UAE daily stock market reports for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM) - RSS feed

Thursday, November 06, 2008

UAE markets 06 Nov 2008

UAE market news & discussions for 06 November 2008

UAE stocks ended the week by tumbling over 4% in Dubai and more than 3% in Abu Dhabi. Turnover was low on the ADX with only AED 283m of deals and the index at 3322. Dubai was more active with AED 810m of trading and the index finishing at 2797. The NBAD - ADCB merger rumours continue this month but both stocks fell sharply today, along with most other bank stocks - UNB the sole exception. RAK Properties closed below par value - a rare occasion on the UAE stock markets (Waha Capital traded below par last year for some time before their 10:1 share split). DP World is down 12.8% to $0.33 and Depa 4.3% to $0.67 so far today on the DIFX. Stocks around the world fell today and US stocks are expected to open lower later this afternoon. WAM reported that a second tranche of AED 25 billion would be made available to UAE banks next week.

Dubai Financial Market

Emaar Properties (EMAAR) fell below 5 on turnover of AED 334m, down 7.0% to 4.93, and Dubai Financial Market (DFM) was also heavily traded, down 9.0% to 2.03 - the worst fall of the day except for a single trade in Al Salam Bank Sudan (ALSALAMSUDAN). Arabtec (ARTC) saw some heavy insider selling and fell 7.1% to 5.57. Tamweel Finance (TAMWEEL), Amlak Finance Company (AMLAK), and Islamic Arab Insurance (IAIC) all fell between 6% and 7%, and most other stocks fell 3-6%. Shuaa Capital (SHUAA) rose 2.6% on turnover of less than half a million dirhams, Dubai Islamic Insurance (AMAN) and Dar Takaful Insurance (DARTAKAFUL) were the only actively traded gainers, rising less than 2% each.

Abu Dhabi Securities Market

Aldar Properties (ALDAR) was the only Abu Dhabi stock trading more than AED 100m (just) as it fell 5.1% to 5.40. Sorouh Real Estate (SOROUH) fell 5.8%, and Ras Al Khaimah Properties (RAKPROP) fell 3.9% to below par value at 0.97. The top 6 losers all fell on trading of less than AED 1m each. Ras Al Khaimah Cement (RAKCC), Abu Dhabi National Energy (TAQA), and Abu Dhabi Commercial Bank (ADCB) fell 7-8% each, First Gulf Bank (FGB) was down 6.9%, and most other actively traded stocks tumbled 3-7%. Emirates Telecom (ETISALAT) was relatively unscathed, down by just 1.9% to 15.80. There were only two gainers - Union National Bank (UNB) up just 0.2% and Umm Al Quwain Cement (QCEM) up 0.8%, both on light trading.

Dubai Financial Market and Abu Dhabi Securities Market index for 06 November 2008

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

best stock rises
symbol price change
NCC 7.08 +0.24 +3.5%
SHUAA 2.82 +0.07 +2.5%
QCEM 1.25 +0.02 +1.6%
AMAN 1.99 +0.03 +1.5%
DARTAKAFUL 2.94 +0.04 +1.4%
worst stock falls
symbol price change
INVESTB 3.07 -0.33 -9.7%
RAKCEC 1.89 -0.20 -9.6%
RAPCO 2.71 -0.28 -9.4%
ALSALAMSUDAN 2.44 -0.25 -9.3%
DFM 2.03 -0.20 -9%
top volume
symbol value (AED) price
EMAAR334,158,0454.93
DFM109,462,3952.03
ALDAR105,742,2695.38
ARTC87,134,7275.57
SOROUH51,389,8643.87

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