UAE market news & discussions for 29 September 2008Both markets rose today, the last day of trading before the Eid break (markets reopen on Sunday 05 October 2008), with Dubai up 1.7% and increased turnover, and Abu Dhabi up 0.4% on lower turnover. Emaar stood out in Dubai with one of the better gains on heavy trading, Tabreed also had a good rise. In Abu Dhabi, ADCB had a bit rise again but Aldar and Methaq stood out with losses. Reuters reported Arabtec as looking to Saudi for expansion to compensate for a possible downturn in the UAE property market. Arabtec shares fell today. Reuters also reported Dubai Investments as expecting Q3 profit to double after a private placement of shares in M'Sharie. DIC shares rose slightly. More UAE business news Dubai Financial MarketEmaar Properties (EMAAR) turnover of AED 536m was more than a third of the total in Dubai, their shares were up 3.3% to 7.75. TAKAFUL-EM was the only other stock trading more than AED 100m and fell 1.9% to 4.20. Tabreed (TABREED) stood out in the gainers list with a 3.8% rise to 1.64 but on light trading. The top 4 gainers saw trading of less than 100k dhs each. GGICO was up 2.7% and the remainder trading more than AED 1m were up by less than 2%. Arabtec (ARTC) fell 2%, Tamweel (TAMWEEL) 1%, and another 6 stocks fell about 1% or less, except for the single small trade in International Financial Advisors (IFA). Abu Dhabi Securities MarketAldar Properties (ALDAR) was the only stock trading more than AED 100m and fell 2.5% to 7.81 with almost AED 400m of turnover - more than half of the total for the ADX. Abu Dhabi Commercial Bank (ADCB) was the most significant gainer as it jumped by 8.6% to 6.79 on greater than usual trading, despite the boss saying yesterday they had no information on merger rumours. No other stocks rose more than 2% except for some thinly traded stocks. National Bank of Abu Dhabi (NBAD) was up 1.7%, and Etisalat (ETISALAT) up by 0.9%. Apart from Aldar, METHAQ stood out as the biggest loser, except for relatively inactive stocks, and fell 3.9% to 7.77. Methaq was also the second highest stock by traded value. ARKAN had a 2.4% fall and the remaining actively traded losers were down by less than 2%. |
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- Marketwatch DFM ADX September 2008
- Emaar trading range: between 7 and 8
- ARTC bear confirmed
- TAMWEEL price forecast update
- Arabtec Sunland contract
More UAE stock market news and discussions...
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