UAE market news & discussions for 18 November 2008Dubai remains volatile while the ADX continues to climb. The DFM index closed 5% lower today with the value of shares traded a little over 1 billion dirhams. In a choppy day the index fell at the open climbed more than 4% by midday and then slid away all afternoon. Trading was dominated by EMAAR reaching a high of 3.49 before closing at its low of 2.97. A massive 150 million EMAAR shares were traded worth 486 million dirhams. Many of the other most popular shares also finished at their lows for the day.
The ADX closed 1.30% higher at 2,883. The banks had another good day all closing up apart from NBAD. Realestate was also a strong sector all closing up by more than 5%.
DIFX
Two shares to trade DPW up 3.0% and DEPA down 8.00%.
RESULTS
SUDATEL 08Q3 profit Dh160m -52% Dubai Financial MarketOn the Dubai Financial Market 3 stocks advanced and 22 declined.
Most of the major stocks closed lower with the follwing limit down; Ajman Islamic Bank (AJMANBANK), Amlak Finance Company (AMLAK), Dubai Financial Market (DFM), Emaar Properties (EMAAR), Shuaa Capital (SHUAA), TAKAFUL HOUSE and EMARAT, TAMWEEK and Union Properties (UPP).
Islamic Arab Insurance (IAIC) up 6% was the only gainer on reasonable volume. Abu Dhabi Securities MarketOn the ADX 20 stocks advanced and 18 declined.
BANKS were strong with Abu Dhabi Commercial Bank (ADCB) up 8%, Abu Dhabi Islamic Bank (ADIB) up 6%, First Gulf Bank (FGB) up 5.5% and SIB up 7.7%.
In the REALESTATE sector Aldar Properties (ALDAR) up 7.5%, Ras Al Khaimah Properties (RAKPROP) up 5.6% and Sorouh Real Estate (SOROUH) up 6.4% had a strong day.
In the ENERGY sector Aabar Energy (AABAR) up 3.4%, Dana Gas (DANA) up 2.5% but Abu Dhabi National Energy (TAQA) was down 1.3%.
CONSTRUCTION was mixed with Arkan Building Materials (ARKAN) down 5% but Ras Al Khaimah Cement (RAKCC) up 5.0%.
In CONSUMERS, Abu Dhabi National Hotels (ADNH) up 1.0% and Agthia Group (AGTHIA) up 6.0% lead the way. | |
