UAE market news & discussions for 23 November 2008Doesn't Freddy Krueger ever take a day off? Stocks continued to bleed in Dubai, and less so in Abu Dhabi, following a big fall on the Tadawul in Saudi yesterday. The DFMGI fell 4.7% to below the 2000 point level from 228m shares traded worth just over 300m dhs, and the ADX index fell 1.3% to 2798 points from 87m shares traded worth 279m dirhams. Gulf Navigation stood out as the only significant gainer, perhaps indicating a share buyback is in the wind. Amlak and Tamweel were suspended from trading until details of their merger (or is it a bailout?) are released. The Saudi Central Bank today announced a 100 point rate cut and a reduction in banks' cash reserve requirements. The Tadawul is still down another 4.5%. And if you thought UAE stocks were at bargain levels, the Gulf News reported this morning that rooms at the Atlantis resort on Jumeirah Palm were available for less than AED 200 dhs per night. Fireworks and movie stars not included.
Dubai Financial MarketEmaar Properties (EMAAR), as ever, was the most actively traded stock by turnover, and fell 7.8% to 2.73 from 32m shares worth 89m dhs. Gulf Navigation (GULFNAV) was the only actively traded gainer, rising 9.3% to 0.82 and at the top of the volume list with 38m shares traded. The other two gainers rose on just 3 small trades between them. Five stocks traded at 10% limit down prices: Gulf General Investment (GGICO), Emarat Takaful Insurance (TAKAFUL-EM), Dubai Islamic Insurance (AMAN), Ajman Islamic Bank (AJMANBANK), and Dubai Financial Market (DFM) shares themselves, with more than 10m shares in the sellers queue by the end of the day. Most other stocks fell between 4% and 10%. Emirates NBD (ENBD) was the least sore loser, falling only 2.6% to 3.80. Abu Dhabi Securities MarketAldar Properties (ALDAR) was the only stock trading more than AED 100m worth, from 31m shares, as it fell 2.35% to 5.05. First Gulf Bank (FGB) fell 4.2% to 11.25 despite buying back a handful of shares today. Of the eleven gainers, only three saw turnover worth more than AED 1m: Arkan Building Materials (ARKAN) up 3.45%, Agthia Group (AGTHIA) up 2.1%, and Abu Dhabi National Takaful (TKFL) up 1.7% on greater than usual turnover. The worst of the losers on turnover more than AED 1m were the three energy sector companies: Aabar Energy (AABAR) down 7.4%, Abu Dhabi National Energy (TAQA) down 6.1%, and Dana Gas (DANA) down 5.4%. Most other stocks fell less than 5%. Emirates Telecom (ETISALAT) was down just 0.4% to 12.70, and National Bank of Abu Dhabi (NBAD) unchanged at 10.80. |
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