UAE market news & discussions for 18 January 2009A mixed day on UAE markets today with the DFM index opening sharply lower down by nearly 5% before recovering to close nearly unchanged at 1,637. Most of the trading action centered on ARTC opening limit down before ending up by 3.33% on turnover of over 72 million shares traded. EMAAR also closed higher by over 3% after starting the day lower. 261 million shares traded worth 339 million dirhams.
On the ADX the index fell from the opening closing 2.91% down at 2,315. The Banking and Realestate sectors were the hardest hit with large falls in all the shares traded the most. Overall 101 million shares traded valued at Dh420 million.
In business news according to the local press the Burj Dubai has topped out at 818 metres and will mostly open on 9 September 2009. The whole Burj district is reported to be worth Dh73.4 billion which is in contrast to the Dh13.5 billion you would have to spend it you wanted to buy all the shares in EMAAR at current prices.
Dubai Financial MarketOn the Dubai Financial Market 4 stocks advanced and 16 declined.
Arabtec (ARTC) 1.55 up 3.33% and Emaar Properties (EMAAR) 2.25 up 3.68% and Dubai Islamic Bank (DIB) up 1.68% were the main gainers.
Losers included Air Arabia (AIRARABIA) 0.93 down 1.06%, Dubai Financial Market (DFM))1.17 down 1.68%, Gulf Navigation (GULFNAV) 0.63 down 1.56% and Union Properties (UPP) 0.68 down 4.22%.
Abu Dhabi Securities ExchangeOn the ADX, 5 shares advanced and 25 declined.
Agthia Group (AGTHIA) 1.14 up 1.79%, Arkan Building Materials (ARKAN))6.41 up 5.95% (on heavy volume) and Sudan Telecom (SUDATEL))5.56 up 1.09% were the ontly stocks to rise on reasonable volumes.
In banking Abu Dhabi Commercial Bank (ADCB) 1.60 down 5.88%, Abu Dhabi Islamic Bank (ADIB) 2.52 down 9.35%, Bank of Sharjah (BOS) 1.43 down 8.92%, First Gulf Bank (FGB) 7.88 down 9.32%, National Bank of Abu Dhabi (NBAD) 7.89 down 7.18% and National Bank Of Ras Al Khaimah (RAKBANK) 4.55 down 8.08% lead the charge.
In Realestate: Aldar Properties (ALDAR) 3.17 down 8.12%, Sorouh Real Estate (SOROUH) 2.82 down 3.75% followed the banks.
In Energy Aabar Energy (AABAR) 1.63 down 5.78% and Abu Dhabi National Energy (TAQA) 0.96 down 4.95% suffered the most.
Most other shares in all sectors were down on lighter volumes.
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