UAE market news & discussions for 01 December 2008Both markets declined on the eve of the National Day and Eid holidays, with the DFM and ADX announcing they would be closed from tomorrow until Wednesday next week. The DFM index gained slightly by 0.5% to 1975 points with turnover relatively low at AED316m. ADX fell by 0.77% to 2754, and turnover just over AED 100m. Union National Bank said "we can sustain our growth in the fourth quarter" as they forecast 2008 net profit that would imply a 95% fall in profit for Q4 compared to Q3. Aabar continued to diversify away from energy with the announcement of the purchase of AIG Private Bank Ltd. Obviously since credit has dried up, they figured it was sensible to buy their own bank so they can fund their own property development after buying land last week. Telephone subscribers who groan every month when they get their mobile roaming bill will be delighted to learn that Etisalat was named the world's "Best International Carrier" at the World Communications Awards (WCA) in London.
Dubai Financial MarketEmaar Properties (EMAAR) was the most actively traded stock and the only one trading more than AED 100m worth with a gain of 1.7% to 2.98. Arabtec (ARTC) was also busy but rose by just 0.4% to 4.57. Ajman Islamic Bank (AJMANBANK) was the biggest gainer of the day on active trading with a 2.9% rise, Deyaar Development (DEYAAR) was up 2.8%, and Air Arabia (AIRARABIA) 2.0%. The remaining gainers rose less than 2% or on thin trading. Union Properties (UPP) was the worst of the actively traded losers, falling just 1.8%, Emirates NBD (ENBD) fell 1.4%, National General Cooling (TABREED) 1.3% and the other 3 losers fell by less than 1% or on thin trading. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) fell 1.6% to 5.40, while its fellow property stock, Sorouh Real Estate (SOROUH), was unchanged at 3.43, neither stock trading more than AED 30m worth despite being the most actively traded stocks in Abu Dhabi. The top five gainers all rose 9-10% but from just a single small trade each. Aabar Energy (AABAR) was the biggest gainer of the day on any sort of reasonable trading level, and finished up by 6.25% at 2.07. First Gulf Bank (FGB) rose 1.3% and there were no other gainers of note. Dana Gas (DANA) fell 5.5%, at the top of the loser's list (ignoring stocks trading less than AED 1m worth). Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD) fell more than 4%, Waha Capital (OILC) 2.5%, and the other losers were down less than 2% or on thin trading. |
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