UAE market news & discussions for 18 September 2008Central Banks around the world said they would introduce measures to ease liquidity in the current financial crisis, but the UAE markets seemed to react more to the IMF director general's comments yesterday that there may be worse to come. The Dubai index sunk below 4000 points again with a 3.0% drop but turnover down slightly at AED 923m, while Abu Dhabi had a 2.6% fall with turnover also lower at AED 446m. Arkan Building Materials was the only gainer on any significant volume in either market. On the DIFX so far today, DP World is down 4.9% to $0.58, Depa has plummeted 10.9% to $0.90, and Damas is untraded. European stocks are up, as are US stock futures by mid-afternoon UAE time. Dubai Financial MarketEmaar Properties (EMAAR) was the most heavily traded stock and fell 3.7% to 7.00 but it was Dubai Islamic Bank (DIB) that stood out with a big fall of 7.6% to 5.45 putting it almost at the top of the loser's list, and turnover was second highest with AED 134m worth of shares traded. Tamweel (TAMWEEL) also had a grim day with a 6.85% dall to 3.81, Amlak Finance (AMLAK) fell almost 5%, and AJMANBANK 4.15%. Arabtec (ARTC) was down by 2.8% and turnover just shy of AED 100m, DFM fell 4.0%, and Union Properties (UPP) 3.2% - both stocks fairly busy. All other stocks, except for GRAND which rose on a single small tade, fell less than 4% or on marginal trading activity. Abu Dhabi Securities MarketAldar Properties (ALDAR) was the only stock in Abu Dhabi trading more than AED 100m, and fell 3.5% to 7.15. Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank (FGB) had horrible falls of 8.8% each to 2.89 and 14.45 respectively, Oasis Leasing (OILC) got hit by a 5.3% drop, METHAQ was down 4.7%, National Bank of Abu Dhabi (NBAD) 3.9%, and the rest of the more active stocks fell less than 4%. Sorouh Real Estate (SOROUH) and Etisalat (ETISALAT) didn't suffer so badly with drops of 1.8% and 1.25% respectively. Of the 4 gainers on the ADX, 3 were on negligible trading activity, while ARKAN rose just 0.66% to 6.00. |
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- Marketwatch DFM ADX September 2008
- National Bank of Dubai Securities
- TAMWEEL price forecast update
- Tabreed change in management with change in strategy
- Shuaa shares cheap?
- DFM- Road to Recovery
More UAE stock market news and discussions...
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