UAE market news & discussions for 09 November 2008The UAE markets started the week as they ended the last, lurching downwards yet again. The Dubai index fell almost 6% to 2631 and the Abu Dhabi index was down almost 4% to 3191. Trading levels were modest with AED 300 million in Abu Dhabi and AED 600 million in Dubai.
Air Arabia profits were up 30% from the same time last year, and tripled compared to the second quarter this year but stock price still fell 5%. Arab Scandinavian Insurance announced a loss. ESCA deadline for results is on Friday this week with 34 companies still to submit results for Q3 2008, including Ajman Bank, Dubai Islamic Insurance, Dana Gas, Gulf Cement, Salama Insurance, Dar Takaful, Methaq Insurance, Sudan Telecom, and Union Cement.
Iran said they'd suspended gas delivery to the UAE due to ongoing disagreement with Crescent (the Dana Gas partner). We didn't know they'd even started. Mashreq Bank introduced a new system of maths, saying 1 + 1 = 3 and that meant they were ready for bank mergers. Abu Dhabi said some major tourism projects might be reviewed due to the credit crunch, but the Guggenheim and Louvre would still go ahead on Saadiyat Island. Dubai Financial MarketEmaar Properties (EMAAR) was the only stock with more than AED100m of turnover in Dubai, and saw 10% limit down trading at 4.44. Other stocks trading limit down included Arabtec (ARTC), Union Properties (UPP), Islamic Arab Insurance (IAIC), Emarat Takaful Insurance (TAKAFUL-EM), Arab International Logistics (ARMX), Dar Takaful Insurance (DARTAKAFUL), Al Salam Bank (SALAM_BAH), and Emirates NBD (ENBD) (5% limit). Almost all other stocks fell more than 4%, except for Dubai Financial Market (DFM) down 2.5%, and Emirates Integrated Telecommunications (DU) down 1.7%. Shuaa Capital (SHUAA) was one of only 3 gainers, up 1.1% on marginal trading, and Ektitab Holding (EKTTITAB) rose almost 15% from one small trade. Abu Dhabi Securities MarketNo stocks in Abu Dhabi saw more than AED 100m of turnover. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the most heavily traded, both falling around 8%. International Fish Farming (ASMAK) was a surprise in third place on turnover with AED 37m of deals and 10% limit up trading at 30.80. Is fish stock a safe haven in these times of financial turmoil? Seven stocks saw 10% limit down trading, including National Bank of Abu Dhabi (NBAD), Ras Al Khaimah Cement (RAKCC), and Waha Capital (OILC). Most other stocks fell more than 5%. Emirates Telecom (ETISALAT) was down 4.1% to 15.00. Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB), and Union National Bank (UNB) looked relatively positive with falls of only 0.8% to 1.5%. Apart from Asmak, Methaq Islamic Insurance (METHAQ) was the only other gainer of note, up 3.3% to 6.69. | |
