UAE market news & discussions for 12 October 2008Will it ever stop? The slight recovery just before the weekend was short-lived as Dubai plunged another 5.4% to 3025 points with turnover a little below AED 1 billion, and Abu Dhabi had a 2.3% fall to 3134 points with just over AED 600 billion of turnover. And this was on the day that the UAE government announced guarantees of bank deposits and other protective measures for the economy. Other countries were announcing similar measures over the weekend while the IMF warned of a looming financial meltdown. Just in case you didn't know already. Sorouh announced good progress in Morocco and Egypt, and their shares rose slightly. Dubai Investments said they bought 5% of First Energy Bank in Bahrain, and DIC shares fell. The Dubai market temporarily changed the daily movement limit from 15% to 10%, which hardly inspires confidence in the markets. UAE financial news - latest news from Reuters, Bloomberg and UAE media Dubai Financial MarketEmaar Properties (EMAAR) tested the new limits set in Dubai and traded 10% limit down at 5.13 with turnover of AED 440 million. DFM shares also saw more than AED 100m of trading and fell 7.9% to 2.21. A total of 9 stocks traded 10% limit down with no buyers in the queue, including Arabtec (ARTC), Tamweel (TAMWEEL), Tabreed (TABREED), Amlak Finance (AMLAK), and AJMANBANK. Most other actively traded stocks fell more than 5%. Exceptions included Dubai Investments (DIC) down 4.8%, Islamic Arab Insurance (IAIC) 3.9%, Du Telecom (DU) 2.5%, Dubai Islamic Bank (DIB) 2.2% and Emirates NBD (ENBD) down 0.7%. Two stocks rose - a single rare trade for Jeema Mineral Water (JEEMA), and three for EKTTITAB. Abu Dhabi Securities MarketAldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were heavily traded and saw encouraging gains in early trading, but ended the day with a fall of 0.7% to 5.81 and a gain of just 0.2% to 4.95 respectively. Union National Bank (UNB) traded 10% limit down at 3.74 with no buyers in the queue, as did another 3 less actively traded stocks. Oasis Leasing (OILC) was down 9.2%, First Gulf Bank (FGB) 8.7%, but most other actively traded stocks fell less than 5% including Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD). Etisalat (ETISALAT) fell 1.8% to 13.65. A surprising performance for Aabar Petroleum (AABAR), which saw limit up trading at 2.64 with no sellers in the queue at the end of they day, no obvious news to explain why, and no announcements on the stock market website. There were some changes to the Aabar energy board in September 2008. Other gainers included ADNH on heavy trading, Sudan Telecom (SUDATEL), Methaq Insurance (METHAQ), and ARKAN. |
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UAE stock market news and discussions at Dubai Share Talk ...
- DFM new trading limit 10%
- EMAAR October price
- UAE brokers bankrupt?
- TABREED October price
- UAE protects banks deposits
- Marketwatch DFM ADX October 2008
- Understanding the Bid/Offer Map in Mubasher Pro Software
- UAE Market Makers
- Losing money at broker
- UAE broker ratings
- Al Dhabi Brokerage
- Rasmala Brokerage
- When are dividends issued?
- New stock market terms for 2008
- What sweet IMF says
- SKF Shares
- Singapore into Recession
- Signs of limited credit thaw emerge in money markets
- Greenspan sees 2009H1 US housing recovery
- Investment Student seeking Broker internship (worldwide)
- Air Arabia selling pressure
- Aldar share value
- Union National Bank (UNB)
- Tamweel share buy back
- Aldar share buyback
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