UAE market news & discussions for 25 May 2010UAE stocks took a big tumble on increased volumes today with most of the more active stocks falling 4% to 8%, led down by Emaar in Dubai and Aldar in Abu Dhabi. On the Nasdaq Dubai at 1545 UAE time, DP World is down 7.0%, Depa is down 3.9%, Damas is unchanged, and DGS is down 0.10%. UAE financial news - latest news from Reuters, Bloomberg and UAE mediaDubai Financial MarketDubai stocks fell 4.6% to 1570 points from AED 523m worth of trading with Emaar Properties (EMAAR) the only stock trading more than AED 100m worth, plummeting 7.8% to 3.30 from AED 268m worth. Deyaar Development (DEYAAR) was the worst of the more active losers, down 9.7% to 0.33, Dubai Investment Company (DIC) fell 8.7%, Arabtec (ARTC) 7.1%, Dubai Financial Market (DFM) 6.1%, and most other stocks fell between 2.5% and 6%. There were only 2 gainers: Dubai National Insurance & Reinsurance (DNIR) up 2.3%, andOman Insurance (OIC) up 0.11%. Abu Dhabi Securities ExchangeAbu Dhabi stocks fell 3.1% to 2650 points from turnover of AED 198m with Aldar Properties (ALDAR) the most active stock and one of the worst losers, down 7.8% to 3.16 from AED 76m worth of trading. Methaq Islamic Insurance (METHAQ) was the worst of the more active losers, 10% limit down to 2.11, Abu Dhabi Commercial Bank (ADCB) fell 5.6%, National Bank of Abu Dhabi (NBAD) 5.3%, First Gulf Bank (FGB) 5.1%, Sorouh Real Estate (SOROUH) 5.05%, Dana Gas (DANA) 5.0%, and most other more active stocks fell between 3% and 5%. Emirates Telecom (ETISALAT) was the least bad loser, down 0.93% to 10.50, saving the index from a greater drop today. There were only 2 gainers: International Fish Farming (ASMAK) up 3.85% to 13.50 from a couple of small trades, and Nbad convertible notes up 0.32%. | |
