UAE market news & discussions for 25 September 2008A strong perfomance on both markets today with good gains and increased turnover in Abu Dhabi. The DFMGI was up 1.9% to 3962 points from a little under AED 1 billion of traded value, and the ADX up 0.67% to 3837 points with AED 1.5 billion of total traded value. Massive trading in Methaq Insurance lifted total trading in Abu Dhabi to a higher level than in Dubai. On the DIFX, DP World is down 4.2%, Depa down 3.3%, and Gold Fields up 1.5%. There was a report in the Al Khaleej Times that six UAE banks and real estate companies would be involved in a mergers. The companies were not named. Sorouh and First Gulf Bank saw heavy trading and solid gains in Abu Dhabi, Union National Bank had a big jump on thin trading, Tamweel and Union Properties in Dubai also saw good rises on active trading. Dubai Financial MarketEmaar Properties (EMAAR) edged up by 0.83% to 7.28 from AED 318m of turnover. Arabtec (ARTC) also saw more than AED 100m of turnover and jumpeed by 6.7% to 12.70. Shuaa Capital (SHUAA) was a surprise after yesterday's bad news, heading north by 5.6% to 4.17 but trading volume was low. Tamweel (TAMWEEL), AIRARABIA, and Union Properties (UPP) all rose about 5%, GGICO was up 4.5% on greater than usual turnover, GULFNAV gained 4.6%, Tabreed (TABREED) 4.1% and most other actively traded stocks were up 2%-4%. Of the 5 losers, only Emirates NBD (ENBD) saw more than AED 1 m of turnover, and fell by just 0.6% to 8.35. Abu Dhabi Securities MarketMETHAQ barely moved, rising by just 0.48% to 8.08, but as mentioned, was heavily traded with over AED 600m worth of deals. Aldar Properties (ALDAR) was also busy with over AED 400m of turnover and a 0.9% gain to 8.12. Sorouh Real Estate (SOROUH) and First Gulf Bank (FGB) both saw more than AED 100m of traded value and rose 6.3% and 5.9% respectively. Invest Bank (INVESTB) was up 9.2% to 3.45 on greater than usual trading, similarly with ADNH up 9.6% to 5.48. Union National Bank (UNB) jumped by 8.1% to 6.50 on thin trading. RAK Properties (RAKPROP) was up 2.1% and the remaining gainers rose less than 2% or on thin trading. UNION stood out in the loser's list with greater than usual trading and a 6.65% fall to 4.20. National Bank of Abu Dhabi (NBAD) fell 1.75%, and Etisalat (ETISALAT) 1.2%. |
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- Marketwatch DFM ADX September 2008
- UPP is correcting
- Shuaa DFSA Investigation
- DP World 55 cent
- Real Estate Price Correction Impact on the Stock Market
- What to do?
- Emaar trading range: between 7 and 8
- What to buy?
More UAE stock market news and discussions...
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