UAE market news & discussions for 22 January 2009A mixed day to end a very unpleasant week on the UAE markets. Dubai was up 0.73% to 1473 points with turnover of AED 234m from 220m shares. Abu Dhabi fell 1.2% to 2137 points with turnover, boosted by heavy trading in Aldar, up to AED 200m worth from 91m shares. Asmak, the fish farm that rarely trades was reportedly interested in fish farming in the Seychelles according to Reuters. As their share price hasn't plummeted, they are now one of the larger companies in Abu Dhabi by market cap. Aramex, which appeared to deny being on the acquisition trail last week, announced they'd acquired a documents company. The Emaar Properties CEO, Mohamed Alabbar, was reported by Reuters as saying there would be an excess of demand over supply for property in 2009. Presumably he was talking about Dubai. The report didn't say if his rent was frozen or going up by 20% this year. Companies are still dragging their feet with 2008 fourth quarter and full year earnings reports with a grand total of only 5 so far. There are a number of Board of Directors' meetings scheduled for next week so we might see a few more results then.
Dubai Financial MarketThe usual three stocks appeared at the top of the list by turnover, although number one was Arabtec (ARTC) for a change, with AED 69m of trading and a 6.1% fall to 1.07. Emaar Properties (EMAAR) rose 1.1% to 1.87, and Dubai Financial Market (DFM) fell 2.2%. Arabtec was also the worst loser today on trading of more than AED 1m, although Shuaa Capital (SHUAA) had a greater drop of 7.7% on light trading. Curiously, Arabtec is worth less than International Fish Farming (ASMAK) by market cap. Top gainer of note was Air Arabia (AIRARABIA), up 6.3% to 0.84. Also up were Dubai Islamic Bank (DIB) by 5.3%, National General Cooling (TABREED) 4.5%, Gulf Navigation (GULFNAV) 3.8%, and Emirates NBD (ENBD) 3.7%. In the loser's list, Islamic Arab Insurance (IAIC) was the only other one of note, falling 5.1% to 0.56. Abu Dhabi Securities ExchangeA relatively heavy trading day for Aldar Properties (ALDAR) with turnover of over AED 100m and a 7.6% plunge to 2.48. A long way behind on turnover were First Gulf Bank (FGB), up 1.3% to 7.05, Sorouh Real Estate (SOROUH), down 2.7% to 2.60, and Commercial Bank International (CBI), 10% limit up to 1.73 with no sellers in the queue. They were the only 4 stocks trading more than AED 10m worth. Two other stocks, Abu Dhabi Ship Building (ADSB) and Ras Al Khaimah Cement (RAKCC), were 10% limit up but on light trading. Abu Dhabi National Energy (TAQA) was up 1.15%, Arkan Building Materials (ARKAN) 1%, and National Bank of Abu Dhabi (NBAD) just 0.14%. Three stocks were 10% limit down by closing but on thin trading - Methaq Islamic Insurance (METHAQ), Bank of Sharjah (BOS), and Abu Dhabi Aviation (ADAVIATION). Other losers included Abu Dhabi Commercial Bank (ADCB) down 7.5%, Aabar Energy (AABAR) 6.2%, Union National Bank (UNB) 6.1%, and Emirates Telecom (ETISALAT) 2.1% to 9.99. |
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