UAE market news & discussions for 06 January 2009The DFM fell back 1.1% to 1744 points with turnover of a substantial AED 626m from 401m shares. The ADX rose 1.2% to 2556 points with turnover of AED 143m from 93m shares. On the Nasdaq Dubai, DP World fell 2.6% to $0.38, Depa was unchanged at $0.60, and Citigold saw one trade with a 4.35% gain to $0.24. Meydan cancelled the contract with Arabtec and WCT of Malaysia, resulting in a 30% fall in WCT shares and almost 10% for Arabtec. NBAD announced a new chairman. There were also changes to the board of RAK Cement and Methaq Insurance. European and Asian stocks rose, US futures are up, and the oil price is up. Dubai Financial MarketEmaar Properties (EMAAR) fell 2.3% to 2.53 and was the top stock by value with AED 238m worth of deals. Dubai Financial Market (DFM) was the only other stock trading more than AED 100m, and fell 5.6% to 1.35. Arabtec (ARTC) closed 10% limit down at 2.34 with no buyers in the queue. Shuaa Capital (SHUAA) was the top gainer on active trading, with a big 13.9% rise to 1.31. Dubai Islamic Bank (DIB) was more heavily traded and rose 4.7%. Emirates NBD (ENBD) was 5% limit up to 3.20 but with very low volumes. Six stocks closed at 10% limit down prices but apart from Arabtec, only Emarat Takaful Insurance (TAKAFUL-EM) traded more than AED 1m worth. Arab International Logistics (ARMX) and Ajman Islamic Bank (AJMANBANK) fell about 8%, Islamic Arab Insurance (IAIC), Gulf Navigation (GULFNAV), and Air Arabia (AIRARABIA) fell about 7%, and the remainder fell between 2% and 5%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the top stocks in Abu Dhabi by turnover, rising by 1.6% and 6.4% respectively, although neither saw more than AED 50m worth of deals. First Gulf Bank (FGB) stood out in the gainers list with 10% limit up trading at 10.80, Methaq Islamic Insurance (METHAQ) was also limit up at 3.47, and another 4 stocks closed 10% limit up but on thin trading. It was a good day for banks with Abu Dhabi Islamic Bank (ADIB) up 7.3% to 2.74, National Bank of Abu Dhabi (NBAD) up 6.8% to 10.25, and Abu Dhabi Commercial Bank (ADCB) up 4.6%. A couple of exceptions were Bank of Sharjah (BOS) falling 7.3% to 2.00, and Sharjah Islamic Bank (NBS) down 4.1% to 0.88. Other losers included Dana Gas (DANA) down 3.2%, Arkan Building Materials (ARKAN) down 1.7%, and Emirates Telecom (ETISALAT) down 0.94% to 10.70. | |
