UAE market news & discussions for 30 November 2008The last day of trading for November 2008 saw gains across the board as the DFM index rose 1.85% to 1965 points with turnover of AED 864m from volume of 516m shares, and the ADX index gained 2.0% to close at 2776 with turnover of AED 402 million from volume of 144m shares. Speculation on a merger between Emirates and Etihad continued with The Sunday Times saying that Abu Dhabi "has demanded control of Emirates." Both Etihad and Emirates bluntly denied the speculation in statements today. Nakheel were reported to have cut 500 jobs, and said "We have the responsibility to adjust our short term business plans to accommodate the current global environment." Arabtec announced an EGM on 23 December 2008 to vote on the 1:1 bonus share proposal which had prompted a sharp increase in share price over the past few trading days. Dubai Financial MarketAlmost 100m shares of Emaar Properties (EMAAR) were traded, worth AED 293m, as the price ended the day up by 4.3% at 2.93. Arabtec (ARTC) was in second place by turnover with AED 93m of trading, and a 2.0% increase to 4.55 although shares were up by more than 10% earlier in the day. Shuaa Capital (SHUAA) was the biggest gainer of the actively traded stocks with an 11.9% rise to 1.79, although turnover was still relatively light. Emirates Integrated Telecommunications (DU), Gulf Navigation (GULFNAV), and Ajman Islamic Bank (AJMANBANK) all rose between 6-7% and apart from thin trading in Dubai Islamic Insurance (AMAN) and Gulf Finance House (GFH), the remaining gainers rose less than 6%. There were only 7 losers, including Emarat Takaful Insurance (TAKAFUL-EM) down by 7%, Mashreq Bank (MASQ) down by 2.2%, and Emirates NBD (ENBD) down by 1.35%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) dominated turnover as usual, with a 6.2% rise to 5.42 from AED 144m of turnover. Sorouh Real Estate (SOROUH) was also busy and rose 6.9% to 3.40. Abu Dhabi Commercial Bank (ADCB) was the biggest gainer on active trading, up by 9% to 2.57. Four stocks saw limit up trading, including Aabar Energy (AABAR) which closed at 1.94. Ras Al Khaimah Cement (RAKCC) was up 7%, Waha Capital (OILC) 6.6%, and the remaining actively traded gainers rose less than 6%. Emirates Telecom (ETISALAT) was up only 0.8% to 12.05, and National Bank of Abu Dhabi (NBAD) up 1.4% to 11.55. First Gulf Bank (FGB) rose 4.6% to 9.15 with insider buying of over 800k shares. There were only 5 losers, none on any volume of significance. | |