UAE market news & discussions for 28 September 2008Both markets gained about 2.5% on turnover of over AED 700m each, the ADX closing a little below 4000 points, and the DFM above 4000 points by about the same amount. Sorouh and ADCB rose almost 7% each in Abu Dhabi, and Dubai Islamic Bank was up 5.6% in Dubai. Arabtec announced another contract (worth AED 2.4 billion) but shares were almost flat today. NBAD and ADCB said they had no information about last week's bank merger rumours but the market spoke on their behalf - both stocks rose today. Standard Chartered repeated their standard charter on Dubai real estate - a market correction is due soon. Dubai Financial MarketEmaar Properties (EMAAR) was the only stock trading more than AED 100m in Dubai today, with a 3.0% gain to 7.50. Emirates NBD (ENBD) with a 4.8% rise helped drag up the DFMGI index but trading in the bank's shares was almost negligible. Dubai Islamic Bank (DIB) was the best gainer, up 5.6% to 5.82. Tabreed (TABREED) was up 4.6%, Tamweel (TAMWEEL) 3.8%, DFM 3.4%, Emaar Properties (EMAAR) 3.0% to 7.50, and the rest of the gainers rose by less than 3%. Du Telecom (DU) was the only loser trading more than AED 1m, and fell just 0.6%. The two stocks falling 15% did so on total turnover of less than AED 1m between them. Abu Dhabi Securities MarketAldar Properties (ALDAR) had a 3.2% rise to 8.01 and was at the top of the turnover table. METHAQ was the only other stock with more than AED 100m of shares traded, and fell 1.2%. The top 4 gainers rose on less than half a million dhs worth of trading between them. Sorouh Real Estate (SOROUH) and Abu Dhabi Commercial Bank (ADCB) both rose 6.9% putting them at the top of the actively traded gainers list, and closed at 6.79 and 3.34 respectively. RAK Cement (RAKCC) was up 4.35%, National Bank of Abu Dhabi (NBAD) 4.3% and most other stocks rose less than 4%. Etisalat (ETISALAT) was up 3.1% to 16.90. Apart from Methaq, Union National Bank (UNB) falling 2.2% and Gulf Cement (GCEM) 1.2% were the only losers on turnover of more than AED 1m, out of the nine in total. |
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More UAE stock market news and discussions...
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