UAE markets 24 Sep 2008

UAE market news & discussions for 24 September 2008 Both markets declined yet again, the DFM plunging by 4% to 3890 points but turnover less than AED 800 million, and the ADX down 2.3% to 3811 points with turnover a bit over half a billion dirhams. Shuaa Capital was reported to be under investigation by the DFSA with both organisations not commenting about it ... yet. What would Warren Buffet say? As it happens, he's planning to sink $5 billion into Goldman Sachs in the US. Will "sink" turn out to be an apt description? Dubai Financial Market In Dubai, Emaar Properties (EMAAR) traded over AED 200m and fell 3.7% to 7.22. TAKAFUL-EM, the only other stock with more than AED 100m of traded value, plummeted by 11% to 4.13, reversing all the gains of the previous 2 days. Shuaa Capital (SHUAA) and Amlak Finance (AMLAK) also fell 11%, to 3.95 and 3.10 respectively. Tamweel (TAMWEEL) and Dubai Islamic Bank (DIB) both fell more than 7%, Islamic Arab Insurance (IAIC) fell 6.2%, DARTAKAFUL, Union Properties (UPP), and DFM fell more than 5%, and most of the remaining actively traded stocks fell 3-5%. Aramex (ARMX) had an almost good day with a fall of only 0.5%. There were no gainers in Dubai today. Abu Dhabi Securities Market In Abu Dhabi, the property stocks were pushed aside as METHAQ and, surprisingly, Etisalat (ETISALAT) dominated the floor - both with more than AED 100 million of turnover. Methaq was up 5.05% to 7.95, and Etisalat fell 3.3% to 16.00. Union National Bank (UNB) was the only other gainer of note, rising by 1.75% to 6.41 but on light trading. The top 7 losers all fell on thin trading. RAK Cement (RAKCC) was the biggest loser on greater than AED 1m of turnover, down by 5.5% to 2.38. ARKAN, the star of the week, went into reverse and fell 4.6% to 6.03. National Bank of Abu Dhabi (NBAD) was down 4.4%, AGTHIA 4.2%, and the rest falling between 0% and 4%. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) both fell over 1%.

• Real Estate Price Correction Impact on the Stock Market
• Emaar trading range: between 7 and 8
• Shuaa Capital Under DFSA Investigation
• What to buy?
• Marketwatch DFM ADX September 2008

More UAE stock market news and discussions...

best stock rises symbol price change DRIVE 6.50 +0.45 +7.4% ASMAK 33.00 +1.90 +6.1% UNION 4.66 +0.23 +5.2% METHAQ 8.32 +0.40 +5.1% GMPC 4.00 +0.17 +4.4%

worst stock falls symbol price change SHUAA 3.95 -0.51 -11.4% TAKAFUL-EM 4.13 -0.51 -11% AMLAK 3.10 -0.38 -10.9% INVESTB 3.16 -0.34 -9.7% FOODCO 3.96 -0.39 -9%

top volume symbol value (AED) price EMAAR 232,784,056 7.22 METHAQ 120,817,175 8.32 TAKAFUL-EM 119,170,031 4.13 ETISALAT 100,033,387 16.30 ALDAR 89,957,599 7.85

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