UAE market news & discussions for 19 January 2009The UAE markets went in opposite directions today. The DFM index closed 1.97% lower at 1,605 lead by limit down ARTC and weakness in EMAAR down 2.2% and DFM itself down over 5%. Turnover was inline with current trading with 252 million shares traded worth Dh348 million.
The ADX index closed up today by 1.28% to 2,345. Movers included; ADCB up 6.25% and SOROUH up by over 5.0%. Turnover was light with 50 million shares traded worth Dh118 million.
As it is monday another multi bank bailout was anounced this time by by the Brittish Government. In contrast local banks seem to be profitable but are hoarding capital just in case.
Arab oil producers earned just $83bn in 4Q2008 down from $191bn in 3Q2008. Oil revenues in 2009 are expected to be half of the earnings in FY2008. This measures the magnitude of the deleveraging faced by Gulf markets and helps explain why Governments have stepped in to provide liquidity.
NASDAQ DUBAI
DEPA $0.51 down 5.56% and DPW $0.29 down 3.33%. Dubai Financial MarketOn the Dubai Financial Market 7 stocks advanced and 16 declined.
Arabtec (ARTC) 1.40 limit down,EMMAR 2.20 down 2.22 and Dubai Financial Market (DFM) 1.11 down 5.0% lead the way. Other notable losers included; Union Properties (UPP)0.65 down 4.41%, Dubai Islamic Bank (DIB) 1.79 down 3.24% and Air Arabia (AIRARABIA) 0.91 down 2.15%.
Stocks to gain included: Emirates Integrated Telecommunications (DU) 2.07 up 0.48% and Shuaa Capital (SHUAA) 1.05 up 5.0%. Abu Dhabi Securities ExchangeOn the ADX 15 stocks advanced and 13 declined.
Gainers were lead by Arabtec (ARTC) 1.70 up 6.25% and Sorouh Real Estate (SOROUH) 2.98 up 5.67%. Others to gain included; First Gulf Bank (FGB) 7.95 up 0.89%, Aabar Energy (AABAR) 1.68 up 3.07%, Abu Dhabi National Energy (TAQA) 0.99 up 3.13% and Emirates Telecom (ETISALAT) 10.85 up 2.36%.
Losers included: Bank of Sharjah (BOS) 1.32 down 7.69%, Aldar Properties (ALDAR) 3.09 down 2.52% and Arkan Building Materials (ARKAN) 6.24 down 2.85%. | |
UAE stock market news and discussions at Dubai Share Talk ...
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| best stock rises | | symbol | price | change | | SCIDC | 2.55 | +0.23 | +9.9% | | RAKBANK | 4.98 | +0.43 | +9.5% | | EKTTITAB | 0.88 | +0.06 | +7.3% | | UNB | 1.93 | +0.12 | +6.6% | | ADCB | 1.70 | +0.10 | +6.3% | | | worst stock falls | | symbol | price | change | | QTEL | 109.40 | -12.10 | -10% | | ARTC | 1.40 | -0.15 | -9.7% | | BILDCO | 2.56 | -0.27 | -9.5% | | BOS | 1.32 | -0.11 | -7.7% | | TAKAFUL-EM | 1.01 | -0.06 | -5.6% | | | top volume | | symbol | value (AED) | price | | ARTC | 109,151,922 | 1.40 | | EMAAR | 101,666,211 | 2.20 | | DFM | 89,179,525 | 1.11 | | ALDAR | 70,965,664 | 3.09 | | FGB | 12,208,569 | 7.95 | |
