UAE market news & discussions for 11 December 2008After a long break for Eid and National Day holidays, the UAE markets reopened with slight rises today. The DFMGI was up 0.63% to 1987 points, although it did spend part of the day over the 2000 point level, with turnover just under AED 300m from 177m shares traded. The ADX crept up by just 0.09%, or two and a half points, to 2757 with turnover at a low AED 129m from 45m shares. On the Nasdaq Dubai, DP World is the only share traded so far today, falling 9.1% to US$0.30. Drake & Scull announced they had won the MEP Contractor of the Year at the Middle East Contractor Awards. Drake & Scull have not announced a listing date yet (the IPO was in July 2008). Previously they had said they expect to list on the DFM before the end of the year. Moody's said they were considering downgrading Shuaa as the Dubai government had not yet converted its bond. Shuaa shares fell 5% today on thin trading, and are down 80% from a high of 8.64 earlier this year (but so are several other stocks on the DFM). Good to know Moody's are keeping up with investment bank ratings - last week they downgraded Lehman Brothers, an investment bank that failed in September this year. EFG Hermes released their 2009 UAE Research Yearbook, with stock picks including Etisalat, Sorouh, Arabtec, Air Arabia, First Gulf Bank, Aramex, Dana Gas, Tabreed, while they expressed concerns about Abu Dhabi Commercial Bank and Dubai Islamic Bank.
Dubai Financial MarketEmaar Properties (EMAAR) was the only stock trading more than AED 100m and gained 3.7% to close at 3.09. Air Arabia (AIRARABIA) traded more shares but less turnover, and closed the day flat at 1.00. The top three gainers rose on total turnover of less than AED 100k, while Emirates Integrated Telecommunications (DU) was the best of the more active stocks, rising 6.2% to 2.93. Dubai Investment Company (DIC) was up 5.1%, Union Properties (UPP) 1.9%, and Ajman Islamic Bank (AJMANBANK) 0.9%. The remaining stocks showing green rose on turnover of less than 1m dhs each. Arabtec (ARTC) was the worst of the losers on significant turnover, down 3.7% to 4.40. Shuaa Capital (SHUAA) fell 5.4% but on relatively low volumes. Deyaar Development (DEYAAR) was down 2.7%, Gulf Navigation (GULFNAV) 2.1%, and another 9 stocks fell less than 1% or on thin trading. Abu Dhabi Securities ExchangeNo stocks in Abu Dhabi saw more than AED 100m worth of trading, and only three traded more than AED 10m worth: Aldar Properties (ALDAR) down by 1.3% to 5.28, Abu Dhabi Commercial Bank (ADCB) up by 4.3% to 2.62 (and also the top gainer on active trading), and Sorouh Real Estate (SOROUH) up by 1.8% to 3.43. Other gainers on turnover of more than AED 1m included Ras Al Khaimah Properties (RAKPROP) up 3.0%, Aabar Energy (AABAR) up 2.45%, Emirates Telecom (ETISALAT) up 1.6%, and Dana Gas (DANA) up 1.45%. National Bank of Abu Dhabi (NBAD) was the worst of the actively traded losers, with 10% limit down trading at 9.18. Union National Bank (UNB) also saw limit down trading at 2.98 and neither bank had any buyers in the queue at the end of the day. First Gulf Bank (FGB) was another bank in the red with a 2.5% fall, Waha Capital (OILC) was down 5.1%, and Sudan Telecom (SUDATEL) down by just 0.38% was the only other stock in the red on turnover of more than AED 1m. |
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