UAE market news & discussions for 01 February 2009The UAE markets started the trading week both lower by more than one percent. However volumes were very low.
The DFM index closed 2.17% lower at 1,487 with 164 million shares traded worth DH161 million.
ARTC continues to top trading closing down 9.48% at 1.05. In comparison GULFNAV closed 5.55% higher at 0.57 on positive results.
The ADX index closed 1.32% lower at 2,226 with 50 million shares traded worth Dh86 million.
Losses were across the board lead by property and banking stocks. However, FGB managed to close 4.0% up at 7.64.
Business news of note was further talk of additional government spending to stimulate the economy and a HSBC report speculating that projects worth $75 billion are on hold in the Emirates.
RESULTS
GULFNAV 2008Q4 profit Dh11m -76%
DANA 2008Q4 profit Dh35m -10%
RAKCEC 2008Q4 profit Dh36m -7%
SUDATEL 2008Q4 profit Dh87m +61% Dubai Financial MarketOn the Dubai Financial Market 1 share advanced and 16 declined.
A dreadful day on the Dubai Financial Market (DFM) with losses in all sectors except for Transport held up by a positive close for Gulf Navigation (GULFNAV).
All the main stocks were lower including: Arabtec (ARTC) 1.05 (10.0%), Dubai Financial Market (DFM) 0.82 (5.74%), Dubai Islamic Bank (DIB) 1.66 (5.68%), Emaar Properties (EMAAR) 1.87 (4.59%) and Shuaa Capital (SHUAA) 1.12 (9.67%).
Abu Dhabi Securities ExchangeOn the ADX 10 stocks advanced and 23 declined.
In banking Abu Dhabi Commercial Bank (ADCB) down 5.0%, Abu Dhabi Islamic Bank (ADIB) down 9.0%, Commercial Bank International (CBI) down 9.5% lead the losers while Bank of Sharjah (BOS) up 9.68% and First Gulf Bank (FGB) up 4.09 lead the gainers.
Realestate was all down Aldar Properties (ALDAR) 2.44 (4.31%), Ras Al Khaimah Properties (RAKPROP) 0.47 (2.08%) and Sorouh Real Estate (SOROUH) 2.70 (6.25%).
Energy was also mostly down Aabar Energy (AABAR) 1.36 (6.21%) and Abu Dhabi National Energy (TAQA) 1.01 (3.81%). Dana Gas (DANA) closed unchanged.
In Telecoms Emirates Telecom (ETISALAT) closed down 1.49% and Sudan Telecom (SUDATEL) down 0.53%. Qatar Telecom (QTEL) was up 8.76%. | |
