UAE market news & discussions for 21 January 2009Barack Obama said to America in his inauguration speech yesterday "... let us brave once more the icy currents, and endure what storms may come." One wonders if he owns UAE stocks then. If yesterday was grim on the UAE markets, today was even grimmer, following a drop in US stock prices yesterday, with a 5.1% plunge into those icy waters for Abu Dhabi and 14 stocks 10% limit down with total turnover just over AED 100m; and an even more bracing 5.5% drop in Dubai with 11 stocks 10% limit down at the end of the day and turnover just over AED 200m. On the Nasdaq Dubai, DP World is down $3.85% to $0.25 and Depa down 10% to $0.45 as of 4pm UAE time. Stocks around the world fell today, US stock futures for today are mixed, perhaps positive. The Shuaa EGM was postponed again. Deyaar came up with the novel idea of saying that 2008 results would be good instead of actually saying what they were. Investors responded relatively positively by not driving Deyaar shares limit down (they only fell 4.2%). Looking around for silver linings, we find the UAE Central Bank Governor reportedly said "No" when Reuters asked him today if the UAE was headed for a recession.
Dubai Financial MarketFive stocks saw more than AED 10m of turnover in Dubai today, but none over AED 100m. They were Emaar Properties (EMAAR) down 10% to 1.85, Dubai Financial Market (DFM), Air Arabia (AIRARABIA), and Arabtec (ARTC) also 10% limit down, and Deyaar Development (DEYAAR) down 4.2%. Emirates NBD (ENBD) and Commercial Bank of Dubai (CBD) were 5% limit down, Dubai Investment Company (DIC) fell 5.2%, Emirates Integrated Telecommunications (DU) fell only 3.6%, Arab International Logistics (ARMX) was even better with only a 2.4% fall, but most other traded stocks fell more than 8%. There were only 2 gainers, Arab Insurance Group (ARIG) up 15% on one small trade, and Dar Takaful Insurance (DARTAKAFUL) up 5.05%. Abu Dhabi Securities ExchangeOnly three stocks in Abu Dhabi saw more than AED 10m of turnover, First Gulf Bank (FGB), falling 7.4% with some insider buying possibly staving it off from joining the long list of limit down stocks, and Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH), both 10% limit down. Most of the actively traded stocks were 10% limit down, another 4 less active stocks were 5% limit down, while the least bad stocks were Abu Dhabi National Energy (TAQA) down 7.5%, Waha Capital (OILC) down 7.1%, Emirates Telecom (ETISALAT) down 6.3%, and Arkan Building Materials (ARKAN) down only 1.3% - Arkan is now the fourth largest company in Abu Dhabi by market cap, behind only Etisalat, National Bank of Abu Dhabi (NBAD), and Qatar Telecom (QTEL). There were four gainers, including Qatar Telecom up 2.9% from just one trade. |
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