UAE market news & discussions for 25 December 2008The markets started off badly but recovered somewhat later in the trading session although they still ended in the red. The DFM fell 1.4% to 1587 points with turnover of AED 222m from 170m shares, and the ADX fell 1.9% to 2282 points with turnover of AED 83m from 47m shares. Arabtec stood out in Dubai with 15% limit up trading at the end of the session, and Aramex also saw a decent rise. UAE markets are closed on Sunday 28 December 2008 for the Al Hijra New Year, and on Thursday 01 January 2009 for the Gregorian New Year. Asian stocks rose slightly this morning, US and European markets are closed for Christmas. Dubai Financial MarketEmaar Properties (EMAAR) was at the top of the turnover list with AED 82m worth of trading and a 1.8% fall to 2.21, followed by Arabtec (ARTC) with a 15% limit up rise to 3.99 putting it at the top of the gainers list. Arab International Logistics (ARMX) also had a good day with an 8.2% rise to 0.92, Emarat Takaful Insurance (TAKAFUL-EM) was up 6.1% on thin trading, Dubai Financial Market (DFM) 2.7%, Ajman Islamic Bank (AJMANBANK) 2.2%, and Al Salam Bank (SALAM_BAH) 1.3% completing the list of stocks rising. Union Properties (UPP) was the worst of the losers on active trading, falling 7.9% to 0.70, Shuaa Capital (SHUAA) fell 7.5% on thin trading, Emirates Integrated Telecommunications (DU) was down 6.2%, Deyaar Development (DEYAAR) 5.6%, and the remainder fell less than 5% or on thin trading. Abu Dhabi Securities ExchangeEmirates Telecom (ETISALAT) was, unusually, at the top of the turnover list although trading was still thin with only AED 15.4m worth of deals, and stocks fell 1.9% to 9.80. Arkan Building Materials (ARKAN) was the only other stock with more than AED 10m worth of turnover, and rose marginally by 0.17% to 5.85. Sorouh Real Estate (SOROUH) was the top gainer rising by just 1.5% to 2.82. The other 5 gainers rose less than 1%. The worst six losers fell by 8%-10% but on thin turnover, with three of them falling on single trades of just 10 shares - meaning the value of the shares traded was less than the brokerage fees on the deal for two of them. Abu Dhabi Islamic Bank (ADIB) was the worst of the losers on turnover of more than AED 1m, falling 7.9% to 2.46, Abu Dhabi Commercial Bank (ADCB) fell 6.4%; Waha Capital (OILC), Dana Gas (DANA), Commercial Bank International (CBI), National Marine Dredging (NMDC), and Sharjah Islamic Bank (NBS) all fell about 3% to 3.5%, and the remaining losers fell less than 2% or on thin trading. | |