UAE market news & discussions for 09 October 2008A horrible week ends on a bit of a positive note after the UAE Central Bank cuts interest rates, along with other Central Banks around the world. Dubai was up 3.7% to 3198 points from just over AED 1 billion of turnover and Abu Dhabi rose just under 1% to 3207 from a bit over half a billion dhs of turnover. There were reports that Aldar was considering a buyback: "It's something we have been considering for some time as the current share price is quite lucrative," said the CEO, Ronald Barrott, to Gulf News, and "We might consider a buyback as our prices are attractive and may discuss the option at the board meeting..." to Emirates Business 24-7. Perhaps that was a bit vague since a statement from Aldar today said "Aldar is not considering any share buyback as reported in the media,", according to Reuters. Thus Aldar joins several other companies as a bastion of clarity and transparency in the UAE stock markets, and gives the Oxford English Dictionary something to ponder next time they revise the definition of the word "considering". UAE financial news - latest news from Reuters, Bloomberg and UAE media Dubai Financial MarketExcept for Shuaa Capital (SHUAA), which fell 6.05% on low turnover, all the usually active stocks gained in Dubai with Arabtec (ARTC) the star, rising by 13.1% to 7.69 on the second highest turnover for the day, and AIRARABIA also getting a good lift with a 10.2% rise to 1.19. AMAN was up 14.5% on thin trading, Du Telecom (DU) rose 9.3%, GULFNAV, DEYAAR, TAKAFUL-EM, and Tabreed (TABREED) all rose between 7% and 9%, and the rest rose between 3% and 7% except for Emirates NBD (ENBD) which could only manage a 1.7% rise. Emaar Properties (EMAAR) was up 3.6% to 5.70 and topped the traded value table with AED 358m worth. DFM and Air Arabia were also heavily traded. Abu Dhabi Securities MarketAldar Properties (ALDAR), up 3.6% to 6.03, and Sorouh Real Estate (SOROUH), up 3.2% to 5.02, were the only two stocks in Abu Dhabi trading more than AED 100m worth. Seven companies saw limit up trading by the end of the day with no sellers in the queue for most of them, including Methaq Insurance (METHAQ) (up 7.2% overall), RAK Properties (RAKPROP) (up 6.4% overall), Aldar, and Aabar Petroleum (AABAR) (up just 0.4% overall). Abu Dhabi Commercial Bank (ADCB) was up 6.9% and the remaining gainers on active trading were up less than 3%. Etisalat (ETISALAT) rose 1.5% to 14.00. Bad news for a few stocks though, First Gulf Bank (FGB) fell 7.2% to 10.80, Union National Bank (UNB) was down 8.6%, Oasis Leasing (OILC) 6.5%, RAK Cement (RAKCC) 5.0%, and National Bank of Abu Dhabi (NBAD) just 1.4%. |
UAE stock market news and discussions at Dubai Share Talk ...
- Marketwatch DFM ADX October 2008
- Market Summary
- Aldar share value before they were released for the foreigners
- Stock trading courses in Dubai?
- Emaar share buyback
- Euro shares recovered 5%...US Futures are UP
- FGB price direction
- Fed Leads Global Rate Cut
- National Bonds
- UAE companies bankrupt?
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