UAE market news & discussions for 21 December 2008 The internet is broken, or at least some of the cables to the UAE are, but that seemed to have a relatively positive effect on Etisalat and Du shares, which fell only half as much as most other actively traded stocks. The Abu Dhabi goverment has established the Abu Dhabi Accounting Authority to monitor and regulate Abu Dhabi government entities, and companies in which the government has a large stake. That should sound like good news, but it wasn't good enough for the markets, which started the week with heavy losses, following the big drop in the Saudi Tadawul yesterday, and falling oil prices. The DFMGI plunged 5.6% to 1803 points with turnover of AED 315m from 186m shares. A marginal rise in Emirates NBD probably keeping it from looking worse, especially as 11 companies were at 10% limit down prices by the end of the session with no buyers in the queue. The ADX index fared a little less badly with a 3.7% fall to 2576 points with turnover at AED 136m from 62m shares, and 7 stocks trading at 10% limit down prices with no waiting buyers. The marginal drop in NBAD, and less nasty fall in Etisalat, no doubt kept the index from suffering a much greater loss. Dubai Financial Market Emaar Properties (EMAAR) was the top stock by turnover with AED 84m worth of deals and share price 10% limit down at 2.63 by the end of the day. Arabtec (ARTC) was close behind on turnover, and also 10% limit down to 4.70. Other shares trading limit down included Dubai Financial Market (DFM), Dubai Islamic Bank (DIB), Arab International Logistics (ARMX), Dubai Investment Company (DIC), Gulf Navigation (GULFNAV), Islamic Arab Insurance (IAIC), National General Cooling (TABREED), and Shuaa Capital (SHUAA). There was only one gainer, Emirates NBD (ENBD) up marginally by 0.6% to 3.33 on limited turnover. Abu Dhabi Securities Exchange Sorouh Real Estate (SOROUH) was the most heavily traded stock by turnover in Abu Dhabi, with AED 35m worth of shares changing hands, and 10% limit down trading at 2.94. Aldar Properties (ALDAR) was also busy and also limit down at 4.44. Other more actively traded stocks at limit down prices included Gulf Cement (GCEM), Union National Bank (UNB), Aabar Energy (AABAR), and Sharjah Islamic Bank (NBS), while the others saw turnover of less than AED 1m. First Gulf Bank (FGB) was busy and fell 8.8% to 9.06, and Emirates Telecom (ETISALAT) had a surprise high position in the traded value table with a relatively modest 4.1% fall to 11.55, and National Bank of Abu Dhabi (NBAD) barely moved with a 0.44% drop to 8.90 on thin trading. There were only 6 gainers, and only Commercial Bank International (CBI) rose on more than AED 1m worth of trading, finishing the day up by 3.2% at 2.00. | |