UAE market news & discussions for 13 January 2009Both UAE market fell from the opening today. The DFM index closed 2.76% lower at 1,708. The ADX index closed 1.20% lower at 2,484. The value of shares traded was Dh230 million on the DFM and Dh204 million on the ADX.
On the DFM trading was dominated by ARTC down 8.81% and EMAAR down 4.83%. The DFM was also down over 5.0%. The TAKAFULS continued to rise both up over 13%.
On the ADX trading was dominated by realestate stocks, ALDAR down 2.59% and SOROUH down 5.96%. Energy stocks were also heavily traded, AABAR up 1.49% and DANA steady at Dh0.60.
In business news Colliers released its 08Q4 House price index showing prices had fallen on average by 8% for Q4 but were still up for the year. The RERA CEO was reported to have said that rent caps are not needed 'in a tough year' and that landlords had suffered enough. Okay he may not have said the last part but a decision re rent caps is pending.
NASDAQ DUBAI
DPW 0.34 down 2.86% and DEPA 0.56 down 6.67%
Dubai Financial MarketOn the Dubai Financial Market 3 stocks advanced and 17 declined.
The TAKAFULS were both up by more thn 13% and ARAMEX closed 2% higher at Dh0.96.
Losers were across the board in all sectors including Union Properties (UPP) down 5%, Shuaa Capital (SHUAA) 7%, Emirates NBD (ENBD) 4%, Dubai Islamic Bank (DIB) 3%, Dubai Financial Market (DFM) 5% and Emirates Integrated Telecommunications (DU) down 4% to name a few. Abu Dhabi Securities ExchangeOn the ADX 8 stocks advanced and 21 declined.
First Gulf Bank (FGB) up 3.70%, Aabar Energy (AABAR) up 1.49%, and AGTHAI up 2.48% were the main gainers.
Major losers included: Emirates Telecom (ETISALAT) 0.47%, most of the cement companies, Abu Dhabi National Energy (TAQA) down 4.2% and National Bank of Abu Dhabi (NBAD) down 3.65%.
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