UAE market news & discussions for 07 October 2008There was no respite today from the bloodletting on the UAE markets with Dubai falling over 5% to 3370 from just under AED 1 billion of turnover, and Abu Dhabi down 4.6% to 3395 from AED 560 million of turnover. On the DIFX, DP World is unchanged at $0.55 so far today, and Damas is down 3% from just 2 trades. Asian and European stocks fell, Australian stocks were up, and it looks like US stocks will open higher today with possible interest rate cuts on the cards. The Cityscape Dubai carpark is full to overflowing but unfortunately there aren't any car park stocks listed in the UAE. There was no official statement from Deyaar or Union Properties on the DFM website about their reported merger plans yesterday, reinforcing Dubai's reputation for clarity and transparency. Dubai financial news - latest news from Reuters, Bloomberg and UAE media Dubai Financial MarketEmaar Properties (EMAAR) and Arabtec (ARTC) yet again had the floor with both stocks seeing more than AED 100m of turnover. Only a small fall of 2.1% to 5.94 for Emaar, but another big drop of 12.1% to 8.00 for Arabtec. AMAN and Shuaa Capital (SHUAA) stood out with 15% limit down trading and no buyers in the queue. Tamweel (TAMWEEL) and Dubai Investments (DIC) fell more than 10% and most other actively traded stocks were down between 5-10%. Tabreed (TABREED) joined Emaar as the best (or worst?) of the losers with only a 2.3% fall. There were no gainers. Abu Dhabi Securities MarketAnother horrible day for 12 stocks which nobody wanted - 10% limit down trading and no buyers in the queue - including Aldar Properties (ALDAR), Union National Bank (UNB), RAK Cement (RAKCC), Oasis Leasing (OILC), National Bank of Abu Dhabi (NBAD), Methaq Insurance (METHAQ), and AGTHIA, although average decrease for the day was less bad for some of them. Aldar was at the top of the turnover list with half of the total for the ADX, and last trades went through at 5.91. Etisalat (ETISALAT) fell 4.3% to 15.10, and Abu Dhabi Commercial Bank (ADCB) looked almost encouraging with only a 1% fall. There were 6 gainers, all on insignificant trading levels, and 1 stock unchanged - Union Cement (UCC) at 4.00. |
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UAE stock market news and discussions at Dubai Share Talk ...
- Shares below par value?
- New member share portfolio sell or keep?
- Marketwatch DFM ADX October 2008
- Dow recovers to close down 370
- GULFNAV negative closes
- Aramex price
- Saudi Tadawul index up
- DP World 55 cent
- Colliers report Dubai property [error]
- AMLAK OK now
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