UAE market news & discussions for 17 August 2009Stocks plummeted in the UAE today with a sea of red on trading screens and several stocks falling 10% limit down. The DFM index tumbled 5.8% to 1774 points from turnover of AED 627m and the ADX fell a less alarming 2.4% to 2783 points from turnover of AED 294m. On the Nasdaq Dubai at 1400 UAE time, DP World is down 2.8%, Depa and GOLD are down less than 1%. UAE financial news - latest news from Reuters, Bloomberg and UAE mediaDubai Financial MarketEmaar Properties (EMAAR) led the way down with AED 214m of trading and an almost limit down 9.4% fall to 2.90, the only stock trading more than AED 100m. Dar Takaful Insurance (DARTAKAFUL) and Union Properties (UPP) were 10% limit down, Arabtec (ARTC) and Islamic Arab Insurance (IAIC) fell 8.8%, Emarat Takaful Insurance (TAKAFUL-EM) fell 8.7%, Dubai Islamic Insurance (AMAN) 8.6%, Ajman Islamic Bank (AJMANBANK) 8.1%, and Dubai Financial Market (DFM) 8.0%. All other actively traded stocks fell between 4% and 7% except for Emirates Integrated Telecommunications (DU) which was down just 2.1%. There were no gainers. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) was the most active stock in Abu Dhabi, falling 9.6% to 4.05 from AED 60m worth of deals. Aabar Energy (AABAR) and Sorouh Real Estate (SOROUH) were 10% limit down, both trading between AED50m and AED 60m. Other limit down stocks included Methaq Islamic Insurance (METHAQ), Ras Al Khaimah Cement (RAKCC), Umm Al Quwain Cement (QCEM), and Waha Capital (OILC). Dana Gas (DANA) fell 9.0%, Green Crescent Insurance (GCIC) 7.9%, Ras Al Khaimah Properties (RAKPROP) 6.7%, Abu Dhabi Commercial Bank (ADCB) 4.2%, and the remainder fell less than 4% or on low volumes. National Bank of Abu Dhabi (NBAD) fell 4.8% and Emirates Telecom (ETISALAT) was the least worst loser with a fall of just 0.48% to 10.30. There were only 3 gainers, Abu Dhabi National Insurance (ADNIC), Sudan Telecom (SUDATEL), and Abu Dhabi National Takaful (TKFL), all on low volumes. | |