UAE market news & discussions for 16 December 2008The DFM drift accelerated today with a 1.2% fall to 1925 points although turnover was still low at AED 245m from 120m shares, however, we should keep in mind that trading volumes are still similar to the pre-crash period given that most shares are worth so much less now. The ADX was almost flat with a 0.14% decrease to 2710 and substantially higher turnover of AED 339m from 110m shares. Trading was dominated by Methaq Insurance as it gained a substantial 8.1% on the news of ... nothing, unsurprisingly. Perhaps illustrating that investment in companies with no track record, few assets, no news, poor investor relations, and little in the way of operational activity, is an attractive option. At least that's the only explanation we can think of for one of the more expensive stocks in the UAE. Arabtec was another stock showing solid gains on active trading in a declining market, but as there shares look relatively cheap compared to other stocks, that makes a bit more sense to us, despite no obvious news or disclosures to explain the surge this week. Aramex also stood out with a big gain after getting approval for its 10% share buyback from ESCA. On the Nasdaq Dubai, DP World shares are up 3% and Depa up 6.5% as of 4pm UAE time.
Dubai Financial MarketEmaar Properties (EMAAR) was not the most active stock for a change, pipped by Arabtec (ARTC) as it rose 4.4% to 4.99 from turnover of AED 92m. Emaar shares fell 3% to 2.90. Air Arabia (AIRARABIA) also saw some enthusiastic trading and rose just 1% to 1.00. As mentioned, Arab International Logistics (ARMX) was the standout gainer with a 7.5% rise to 1.15 putting it the head of the short list of only 4 gainers. Gulf General Investment (GGICO) was the only other stock to show a small bit of green, on limited volumes. Gulf Navigation (GULFNAV) was the worst of the more active losers with a 4.5% fall to 0.85, although Al Salam Bank (SALAM_BAH) and Commercial Bank of Dubai (CBD) saw bigger drops on greater than usual activity for them, but still relatively thin volumes overall. Shuaa Capital (SHUAA) and Dubai Financial Market (DFM) joined Emaar with drops of greater than 3%, Deyaar Development (DEYAAR) fell 2.9%, Dubai Islamic Bank (DIB) 2.1%, and the remainder fell less than 2% or on low volumes. Abu Dhabi Securities ExchangeAs mentioned, Methaq Islamic Insurance (METHAQ) was a surprise at the top of the turnover list with AED 125m worth of deals making it the only stock to see more than AED 100m of trading, and its 8.1% rise put it at the top of the gainers list, except for a couple of small 10% limit up trades for National Marine Dredging (NMDC). First Gulf Bank (FGB) was next in line on turnover with AED 87m worth of deals and a 2.5% gain to 9.48. Waha Capital (OILC) was up 2.7% to 0.75, National Bank of Abu Dhabi (NBAD) was up 2.05% and the handful of other gainers rose less than 1% or on thin trading. Emirates Telecom (ETISALAT) had a small rise of 0.41% to 12.25. Sharjah Islamic Bank (NBS) stood out in the loser's list with greater than usual activity and a 6.3% drop to 1.44. Aabar Energy (AABAR) reversed recent impressive gains and fell 4.2% to 2.19. Abu Dhabi National Energy (TAQA) was down 4%, Aldar Properties (ALDAR) 3.8%, Abu Dhabi Commercial Bank (ADCB) 2.45%, Sorouh Real Estate (SOROUH) 1.2%, and the other losers all fell less than 2% or on thin trading. |
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