27 September, 2007

GULF NEWS values Emaar at Dh1.70?

I've found that one of the most difficult things to do here in the UAE is to not be a business person yet still find solid user friendly information on the business sector. Because I know that if I could do so, I (and I'm assuming other expatriates) would be more likely to make an investment or two in the local economy.

For instance, if I wanted to find information on say, The Ford Motor Company, I could go to the NEW YORK TIMES markets section, enter the symbol F and I would get THIS breakdown of the company which allows me to easily track the stock's performance.
So imagine my confusion when I read what I can only assume is some sort of typographical or grammatical error in this morning's GULF NEWS online:
The losses in Dubai were mostly due to the decline in Emaar Properties, which accounts for about 25 per cent of the index's weight. Investors booked profits after the recent gains in the company's share value. The developer fell by 1.38 per cent to Dh1.70, dragging the index down to 4,222.48.
EMAAR hasn't fallen from dh10.80 to dh1.70 in a mere 3 days, has it? Because that would be all over the news and not just in the UAE. I mean, I know GN has a traditionally weak editorial staff and equally terrible writers -- so is it possible that what they meant to write was that the individual stock price dropped by dh1.70 per share? Or was it a typographical error and EMAAR actually closed at dh10.70? Either way it's just another example of GN's poor writing, plain and simple.

I think the big problem is that most of us don't know where to go to get a quote on the UAE stock markets, one that breaks down an individual stock's performance over a long term period. The business section in most reputable newspapers in the rest of the world have a searchable index, yet I can't seem to find one on the GN or KT websites. Anybody have suggestions for those of us who might be considering an investment in the local stock market? Is there an online investment model for small individual investors along the lines of like E*Trade or TD Ameritrade? Or is it like the bad old days in Europe and North America when you had to hire a stock broker to guide you through the process and the broker actually executed your trades for you?

Just curious.


Anonymous said...

Emaar must have closed around 10.75 yesterday.

Most of the trading is done the old fashioned way, through your stock broker (Real person that is). Some brokers offer online trading although i have never tried it (i know mashreq securities does for example).

After the nightmarish experience, i did to get an investor number in DFM and ADSM - and not to mention trying to register IPO shares especially RAK PROPERTIES...I can only advise you to stay away from this market.

Not only, is the market not liquid, the share price evolution is erratic, insider deals are more than common and many people do lose a lot of money....

bizzwhizz said...

DFM Market Watch
thats where you can find local market performance and yes Emaar closed 10.75 and GN has made a big mistake. Business insights also welcome on our blog www.bizzwhizzdubai.com

sharewadi said...
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