UAE market news & discussions for 12 November 2008UAE markets continued to slide today as increasing numbers of commentators gave up trying to predict when the carnage will stop. Traders seem to be pricing companies as if they will stop trading in a few months and their assets are near worthless. If markets are primarily motivated by fear or greed it is not hard to see which emotion is on top at the moment. However some perspective is in order. For example while the EMAAR share price may have closed at 3.37 turnover was just below 50 million shares which represents less than 2% of the outstanding shares. Therefore the other 98% of shareholders are valuing the company at a price higher than this.
The DFM index closed at 2,214 down 5.48% from the previous close with the value of shares traded over 500 million dirhams. Many of the major stocks closed sharply down with only AIRARABIA and and Gulf General Investments closing higher.
The ADX index closed at 2,806 down 5.66% from the previous close with the value of shares traded slightly higher than 300 million dirhams. As in Dubai many of the major stocks were sharply down and only ADIB and JULPHAR closed in positive territory.
DIFX
DPW up 6% and DEPA up 1.85% were the only stocks to trade.
RESULTS
Ajman Bank 08Q3 loss Dh-7.4m
SHOP 08Q3 profit Dh65m -43%
Dubai Financial MarketOn the Dubai Financial Market 2 shares advanced and 30 declined.
No let up today as the market continued down. The index closed down 5.5% but was lower down 6.5% earlier in the day.
Most if not all of the major stocks closed either at or close to limit down of 10%. Abu Dhabi Securities MarketOn the ADX, three shares advanced and 38 declined.
The index fell for all of the day lead by close to limit down trading in most of the major stocks. | |
UAE stock market news and discussions at Dubai Share Talk ...
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| best stock rises | | symbol | price | change | | GGICO | 7.05 | +0.85 | +13.7% | | GMPC | 4.99 | +0.15 | +3.1% | | ADNH | 4.00 | +0.12 | +3.1% | | JULPHAR | 1.48 | +0.04 | +2.8% | | AIRARABIA | 1.01 | +0.01 | +1% | | | worst stock falls | | symbol | price | change | | GRAND | 0.94 | -0.16 | -14.5% | | SHUAA | 2.43 | -0.27 | -10% | | MAZAYA | 9.18 | -1.02 | -10% | | AWNIC | 9.36 | -1.04 | -10% | | NBS | 1.53 | -0.17 | -10% | | | top volume | | symbol | value (AED) | price | | EMAAR | 167,394,649 | 3.37 | | ALDAR | 89,798,585 | 4.19 | | ARTC | 86,303,021 | 3.71 | | DFM | 72,200,354 | 1.75 | | ADNH | 48,379,376 | 4.00 | |
