UAE market news & discussions for 27 May 2008Little overall movement in either index today, although the ADX was having a busy time of it with Arkan Building Materials leaping back into the top spot by traded value, and RAK Cement turnover at a 12 month high, although share price didn't rise as much as the previous days. Little of note on the DFM, while on the DIFX at 4pm, DP World was $0.01 to $0.97 and Depa was down $0.01 to $1.56.
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Dubai Financial Market
The DFM continues to see subdued activity with turnover at just AED 574m for the day, although at least it was up marginally by 0.23% to 5650 points. Emaar Properties (EMAAR) saw the greatest traded value of just over AED 100 m, price was unchanged at 11.30. Union Properties (UPP), up 0.4%, and Dubai Investments (DIC), down 0.3%, were also relatively busy. Or perhaps less quiet would be a better description.
Emirates NBD (ENBD) saw the most significant rise of 2.1% to 11.95 but that was still only from AED 6m worth of trading. The top 2 gainers rose on few trades. Tamweel (TAMWEEL) was up by 1.4%, and another 6 stocks rose by less than 1%. Apart from Emaar, there were another 6 stocks with prices unchanged.
AMAN was the only loser of note, falling 1.5% to 36.55 from modest activity. Another 6 losers fell less than 1% except for the worst 2 on thin trading.
Abu Dhabi Securities Market
The top 3 stocks by turnover showed solid gains on the ADX but a slight fall in Etisalat (ETISALAT) of 0.5%, and other falls in heavyweight stocks, kept the index almost unchanged at 5015 points, just over a single point lower than yesterday. Total turnover was a solid AED 2.4 billion, with ARKAN once again in the spotlight making up almost a third of that with a 3.4% gain to 5.75. RAK Cement slowed up a little today with "only" a 4.5% rise to 3.00 but an astonishing AED 491m worth of trading, the 162m shares traded a record high for the past 12 months. AGTHIA was also having a busy day and gained 4.9% to 2.71.
Julphar (JULPHAR) saw a big 7% jump to 2.70, a stock where the fundamentals could possibly justify a rise in price, unlike RAK Cement, which looked expensive before it soared. RAK Ceramics was up by 2% to 4.10, and the remaining gainers rose less than 1%, or on thin turnover.
The losers list included most of the more usually active stocks. The worst losers on turnover of more than AED 1 m were RAK Poultry (RAPCO) continuing yesterday's slide with another 4.3% drop to 5.11, Gulf Cement (GCEM) down 2.8% to 6.63, NBS down 2.7% to 2.85, METHAQ down 2.4% to 3.62, Dana Gas (DANA) and Oasis Leasing (OILC) falling just under 2% and the remainder down by about 1.5% or less.
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