UAE market news & discussions for 06 October 2008Yesterday was dire, today was even worse, with Dubai plummeting 7.6% to 3552 points from just over AED 1 billion of turnover, and Abu Dhabi suffering a 5.6% fall to 3558 points from AED 729 million. The Dubai index is now lower than the Abu Dhabi index. DP World is down 13%, Damas 1%, and Depa 7%. The Saudi Tadawul is down almost 10% so far today. Around the world, stocks plummeted today and Wall Street is expected to open lower later this afternoon UAE time. Apologies for yesterday's erroneous comment that Dubai house prices had fallen by 16% in 2008 Q2 (based on report in The National). They rose by 16%. UAE financial news - latest news from Reuters, Bloomberg and UAE media Dubai Financial MarketEmaar Properties (EMAAR) and Arabtec (ARTC) dominated trading with Arabtec 15% limit down to 9.10 and top of the loser's list, and Emaar off by 10.7% to 6.07. Fifteen stocks fell more than 10%, including TAKAFUL-EM, Islamic Arab Insurance (IAIC), Tabreed (TABREED), Du Telecom (DU), AJMANBANK, Amlak Finance (AMLAK), Union Properties (UPP), Shuaa Capital (SHUAA), Tamweel (TAMWEEL) and AMAN. The least bad falls were for Dubai Islamic Bank (DIB) down 3.85% and GGICO down 4.9% on higher than usual turnover. There were no gainers. Abu Dhabi Securities MarketAldar Properties (ALDAR) dominated trading as usual, going 10% limit down to 6.52 with no buyers to be seen. No other stocks saw more than AED 100m worth of turnover. A grim total of 14 companies were 10% limit down by the end of the session with no buyers in the queue, including Sorouh Real Estate (SOROUH), Aabar Petroleum (AABAR), Abu Dhabi Commercial Bank (ADCB), Oasis Leasing (OILC), First Gulf Bank (FGB), RAK Properties (RAKPROP), Abu Dhabi National Energy (TAQA), National Bank of Abu Dhabi (NBAD), AGTHIA, Union National Bank (UNB), and Methaq Insurance (METHAQ) (although average price was up by 2.5% on yesterday's close for the insurance company). Etisalat (ETISALAT) was down 5.3% to 14.70, and ARKAN only 1.6% to 5.98. There were 5 gainers overall including Methaq, the other 4 all saw single trades at 10% limit up prices just to leave market watchers confused. |
UAE stock market news and discussions at Dubai Share Talk ...
- Colliers report Dubai property
- AMLAK OK now
- Marketwatch DFM ADX October 2008
- DP World 55 cent
- My Trading principles
- ARTC bear confirmed
- FGB price direction
- AMLAK 2008Q3 profit +160% AED174m
- ARTC has bounced
- UAE stock buy backs
- Property & Stocks correlation
- Emaar trading range: between 7 and 8
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