UAE market news & discussions for 10 November 2008UAE markets continued the slide today. The DFM index closed at 2,527 down 3.96% from the previous close. The ADX index closed at 3,127 down 1.98% from the previous close. The value of shares traded on the DFM was 631 million dirhams and on the ADX 299 million dirhams.
On the DFM, many of the top traded shares continued to hit 52 week lows headed by EMAAR, AMLAK ARTC and DFM.
On the ADX, Losses were also across the board with most major traded stocks hitting multi year lows.
Emirates airlines underscored the severity of trading conditions by announcing a 88% fall in 081H profits to $77 million compared to the same time last year. Dubai Financial MarketOn the Dubai Financial Market 4 shares advanced and 22 declined.
Decliners were lead by Amlak Finance Company (AMLAK) down 7.31%, Arabtec (ARTC) down 8.96%, ARAMEX down 6.50%, Deyaar Development (DEYAAR) down 6%, Dubai Investment Company (DIC) down 7%, Emaar Properties (EMAAR) down 6.5%.
Dubai Financial Market (DFM) was the only gainer up 1% on significant volume Abu Dhabi Securities MarketOn the ADX 8 shares advanced and 25 declined.
Decliners were lead by realestate and energy companies: Aldar Properties (ALDAR) down 2.2%, Ras Al Khaimah Properties (RAKPROP) down 5.43%, Sorouh Real Estate (SOROUH) down 7.9%, Aabar Energy (AABAR) down 5.7%, Dana Gas (DANA) down 5.3% and Abu Dhabi National Energy (TAQA) down 5%.
Construction was also down: Arkan Building Materials (ARKAN) down 8.27%, Gulf Cement (GCEM) down 9.9% and Ras Al Khaimah Cement (RAKCC) down 8%.
Abu Dhabi Commercial Bank (ADCB) up 0.41% and Abu Dhabi National Takaful (TKFL) up 1.97% were the only gainers on significant volume. | |
