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Tuesday, October 14, 2008

UAE markets 14 Oct 2008

UAE market news & discussions for 14 October 2008

It was another sea of green on the UAE markets today with limit up trading for the vast majority of shares, and despite few willing sellers at limit up prices (with no orders in the queue at the end of the day for most stocks), turnover was still solid. A resounding AED 2.3 billion in Dubai as the index gained 10.8% to close at 3703 points, and a more modest AED 711 million in Abu Dhabi as the index rose 7.5% to 3602 points. The sharp rises follow news that the UAE is to pump another AED 70 billion into the banking system, on top of the AED 50 billion already announced, and that customer deposits in foreign banks based in the UAE will also be guaranteed. Stock markets around the world saw record gains yesterday and this morning. However, there were sobering comments from Badlisyah Abdul Ghani, chief executive of Malaysia's CIMB Islamic Bank which is the largest arranger of sharia compliant bonds. Reuters reported that he said property markets and banks in the Gulf region were at risk of downturns or failures. EFG Hermes said they expected Emirates NBD Q3 results to be "poor" - ENBD shares fell in early trading but gained slightly by the end of the day. JP Morgan bought a stake in the Dubai Mercantile Exchange.

UAE financial news - latest news from Reuters, Bloomberg and UAE media

Dubai Financial Market

A total of 24 stocks had 15% limit up (5% for AL FIRDOUS) buy orders in the queue with no waiting sellers by the end of the day, including all the actively traded stocks, and all with overall gains of between 14% and 15%. Emaar Properties (EMAAR) was the most heavily traded with AED 808m dhs worth, closing at 6.78. AIRARABIA was a surprise in second place with AED 197m, and another 5 stocks traded more than AED 100m worth. The index would probably have been higher but for Emirates NBD (ENBD) with only a 3.1% rise to 7.94, although turnover was again much higher than usual. There were three losers, none on any significant volumes.

Abu Dhabi Securities Market

About 25 stocks in Abu Dhabi had a queue of buyers at 10% limit up prices but no sellers by the end of the session, including almost all the actively traded stocks, except for ARKAN and Methaq Insurance (METHAQ). Arkan was at the top of the turnover list, probably because there were sellers ready to handout their shares, while the usually heavily traded Aldar Properties (ALDAR) only saw AED 64m worth, presumably because nobody wanted to sell. Etisalat (ETISALAT) saw much greater than usual trading and closed at 16.20 with no sellers in sight. There were 3 losers, none of any significance.

Dubai Financial Market and Abu Dhabi Securities Market index for 14 October 2008

UAE stock market news and discussions at Dubai Share Talk ...

best stock rises
symbol price change
IAIC 1.61 +0.21 +15%
EKTTITAB 2.07 +0.27 +15%
AJMANBANK 2.15 +0.28 +15%
DFM 2.92 +0.38 +15%
DEYAAR 1.46 +0.19 +15%
worst stock falls
symbol price change
DHAFRA 6.30 -0.70 -10%
ADNIC 8.68 -0.96 -10%
IFA 5.90 -0.65 -9.9%
DRC 16.00 -0.65 -3.9%
DRIVE 6.39 -0.23 -3.5%
top volume
symbol value (AED) price
EMAAR807,664,2276.78
AIRARABIA197,482,4101.43
ARTC185,392,7319.16
GULFNAV150,415,2611.36
UPP133,275,9492.51

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