UAE market news & discussions for 17 November 2008Enjoy it while you can. UAE markets were strongly up today as the cheap share prices overcame investors fear of the future. The DFM index closed up an eye popping 8% and back over the 2000 level at 2,142. The ADX index was a little more subdued as befits the capital rising 3.30% to 2,846.
On the DFM, all of the major trading stocks closed either limit up or close to it. ENBD was a notable exception closing down 1.40%.
On the ADX, Banks, Realestate and Energy stocks lead the charge many closing limit up. Dubai Financial MarketOn the Dubai Financial market 25 stocks advanced and 3 declined.
A see of green today as all major stocks closed limit up.
Emirates National Bank of Dubai (NBD) and Commercial Bank of Dubai (CBD) were the only stocks to fall. Abu Dhabi Securities MarketOn the ADX, 27 stocks advanced and 9 declined.
Banks did well with Abu Dhabi Commercial Bank (ADCB),Abu Dhabi Islamic Bank (ADIB),First Gulf Bank (FGB) and WAHA all closing more than 5% up.
In realestate, Aldar Properties (ALDAR) up 8%, Ras Al Khaimah Properties (RAKPROP) up 6% and Sorouh Real Estate (SOROUH) up 8%
Energy stocks, Aabar Energy (AABAR) up 7.0%, Dana Gas (DANA) up 6.50% and Abu Dhabi National Energy (TAQA) up 7.0%
In consumer stocks Abu Dhabi National Hotels (ADNH) up 8.0%, Agthia Group (AGTHIA) up 8.0% lead the way however, Emirates Driving Company (DRIVE) closed limit down 10.0%.
Emirates Telecom (ETISALAT) rounded out the gainers closing up 4.0%.
Decliners included: Methaq Islamic Insurance (METHAQ) down 0.23%, Ras Al Khaimah White Cement (RAKWCT) down 3.50%, Arkan Building Materials (ARKAN) down 1.41% and National Bank of Umm Al Quwain (NBQ) down 6.0%. | |
