UAE market news & discussions for 16 November 2008A day of mixed fortunes on UAE Markets as the Dubai index opened flat and then plunged in the afternoon while the ADX index opened lower but managed to close virtually unchanged. The panic surrounding the DFM continued today as the index closed down 5.92% below the 2000 level. The value of shares to change hands was a relatively low 368 million dirhams. Most of the popularly traded shares closed down 10% with ARAMEX defying the gloom closing 5% up. The ADX index closed down 0.34% at 2,755 with the value of shares traded at 226 million dirhams. The banking sector was relatively strong off setting weakness in other sectors. Dubai Financial MarketOn the Dubai Financial Market 5 stocks advanced and 24 declined. The following shares closed limit down: Ajman Islamic Bank (AJMANBANK) 1.15, Amlak Finance Company (AMLAK) 1.01, Arabtec (ARTC) 3.01, Deyaar Development (DEYAAR) 0.71, Emirates Integrated Telecommunications (DU) 2.54, Dubai Financial Market (DFM) 1.51, Dubai Investment Company (DIC) 1.11, Dubai Islamic Bank (DIB) 2.34, Dubai Islamic Insurance (AMAN) 1.34, Emaar Properties (EMAAR) 2.87, Gulf Navigation (GULFNAV) 0.68, National General Cooling (TABREED) 0.70, Tamweel Finance (TAMWEEL) 1.03 and Union Properties (UPP) 1.13. ARAMEX closed up 5%, Gulf General Investment (GGICO) up 10% and ALSalam International Investment (SALAM) BANK up 9% Abu Dhabi Securities MarketOn the ADX 15 stocks advanced and 22 declined. The banks did well including: Bank of Sharjah (BOS) up 6%, First Gulf Bank (FGB) up 0.49%, National Bank of Abu Dhabi (NBAD) up 1.90%, SIB up 6% and WAHA up 8%. Dana Gas (DANA) up 2.7% and Abu Dhabi National Energy (TAQA) up 7.4% also did well. Decliners included most of the cement companies, all of the telecommunication companies and all of the insurance companies that traded. | |