UAE market news & discussions for 30 December 2008The DFM index rose 0.36% to 1639 on increased turnover of AED 443m from 306m shares. The ADX was up 1.6% to 2355 with turnover at AED 143m from 98m shares. On the Nasdaq Dubai, DP World is up 8.6% to $0.38, Depa is unchanged at $0.51, and a rare trade for CitiGold up 11.1% to $0.20. Asian stocks rose, European stocks were up in early trading, and US stock futures indicate a higher opening on Wall Street later today. Dubai Financial MarketDubai Financial Market (DFM) was at the top of the traded value list for a change, with AED 125m worth of deals and a 4.1% increase to 1.28, perhaps reflecting the increasing trading volumes on the stock market recently which would result in more revenue. Emaar Properties (EMAAR) was in second place on turnover and the only other stock with more than AED 100m worth of deals as it edged down by 0.43% to 2.33. Arabtec (ARTC) pulled back 1.1% to 4.53 ahead of going ex-dividend tomorrow. Emirates NBD (ENBD) was the best gainer with 5% limit up trading at 2.91 on low volumes, Shuaa Capital (SHUAA) also looked good with a 4.4% gain but also on thin trading, Gulf Navigation (GULFNAV) was up 3.1%, and another 5 gainers rose less than 2.5%. Arab International Logistics (ARMX) was the worst of the more actively traded losers, falling 6.4% to 0.88, National General Cooling (TABREED) was down 3.5% and the remainder fell less than 1.5% or on very light trading, including the two limit down stocks. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) up 1.5% to 4.00, and First Gulf Bank (FGB) up 3.0% to 9.00, were the two most actively traded stocks in Abu Dhabi but even so, neither saw more than AED 20m worth of deals. Emirates Telecom (ETISALAT) was third by traded value and rose 1.4% to 9.89. Five stocks closed at 10% limit up with no sellers in the queue, including Abu Dhabi Commercial Bank (ADCB), Agthia Group (AGTHIA), and Ras Al Khaimah Properties (RAKPROP). Other gainers included Union National Bank (UNB) up 9.2%, Sorouh Real Estate (SOROUH) and Dana Gas (DANA) both up more than 5%, Aabar Energy (AABAR) and Abu Dhabi National Energy (TAQA) up more than 3% making it a good day for the energy sector, and the remaining gainers up less than 3% or on thin trading. Out of 8 losers, only International Fish Farming (ASMAK) and National Bank of Abu Dhabi (NBAD) fell on more than AED 1m worth of trading, both stocks edging down by less than 0.5%. | |