UAE market news & discussions for 27 November 2008UAE markets rallied today largely on the strength of Realestate stocks. Volumes remain low but trading is less erratic as investors start to focus on end of year results. The UAE Government has also played its part higlighting the UAE's fundamental financial strength. The DFM index closed 3% up at 1,928 on volume of 348 milion shares traded worth 577 dirhams. ARTC again lead the trading closing limit up at 4.46 dirhams for the third day in a row. EMAAR and DFM both closed nearly 10% higher on strong volumes. The ADX index closed 1.3% up at 2,720 on volume of 67 million shares traded worth 141 million dirhams. Trading was lead by Realestate stocks and a strong performance by ETISALAT up 3.0%. NASDAQ DUBAI (1630) DPW up 3.0% and DEPA up 4.0%. Dubai Financial MarketOn the Dubai Financial Market 12 stocks advanced and four declined. The realestate sector lead the way rising by 9.5%. Other gainers on significant volume included: Air Arabia (AIRARABIA) up 3.2%, Deyaar Development (DEYAAR), Dubai Investment Company (DIC), Emirates Integrated Telecommunications (DU) up 6.0% and Gulf Navigation (GULFNAV) up 7.0%. Gulf General Investment (GGICO) down 4.0% was the only loser on significant volume Abu Dhabi Securities ExchangeOn the ADX 20 stocks advanced and 11 declined. Apart from REALESTATE stocks, ENERGY stocks had a strong day with Aabar Energy (AABAR) up 3.5% and Dana Gas (DANA) up 4.5%. Abu Dhabi National Energy (TAQA) closed down 1.57%. BANKS were strong lead by Abu Dhabi Commercial Bank (ADCB) up 3.3%. However, First Gulf Bank (FGB) continued to fall down 1.5%. In CONSTRUCTION, Arkan Building Materials (ARKAN) closed up 1.5% with the rest steady on low trading volume. |