UAE market news & discussions for 20 January 2009 The ADX fell 2.9% to 2278 points on low turnover of AED 83 million from 41m shares. The DFM was worse with a 3.7% fall to 1547 points with turnover at AED 245m from 214m shares. On the Nasdaq Dubai, DP World is down 6.9% to $0.27 and Depa is down 2% to $0.50 so far today. Emaar apparently released a statement announcing a $2 million bond issue, but they didn't tell their shareholders. Dubai is talking about the rent cap for 2009, which despite the promising sounding freeze on rents in the headlines, has depressed many longer term residents as they try and figure out if they're going to be whacked with increases of 25% or more for this year. Preliminary financial results for 2008 released today and yesterday included - Arab Heavy Industries with a drop in quarterly earnings compared to Q3 but 2008 FY profits still up by over 70% compared to 2007.
- Finance House said their "2008 performance bears testimony to the strengths" they had built up. According to our calculations, FH had a loss of AED 130m in the fourth quarter, and amount so much at odds with the positive sounding BOD report, we're trying to find an error in our calculations.
- Union Cement with a surprisingly good looking fourth quarter, although perhaps they sold investments since their Total Assets fell compared to the end of the third quarter.
- UAE fourth quarter results - table of financial results so far, with dividend and AGM information
- UAE financial news - latest news from Reuters, Bloomberg and UAE media
- Sharewadi calendar - important dates
Dubai Financial MarketDubai Financial Market (DFM) shares were at the top of the loser's list, trading limit down at 1.00, and also the most active stock with AED 87m of turnover from 85m shares. Arabtec (ARTC) were also 10% limit down at 1.26. Islamic Arab Insurance (IAIC) fell 8.5% and most other losers fell between 4% and 8%, including Emaar Properties (EMAAR) which was down 6.8%. Shuaa Capital (SHUAA) was the only gainer of note, up 9.5% to 1.15. Grand Real Estate (GRAND) was the only other gainer, on a single trade of 15 shares worth AED 28 dhs, which must be some sort of record for the smallest trade. Abu Dhabi Securities ExchangeOnly two stocks traded more than AED 10 million worth in Abu Dhabi today, Aldar Properties (ALDAR) falling 5.8% to 2.85, and First Gulf Bank (FGB) down 7.0% to 7.45 despite the company buying back more than half a million shares. Invest Bank (INVESTB), National Bank Of Ras Al Khaimah (RAKBANK), Methaq Islamic Insurance (METHAQ), and Ras Al Khaimah Cement (RAKCC) were all trading 10% limit down by the end of the day, but on low turnover. Sorouh Real Estate (SOROUH) was the worst of the losers on higher trading levels, falling 7.4% to 2.76. Abu Dhabi National Energy (TAQA) fell 7.1%, and most other actively traded shares fell 4% to 7%. Emirates Telecom (ETISALAT) was down 2.8% to 10.55. There were 4 gainers, with only Sudan Telecom (SUDATEL) trading more than AED 1 m worth, and rising 3.25% to 5.72. | |