UAE market news & discussions for 06 October 2008
Posted by hidayathfund on October 8, 2008
Yesterday was dire, today was even worse, with Dubai plummeting 7.6% to 3552 points from just over AED 1 billion of turnover, and Abu Dhabi suffering a 5.6% fall to 3558 points from AED 729 million. The Dubai index is now lower than the Abu Dhabi index. DP World is down 13%, Damas 1%, and Depa 7%. The Saudi Tadawul is down almost 10% so far today. Around the world, stocks plummeted today and Wall Street is expected to open lower later this afternoon UAE time. Apologies for yesterday’s erroneous comment that Dubai house prices had fallen by 16% in 2008 Q2 (based on report in The National). They rose by 16%.
The new Deyaar CEO said they were looking at acquisitions in Egypt, Saudi, and Turkey … if there was sufficient liquidity. The old Deyaar CEO has been given another month extension to his detention. And Deyaar Enclave in the IMPZ was launched at Cityscape Dubai today. Deyaar shares still fell 10%. Nakheel (not listed) announced a 1km high tower that will take 10 years to complete (perhaps they should ask Emaar to build it). Meraas (not listed) launched the AED 350 billion Jumeirah Garden City at Cityscape. Union Properties announced 5m sq ft of commercial development in Motor City. Amlak announced 08M9 profits of AED 444m yesterday – an increase of 157%.
UAE financial news – latest news from Reuters, Bloomberg and UAE media
Dubai Financial Market
Emaar Properties (EMAAR) and Arabtec (ARTC) dominated trading with Arabtec 15% limit down to 9.10 and top of the loser’s list, and Emaar off by 10.7% to 6.07. Fifteen stocks fell more than 10%, including TAKAFUL-EM, Islamic Arab Insurance (IAIC), Tabreed (TABREED), Du Telecom (DU), AJMANBANK, Amlak Finance (AMLAK), Union Properties (UPP), Shuaa Capital (SHUAA), Tamweel (TAMWEEL) and AMAN. The least bad falls were for Dubai Islamic Bank (DIB) down 3.85% and GGICO down 4.9% on higher than usual turnover. There were no gainers.
Abu Dhabi Securities Market
Aldar Properties (ALDAR) dominated trading as usual, going 10% limit down to 6.52 with no buyers to be seen. No other stocks saw more than AED 100m worth of turnover. A grim total of 14 companies were 10% limit down by the end of the session with no buyers in the queue, including Sorouh Real Estate (SOROUH), Aabar Petroleum (AABAR), Abu Dhabi Commercial Bank (ADCB), Oasis Leasing (OILC), First Gulf Bank (FGB), RAK Properties (RAKPROP), Abu Dhabi National Energy (TAQA), National Bank of Abu Dhabi (NBAD), AGTHIA, Union National Bank (UNB), and Methaq Insurance (METHAQ) (although average price was up by 2.5% on yesterday’s close for the insurance company). Etisalat (ETISALAT) was down 5.3% to 14.70, and ARKAN only 1.6% to 5.98. There were 5 gainers overall including Methaq, the other 4 all saw single trades at 10% limit up prices just to leave market watchers confused.
Thanks to Salim Panthodi