UAE market news & discussions for 02 November 2008After the excitement of October UAE markets got off to a subdued start for November. The DFM index closed slightly ahead by 0.44% at 2955 and the ADX index was up by more than 1.5% at 3375.
The value of shares traded on the DFM was 750 million dirhams. 366 million of that was EMAAR closing down 1.12% and ARTC was next highest trader by value closing up 0.34% DIC also had a good run closing up 2.61% after releasing good 08Q3 results last Thursday. DU traded slightly up 0.72% after announcing their inaugral profit (see below).
The value of shares traded on the ADX was just 200 million dirhams. ALDAR accounted for 61 million of that closing 3.83% up. FGB was the next highest traded by value closing up 2.51%. TAQA closed just 0.50% up after releasing good 08Q3 results last week. SOROUH up 3.85% also released upbeat results last week. (see below).
Follow the link below to check out more 08Q3 results. Despite the results being positive investors seem to be saying they do not believe they will be sustained and are marking down share prices in anticipation of a sharp dowturn in economic activity. This will be a contest between the market and consumers as to who is right next year.
SELECTED RESULTS
ARKAN 08Q3 profit Dh31m -46%
DU 08Q3 profit Dh31m +113%
TAQA 08Q3 profit Dh720m +448%
UNION 08Q3 loss Dh-33m -346%
DIC 08Q3 profit Dh630m +137%
SOROUH 08Q3 profit Dh770m +253% Dubai Financial MarketOn the Dubai Financial Market 15 shares advanced and 6 declined.
Gainers were across the board with Ajman Islamic Bank (AJMANBANK) up 1.54%, ARAMEX up 2.18% Dubai Financial Market (DFM) up 1.8% and Gulf Navigation (GULFNAV) up by 1.8%
Decliners included: Deyaar Development (DEYAAR) down 1.7% and Amlak Finance Company (AMLAK) 0.51%
Abu Dhabi Securities MarketOn the ADX, 27 shares advanced and 6 declined.
Gainers included most of the banks; Abu Dhabi Commercial Bank (ADCB) up 3.79%, National Bank of Abu Dhabi (NBAD) up 6% and Abu Dhabi Islamic Bank (ADIB) up 3%. Others to gain included Aabar Energy (AABAR) up 3%, Abu Dhabi National Takaful (TKFL) up 7% and Methaq Islamic Insurance (METHAQ) up 1.4%.
Shares to decline included: Bank of Sharjah (BOS) down 1%, Ras Al Khaimah White Cement (RAKWCT) down 0.71% and Abu Dhabi National Building Materials (BILDCO) down 1.35% all on small volumes. | |
UAE stock market news and discussions at Dubai Share Talk ...
| best stock rises | | symbol | price | change | | GCEM | 4.29 | +0.39 | +10% | | ADSB | 4.81 | +0.43 | +9.8% | | AWNIC | 10.40 | +0.88 | +9.2% | | TAKAFUL-EM | 2.30 | +0.16 | +7.5% | | TKFL | 8.69 | +0.59 | +7.3% | | | | top volume | | symbol | value (AED) | price | | EMAAR | 366,979,747 | 5.28 | | ARTC | 80,756,571 | 5.87 | | ALDAR | 61,888,739 | 5.42 | | DFM | 54,937,264 | 2.26 | | AJMANBANK | 52,458,604 | 1.97 | |
