UAE market news & discussions for 19 November 2008A split decision today in UAE Markets as the DFM index ended up and the ADX slightly lower reversing the situation yesterday. However, the value of shares traded on both markets was low, less than 300 million dirhams each. The DFM index closed 1.0% higher at 2,053. Major contibuters to the rise included AIRARABIA up 3.0%, ARTC up 8.0% and EMAAR up 3.0%. IAIC also had a good day closing limit up on strong volume. The ADX index closed 0.11% down at 2,880. Despite strength in the Realestate sector ALDAR up 5.0% and SOROUH up 4.0% and the Construction sector weakeness in the Banking sector meant the index closed marginaly down at the close. DIFX (NASDAQ DUBAI) Two stocks traded: DPW 0.33 up 3.0% and DEPA 0.50 up 8.7%. Dubai Financial MarketOn the Dubai Financial Market 13 stocks advanced and 8 declined. The standout stock today was Islamic Arab Insurance (IAIC) closing limit up at 1.06 with over 3 million wanted. Amlak Finance Company (AMLAK) up 2.8%, Deyaar Development (DEYAAR) up 2.6%, Dubai Financial Market (DFM) up 3.2% and Gulf Navigation (GULFNAV) up 4.0% all had a stong day on good volume. Decliners included; Union Properties (UPP) down 3.4%, Shuaa Capital (SHUAA) down 4.0% and Ajman Islamic Bank (AJMANBANK) down 3.3%. Abu Dhabi Securities MarketOn the ADX, 15 stocks advanced and 15 declined. The BANKS were generally weaker with Abu Dhabi Commercial Bank (ADCB) down 2.8%, SIB down 4.7% and Union National Bank (UNB) down 3.0%. In INSURANCE, Methaq Islamic Insurance (METHAQ) and Abu Dhabi National Takaful (TKFL) were both down over 8.0%. Emirates Telecom (ETISALAT) closed down 1.9% at 13 dirhams. REALESTATE and CONSTRUCTION were the only sectors to post significant gains. | |