UAE market news & discussions for 25 November 2008UAE markets steadied today as the DFM and ADX index both closed up. Trading on both markets was more sensible as some stocks rose and others declined. This trading session better reflects economic fundamentals as investors start discriminating between companies that are strong and other that are weak. It makes a change from panic trading where all stocks are marked up or down equally. Of course one session does not constitute a less volatile time ahead but these days we take the good news when we can get it. The DFM index closed up by 2.6% at 1,862 on volume of 396 million shares traded worth 598 million dirhams. Trading was lead by ARTC closing limit up at 3.38 as news emerged of a possible 1:1 bonus share rights issue at zero premium. EMAAR also closed up by more than 3.00% on huge turnover of 83 million shares as the big 3 developers talked about increasing cooperation to manage housing supply. On the ADX the index closed 1.00% higher at 2,730 on volume of 96 million shares traded worth 288 million dirhams. Trading was dominated by the REALESTATE sector with ALDAR up 4.7%, SOROUH up 4.3% and RAKPROP up 3.2%. NASDAQ DUBAI DPW closed 13% and DEPA 2.2% higher. Dubai Financial MarketOn the Dubai Financial Market, 18 stocks advanced and 6 declined. Stocks to gain included: Air Arabia (AIRARABIA) and Ajman Islamic Bank (AJMANBANK) up 1.0%, ARAMEX and Dubai Islamic Bank (DIB) up 6%, Gulf Navigation (GULFNAV) up 3.8% and National General Cooling (TABREED) up 7.5%. The main stock to decline was Dubai Financial Market (DFM) losing 6.5% to 1.14 dirhams. Abu Dhabi Securities ExchangeOn the ADX, 20 stocks advanced and 8 declined. Stocks to gain included: Commercial Bank International (CBI) and WAHA closed limit up. All the energy stocks did well Aabar Energy (AABAR) up 2.7%, Dana Gas (DANA) up 4.6% and Abu Dhabi National Energy (TAQA) up 2.3%. Rounding out the gainers was Arkan Building Materials (ARKAN) up 7.6% and Emirates Telecom (ETISALAT) up 1.6%. Stocks to decline included: Abu Dhabi Commercial Bank (ADCB) down 1.7%, First Gulf Bank (FGB) down 5.60% and Methaq Islamic Insurance (METHAQ) down 8.0%. | |