UAE market news & discussions for 14 January 2009A bleak day on UAE markets today with the DFM index losing 0.60% to 1,698 and the ADX losing 1.18% to 2,455. Share trading volumes remain low with the value of shares traded on the DFM just Dh 229 million and on the ADX, 146 million. Plenty of market news to choose from most of it not helpful. For example, HSBC downgrades ARTC, Moody's negative on UAE banks and the will there or wont there be a rent cap discussion rumbles on. More details in the forum. Movers on the DFM included limit down for ARTC, and the TAKAFULS down 10% after a good run. On the ADX banks were hit most down between 5 and 8%. Realestate also had a poor day with ALDAR down 7.7% and SOROUH down 6.6% NASDAQ DUBAI DPW $0.34 unchanged and DEPA $0.58 up 3.57%. Dubai Financial MarketOn the Dubai Financial Market 5 stocks advanced and 14 declined. Stocks to gain included Air Arabia (AIRARABIA) up 1.06%, ASALAMBANK up 3.48% and Emirates NBD (ENBD) up 4.45% all on small volumes. Apart from Arabtec (ARTC) and the TAKAFULS other stocks to lose included: Union Properties (UPP) 2.59%, Emaar Properties (EMAAR) 0.84%, Dubai Financial Market (DFM) 3.78% and Dubai Islamic Bank (DIB) 2.60% lower. Abu Dhabi Securities ExchangeOn the ADX 6 stocks advanced and 19 declined. ETISLAT had a good day up 2.35% and Abu Dhabi National Hotels (ADNH) up 2.0% and Gulf Cement (GCEM) up 6.0% on one trade. Losers for the day included: Banks, Realestate and Ras Al Khaimah Cement (RAKCC) 9.0%, Methaq Islamic Insurance (METHAQ) 9.0%, Agthia Group (AGTHIA) 8.0% and Aabar Energy (AABAR) 8% all down. | |