UAE market news & discussions for 16 October 2008And so the week ends as it started, with almost everything down. Turnover was down to AED 800m in Dubai with the index falling 6.5% to 3204 points, and Abu Dhabi had a bit over half a billion dhs worth of trading as the index fell 4.5% to 3367 points. Arab Heavy Industries (AHI) results were released this afternoon, but nobody cares - their shares remained untraded. Results expected early next week for RAK Cement (RAKCC), RAK White Cement (RAKWCT), and Waha Capital (OILC). UAE financial news - latest news from Reuters, Bloomberg and UAE media Dubai Financial MarketEmaar Properties (EMAAR) and ARABTEC were the most heavily traded stocks in Dubai, Arabtec 10% limit down to 7.43 and Emaar almost 10% down, to 5.52, by the end of the day. Another 6 companies had sellers offering to sell their shares at limit down prices but with no buyers in sight, including Tamweel Finance (TAMWEEL), Emirates NBD (ENBD) (only 5% limit), and Emarat Takaful Insurance (TAKAFUL-EM). Most stocks fell 6%-10%. Shuaa Capital (SHUAA) was a relative bright spot with only a 2.15% fall to 3.18. Al Salam Bank Sudan (ALSALAMSUDAN) was the only gainer, on greater than usual turnover, up 2.6% to 3.60. Abu Dhabi Securities MarketSeven stocks in Abu Dhabi had sellers trying to unload at 10% limit down prices at the end of the day, with no buyers in the queue, including Sorouh Real Estate (SOROUH) at 4.88, Aldar Properties (ALDAR) at 5.99, Methaq Islamic Insurance (METHAQ) at 7.70, and Agthia Group (AGTHIA) at 1.27. Most other stocks fell 5%-10% including Emirates Telecom (ETISALAT) down 5.1% to 14.70. Less disastrous stocks included Union National Bank (UNB) down only 3.5% and Aabar Energy (AABAR) down only 3.1%, and Arkan Building Materials (ARKAN) and National Bank of Abu Dhabi (NBAD) both falling less than 1%. There were only 5 gainers, 4 of them on insgnificant volumes but the rarely traded Abu Dhabi National Takaful (TKFL) saw an astonishing AED 47m worth as it gained 1% to 8.25. |
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