UAE markets 23 Sep 2008

UAE market news & discussions for 23 September 2008 After a roaring start to the week, the markets are back on the slippery slope with DFM down 3.6% to 4051 points and a little over AED 1 billion of trading, and ADX down 2.8% to 3900 points from just under 600 million turnover, joining Asian and European markets which are falling today also. Etisalat has announced they agreed to buy 45% of Swan Telecom in India for $900 million (AED 3.3 billion), but punters still knocked Etisalat shares down by 2%. First Gulf Bank received a 24 dh valuation from Global Investment House, but FGB shares fell 6.5% today. Emaar Properties said yesterday that it had won a court case against Jadawel International in Saudi Arabia - they had put in for a $1.2 billion compensation claim. Dubai Financial Market Emaar Properties (EMAAR) saw turnover of AED 345m and a 4.0% fall to 7.50, TAKAFUL-EM was second highest by turnover and stood out with a big 6.2% gain to 4.64, the only gainer of any significance in Dubai. Union Properties (UPP) was also over 100m worth of turnover and plunged 6.3% to 2.96, almost the worst fall of the day but beaten by Tabreed (TABREED) nose-diving by 7.4% to 1.51. AJMANBANK, Dubai Investments (DIC), Aramex (ARMX), and Arabtec (ARTC) all fell between 5% and 6%, most of the other actively traded stocks fell 3% to 5%. Abu Dhabi Securities Market The Abu Dhabi property companies dominated trading as usual, Aldar Properties (ALDAR) down 5.5% to 7.90 from 250m of turnover, and Sorouh Real Estate (SOROUH) down 7.5% to 6.06 from just over AED 100m of traded value, and also the biggest loser except for 3 stocks with very little trading. First Gulf Bank (FGB) also had a rotten day as mentioned, RAK Properties (RAKPROP), National Bank of Abu Dhabi (NBAD), and Dana Gas (DANA) all fell 5-6%, most other actively traded stocks fell 2-5%. The only gainer on tunover greater than AED 1m was ARKAN, up by just 0.5% to 6.13. Latest Dubai financial news

• Marketwatch DFM ADX September 2008
• What to buy?
• Emaar wins $1.2bn Saudi lawsuit
• Emaar trading range: between 7 and 8
• Aramex price
• Short selling?
• ADY: I Won't Buy ADY Shares
• Tabreed change in management with change in strategy

More UAE stock market news and discussions...

best stock rises symbol price change MAZAYA 11.50 +1.50 +15% TAKAFUL-EM 4.64 +0.27 +6.2% UNION 4.43 +0.13 +3% GMPC 3.83 +0.09 +2.4% NMDC 7.50 +0.12 +1.6%

worst stock falls symbol price change GFH 12.15 -2.10 -14.7% JULPHAR 2.04 -0.22 -9.7% QCEM 2.36 -0.25 -9.6% RAPCO 3.80 -0.39 -9.3% SOROUH 6.09 -0.49 -7.4%

top volume symbol value (AED) price EMAAR 344,642,182 7.50 TAKAFUL-EM 285,979,700 4.64 ALDAR 250,745,760 7.94 SOROUH 116,532,388 6.09 UPP 104,430,321 2.96

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