Abu Dhabi Securities Market
Today, I spent the morning at Abu Dhabi Securities Market. It was mad. The age range of people touched by the money craze is very wide. There were guys there who could not possibly be older than 17. There were old guys who were so ancient they should be in nursing care. The most curious person of all was an 80-year-old looking eldar in milky colored kandourah, and red strapped-around head wear, who stood there, looking at the huge ticker screen, and asking a little boy with him to read out the numbers and company names. He was obviously either illiterate or half blind, in both cases I do not know why he decided to come to the market. Other people just walk up to you at random, touch you on the shoulder and say in one long breath: Hi-How are you? what did you buy today? You reckon it is going up in price? You give them the get-out-of-my-face look, and they move to the person next to you and repeat their bizarre questioning. Others were wearing sun shades inside the building and walking round in continues circles around the periphery of the market hall trying very hard to impress everyone with a big I-am-a-mighty-person-who-made-fortune-here-I-almost-own-the-place look.
June 21st, 2005 at 8:38 pm
Were there women ?!
Whenever someone talks about money I remember this verse “????? ??????? ???? ?????? ??????” and I wonder why money was advanced !!
June 21st, 2005 at 11:00 pm
stocks are the craze right now in the Emirates and rightly so, what other business can get you returns over 30% a month at minimum. Of course whenever you make a killing in the market, most probably someone(s) have lost the same amount.
Will it continue for ever? As long as we have a strong PR departmnet and no major hickups it will continue, or if one of the big fish decides to cash it all in and we endup just like we were in 1998.
Either case, I’m not complaining right now….
June 22nd, 2005 at 1:14 am
you know what??!!..this whole stock market thingy..is just going crazy now….who ever owns few dirhams thinks that he can make a fortune out of it easily…its a game ,who enters it must have a clear understanding of it’s rules… it’s good to enter this field ,but one has to have someone who knows the tricks of it…iam 21 and already have investing card under ma name….but i know nothing about this whole thingy….all i know is that ma sister (who works there) is dealing with ma shares and am being updated if new shares are buoght ….and what happened to ma old ones….thanx for sahring your experience with us in that crazy yet exciting world..cheers mate:)
June 22nd, 2005 at 10:28 am
I-am-a-mighty-person-who-made-fortune-here-I-almost-own-the-place _
June 22nd, 2005 at 11:30 am
one theory of the sudden increase in people’s interest specially elderly or illetirate is that farm products are not being sold out and there is very low income from it.. this was a major and sudden draw back for them..
dad used to take care of this for me.. however not recently.. i think there’s some trick that i should learn before i get into this world of shares.. i’ve read about it in “howstuffworks” and i got the big picture .. it’s the tiny details that i still have to learn before i get involved by my self.
i have a question though if u can answer it will be great .. How does the broker benifit from smoothing the deals of the share holders ?
June 22nd, 2005 at 6:58 pm
Assalaamu Alikum! Hmm…it was soon to come…obviously people had the money…and when you have money you have to do something about it …investing it and doubling it seems like a good idea, yeah???
people are so materialistic nowadays it makes me sick! i mean.that old man should be at home peacefully , but nooo..he’s at the market…well..I don’t know his necessity of being there so I can’t judge ( maybe he needed the money)
June 22nd, 2005 at 10:46 pm
I work somewhere in that building ;)
Yes, it is getting crazy. I think and hope people would soon be rational enough to know HOW to invest instead of speculating and depending on rumors and pure luck. KNOWELDEGE people is a powerful thing!! It is not a TRICK, it is simply some information that you need to know before taking any action. Again, KNOWLEDGE PEOPLE!!
Suger.. if I may answer your question, there is an ask price (which is what the shareholder asks as the price for his shares) and a bid price (is what the person is willing to pay for the shares) the difference between the tow goes to the broker after closing the deal. And of course the smoother it goes, the more deals he closes.
I hope this answers your question.
June 23rd, 2005 at 2:57 am
Esperanza, there werent as many women as there are in DFM. In fact, other than the girls who work there, I only saw 4 women who were filling in applications, and one far eastren maid sitting at the back of the market hall.
Hesham. I am not a big expert in shares. But it seems that even with my amatour insight, out market now adays qualifies for the well known definition of “Bull Market” which (historically) eventually comes back to equilibrium when many people lose alot of money.
reemany, you are lucky someone else is burdenning themselves with the headache of making you more money. lol
e3yion-uae, yes that is exactly what some people try to say with their attitude and body language (although you could not really see their eyes as they prefere to hide them behind sun glasses inside a close building with artificial lightenning that is not very intense by anyone’s standards)
Sugar, yeah I think that is very correct. Farms are not making as much money as they used to it seems and people are trying to find other sources of money. I think if farms were bringing in as much money as they used to, many people would not have gone into the stock market. As per your other question, XD would know better since they work in the building. Additional to that, brokers get 0.3% of every deal they make, buy or sell. That accounts for ALOT OF MONEY every day.
Rozy, in away, it is better than freezing all the money in bank accoutns, or sending it abroad. At least this cash is now circularing and in the open.
XD, I do not think people will start thinking logically about shares untill the bull’s market equilibiriate. Untill that happens, this trend will only continue. A day in the stock market just proves this. Person A turns to Person B standing next to him and tells him (Company X is going to split their shares), suddenly in half an hour, the share is going up the roof.
June 23rd, 2005 at 2:59 am
XD, I have few business inquiries about the market. If you’d be kind enough to supply your email, i will be much grateful - My questions are not about applications or the shares themselves, but the mechanics of the market.
June 23rd, 2005 at 5:16 pm
Well I think buying from the market is a bit risky. Better way to buy from the *ektetaab* at least u will pay 1 dh for each stock but in total u will have less number of shares which depending on the number of ppl buy and how much. So in this case u didn’t pay much in each share as u will do if buying from the market then u will keep on eye on ur new shares that u have to sell them on the right time.