Do you see what I see?
DFM still showing green percentages for all its indexes.
And the worst is, if you are using Mubasher, then you might see +6% for DFM and +4% for Emaar.
Funny.
This is what happen when companies release / markets post results and announcements just before the market open - not giving time to the investors to digest the results - and not giving time to the trading systems to handle panic investors
fadi: It seems that your broker account is disconnected from DFM (like me!) and, based on zero prices for DFM stocks, showing a loss. Don't worry. You / we are not alone.
This is what happen when companies release / markets post results and announcements just before the market open
Not sure if the link between broker websites failing and untimely release of results is causal but I do strongly agree that it's very poor on the part of companies, markets, and the regulatory authority to release results (or allow the release) just before markets open. A far more investor friendly regulation would be to require companies to release results in the afternoon after market close. _________________ UAE IPO list | posting guidelines
Not sure if the link between broker websites failing and untimely release of results is causal but I ...
I really do not want to insult anybody but this is UAE like all other third world contries with speciall way of earning money.
So it is not surprise for me if one day we hear about today opening, saying that some people wanted to make more panic than usual.
Whether there is/was any intentional link between websites/IT problem and the market behviour, it seems to me that the website problem has caused some panic in the market.
Without prejudice to the first and third worlds (and all other worlds in between and beyond them!), we see more frauds these days in the former than the latter world - but perhaps this is becuase the latter has less transparency than the former.
It seems this confusion is a polite effort to help investors to accept the news...
Mubasher shows DFM + 3.18...
Anyway, from all the Arab markets according TickerChart, DFM and ADX are the worse performers, which makes me think that investors reaction locally is overdone !
It will be helpful to have separate treads for Negative Q3 Results and Positive Q3 Results, as it will help to identify stocks with future potential.
Have separated the posts about the ADX and DFM share price and broker problems from the main UAE marketwatch topic for future reference. _________________ UAE IPO list | posting guidelines
I saw this press release yesterday but didn't take much notice of it. I'm glad I wasn't a broker (or trader) today, must have been hectic for them.
My Mubasher is still showing Emaar (EMAAR) 6% in the green and DFMGI up 4% (we do at least know both tanked). Tried to check a couple of other websites and feeds and got confusing information. One shows trade volume of just over AED 100m total for Dubai (not just Emaar)! The DFM helpfully tells us on their website:
DFM 29 October 2009:
(DFM) Dubai Financial Market would like to state that the direction and growth percentage of the DFM General Index mentioned on the DFM website is incorrect, however the index value is correct. Kindly be advised this is currently being rectified.
Perhaps that should have been rectified before the markets opened today .
Press Release 28 October 2009:
Dubai Financial Market to launch the new trading platform “X-Stream” tomorrow
Dubai Financial Market (DFM) announced today that it will launch the new trading system “X-Stream” as of the trading session on Thursday, 29th October 2009. The new platform was delivered by NASDAQ OMX and is replacing the previous system (Horizon). The migration to the high capacity platform comes after DFM organized extensive training sessions for brokerage firms, involving over 200 trading managers representing 99 brokerage firms.
Apparently the launch was successful - I just received this press release which says "Trading at DFM shifted smoothly ...".
Oh
Was something else happening today that we didn't know about to mess with the data feeds, and this new trading system was coincidental?
Press Release 29 October 2009:
Dubai Financial Market successfully launches the new high-capacity trading platform “X-Stream”
DFM can now execute over 720,000 orders per session through a reliable system widely used by leading exchanges across the world
Dubai Financial Market (DFM) announced today that it has successfully launched the state of the art high-capacity trading system “X-Stream”, known to be one of the best trading systems in the world’s financial markets. The new fully integrated trading platform was delivered by NASDAQ OMX, the world's largest exchange company and is part of DFM’s ongoing drive to stay ahead of technological changes since its inception in the year 2000.
Trading at DFM shifted smoothly from the previous Horizon system to X-Stream. DFM is the first regional market in the GCC to adopt this highly sophisticated trading system, with the exception of NASDAQ Dubai which operates the same system. The two leading exchanges in the region are involved in discussions to consolidate post trading operations, a goal that will be much easier to achieve through DFM’s deployment of its new system.
Commenting on this development, Hassan Al Serkal, Chief Operating Officer, DFM said: ”With X-Stream in place, DFM can now execute more than 720,000 orders per session and more easily introduce new instruments such as ETFs (Exchange Traded Funds). The new system is described as a reliable, high performance platform that is widely used among leading exchanges across the world. Furthermore, the ability to integrate new business functions allows the trading system to evolve quickly and effectively in response to competitive and regulatory requirements. By utilizing the best technological advancements, DFM aims to swiftly serve its clients’ needs through an ultra fast and efficient platform.”
“As we all know, the trading system is at the heart of any exchange and the shifting to the new platform and ensuring its smooth functionality, was a key priority for the business. We are extremely delighted to cooperate with NASDAQ OMX to adopt this cutting-edge platform. I would like to take this opportunity to extend a sincere thanks to NASDAQ OMX for their exceptional efforts in providing us with this high capacity system that will play a key role in our ongoing development plans and reinforce DFMs position as the leading exchange and market of choice in the GCC.” Al Serkal added.
“With NASDAQ OMX’s technology in place, we are at the forefront amongst financial markets in the GCC. The system is designed to support the simultaneous trading across multiple product classes in the market which will allow DFM to meet future needs. We are confident that we will be in an ideal position to cater for the huge expansion of trading activities of stocks and bonds or any other potential instruments to be traded at DFM in the future.” he concluded.
Lars Ottersgård, Senior Vice President NASDAQ OMX Market Technology said, “The launch of DFM’s new system marks an important day in Dubai’s exchange history, and will act as a driver of the development of the regional marketplace. Through its system upgrade DFM is now able to offer its members significant capacity and latency advantages that will act as a catalyst to a more efficient, liquid and thus attractive market.”
DFM-licensed brokers have gone through an extensive training programme to operate the system. Recently, DFM organized a second round of training for brokers with 20 workshops that attracted 140 attendees from over 40 companies. In total, DFM organized training sessions for over 200 trading managers representing 99 brokerage firms, in addition to this, key personnel from the brokerage firms were trained as ‘super users’ who could then train their colleagues internally. Moreover, 76 trading simulation sessions were organized in addition to open Q&A sessions to resolve any queries that arose from the brokerage firms.
The major exchanges which are using the same system includes; NASDAQ-Dubai (UAE), EGX (Egypt), ICAP (UK), SIX (Switzerland), CNQ (Canada), IDX (Indonesia), BVC (Colombia), Moscow Interbank Currency Exchange (Russia), Plus Markets Group (United Kingdom)and Zagreb Stock Exchange (Croatia), among many others. Recently, NASDAQ OMX was awarded a contract to deliver the trading platform X-Stream to the Kuwaiti Stock Exchange.
NBD Securities started working from 1-30 PM, and I sold DIC at 1.28. I have to wait and see whether the site worked in the last half hour luckily or unluckily
thanks
If they call this transition smoothly and planned what would be not planned and though transition?
I really suffered today using Mubasher Pro.
It is still showing green values.
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