UAE market news & discussions for 11 January 2009The UAE markets closed in opposite directions today. The DFM index closed up 0.39% at 1,735 and the ADX index closed 1.06% down at 2,500. The value of shares traded was Dhs 143 million on the DFM and Dhs 113 million on the ADX. Movers on the DFM were DIB up 4.10%, ARTC down 5.39% and AIRARABIA down 2.12%. Movers on the ADX were RAKCC up 9.91%, FGB down 5.57% and SOROUH down 8.03%. Business news was dominated by the release of the Dubai budget as the Government plans a small deficit to help stimulate the economy. Public spending will rise by 42% over the last budget. Dubai Financial MarketOn the Dubai Financial Market 9 stocks advanced and thirteen declined. Stock to advance included: Deyaar Development (DEYAAR) 0.54 (1.88%), Emirates NBD (ENBD) 3.62 (4.92%) on 8000 shares traded, Union Properties (UPP) 0.78(1.29%) and National General Cooling (TABREED) 0.57 (1.78%). Stocks to decline included: Dubai Financial Market (DFM) 1.33 (0.74%), Emaar Properties (EMAAR) 2.41 (0.41%) and Air Arabia (AIRARABIA) 0.92 (2.12%). Abu Dhabi Securities ExchangeOn the ADX 12 stocks advanced and 18 declined. The following stocks advanced all on small volumes: Abu Dhabi Commercial Bank (ADCB) 2.03 (0.50%), National Bank of Abu Dhabi (NBAD) 10.05 (1.62%), Agthia Group (AGTHIA) 1.13 (1.80%), Ras Al Khaimah Cement (RAKCC) 1.22 (9.91%) and Emirates Telecom (ETISALAT) 10.60 (0.95%). Stocks to decline included: First Gulf Bank (FGB) down 5.57% and Abu Dhabi Islamic Bank (ADIB) down 2.03%. Property stocks were all down Aldar Properties (ALDAR) down 3.15%, RAKRPOP down 1.89% and Sorouh Real Estate (SOROUH) down 8.03%. Energy stocks were also lower; Aabar Energy (AABAR) down 2.63% and Abu Dhabi National Energy (TAQA) down 5.13%. | |