2008
- National Bank of Dubai Securities
- Financial Crisis
- DFM- Road to Recovery
- What to buy?
- Which share did you buy / holding?
- SKF Shares
- DP World 55 cent
More UAE stock market news and discussions...
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