UAE market news & discussions for 31 December 2008Today is the last day of the financial year for most UAE companies, and the last day of trading for UAE stockmarkets. What a relief that's over. The DFM index closed down 0.19% at 1636 points after two days of gains, with turnover also down at AED 217m from 158m shares. The ADX index continued the gains this week and rose another 1.5% to 2390 points with turnover of AED 156m from 72m shares. The really bad news is that the DFM index has fallen 72% from the 5931 point close 12 months ago, and the ADX index has fallen 47% from the 4551 point close on 31 December 2007. Surely 2009 has got to see something better than that? On the Nasdaq Dubai, DP World shares are up 5.3% to $0.40, and Depa are down 3.9% to $0.49 as of 15:00 UAE time. UAE markets will be closed tomorrow and reopen on Sunday 04 January 2009. European and Asian stocks are up on the last day of the year, and US stock futures were mixed ahead of the last day of trading for 2008 on Wall Street.
Dubai Financial MarketEmaar Properties (EMAAR) was back at the top of the list of stocks on turnover but still only saw AED 84m worth of trading, and fell 3% to 2.26. Dubai Financial Market (DFM) shares were busy again, falling 2.3% to 1.25. Arabtec (ARTC) was also active but reversed previous gains, dropping slightly by 0.44% to 2.26 after going ex-dividend today, with price restated from yesterday's close. Shuaa Capital (SHUAA) was near the top of the gainers list with a 5.3% rise to 1.00 but from low trading levels. Emirates NBD (ENBD) rose 4.8%, on even lower turnover. Gulf General Investment (GGICO) saw more activity than either of them and rose 3.0% to 5.45. Air Arabia (AIRARABIA) and Dubai Islamic Bank (DIB) were the only other two gainers of any note, rising 2.3% and 0.6% respectively. Union Properties (UPP) stood out in the loser's list with 10% limit down trading at 0.72 and no buyers in the queue. Global Investment House (GLOBAL) was also limit down but only saw 1 trade today. National General Cooling (TABREED) fell 5.5%, Gulf Navigation (GULFNAV) 4.5%, Ajman Islamic Bank (AJMANBANK) 4.3%, and after Emaar and Dfm, another 6 stocks fell less than 2%. Abu Dhabi Securities ExchangeArkan Building Materials (ARKAN) dominated trading in Abu Dhabi with AED35m worth of trading and a 3.3% gain to 6.29. Surely it's about time we had another disclosure from Arkan denying any knowledge of information that would explain the excessive interest in their shares? Sorouh Real Estate (SOROUH) and Aldar Properties (ALDAR) were also busy, rising 2.2% to 3.20, and falling 1.2% to 3.90 respectively. The bank sector was looking good with First Gulf Bank (FGB) rising 4% to 9.02, Union National Bank (UNB), Abu Dhabi Commercial Bank (ADCB), and National Bank of Abu Dhabi (NBAD) soaring 10% limit up to 2.22, 1.78, and 8.95 respectively. Most other bank stocks saw good gains, although on lower trading levels. Emirates Telecom (ETISALAT) was unchanged at 9.86. In the loser's list, Aabar Energy (AABAR) fell 3.8% to 1.81, Waha Capital (OILC) was down 1.8%, Dana Gas (DANA) 1.7%, and the remainder by less than 1.5% or on thin trading. |
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