UAE market news & discussions for 26 January 2009Both UAE markets tracked higher today however, volumes traded continue to be subdued. The DFM idex closed just over 1.0% higher at 1,504 with 119 million shares trading worth Dh111 million. Trading was lead by gains in EMAAR, ARTC and DFM all rising over 2.0% on reasonable volume. On the ADX, the index closed 0.35% higher at 2,196 with 57 million shares traded worth DH114 million. Trading was lead by CBI up 3.70%, FGB steady at Dh7.40 and ALDAR down over 5.0%. In business news of note, Global Investment House is forecasting growth in the region for 2009 will be 2.4% down from 5.2% in 2008. Standard Chartered is forecasting growth of 0.05% in 2009 for Dubai. Dubai Financial MarketOn the Dubai financial Market 15 stocks advanced and 4 declined. The main gainers included: Air Arabia (AIRARABIA) 0.88 (3.52%), Arabtec (ARTC) 1.11 (2.77%), Deyaar Development (DEYAAR) 0.51 (6.25%), Dubai Financial Market (DFM) 0.83 (2.46%), Dubai Islamic Bank (DIB) 1.72 (2.99%) and Emaar Properties (EMAAR) 1.91 (2.13%). Losers included: Commercial Bank of Dubai (CBD) 3.04 (5.00%) and Ajman Islamic Bank (AJMANBANK) 0.75 (1.31%). Abu Dhabi Securities ExchangeOn the ADX 17 stocks advanced and 10 declined. In the banking sector Abu Dhabi Commercial Bank (ADCB) 1.47 up 5.76%, Commercial Bank International (CBI) 1.96 up 3.70% lead the trading. Realestate was down with Aldar Properties (ALDAR) off 5.24% and Sorouh Real Estate (SOROUH) down 4.10%. Energy was mixed with Aabar Energy (AABAR) up 1.50% and Abu Dhabi National Energy (TAQA) up 3.16% but Dana Gas (DANA) was lower by 1.82%. Construction was more positive with Arkan Building Materials (ARKAN) up 0.96%, Ras Al Khaimah Cement (RAKCC) up 9.28% and most others finishing higher. In telecoms Emirates Telecom (ETISALAT) was off by just 0.80%. | |