UAE market news & discussions for 02 February 2009Both UAE markets closed lower today on very low volumes. The DFM index recovered towards the end of trading where as the ADX index fell through the trading day.
The DFM index closed 0.96% down at 1,472 with 127 million shares traded worth DH123 million.
ARTC once again lead trading closing almost limit down below DH1.00. EMAAR was the next most heavily traded managing a slight gain of 0.5%.
The ADX index closed down 1.55% at 2,191 with 37 mllion shares traded worth DH71 million.
Trading was lead by BOS up 9.56%, ALDAR down 4.51% and ETISALAT down 2.91%.
In business news most stock markets around the world are waiting for the passage of the Obama $819 billion stimulus bill through the Senate and details on his proposal to create a bad bank to take over all the impaired assets to allow banks to start lending again.
In local news it has been reported that construction costs in Dubai have fallen by 30% which should ease pressure on developers, contractors and ultimately inflation.
RESULTS
NBAD 2008 Q4 profit AED492m -34%
DIC 2008 FY profit AED 1.56b +4.0% Dubai Financial MarketOn the Dubai Financial Market 5 stocks advanced and 15 declined.
All sectors closed in the red except for telcons and banking.
Arabtec (ARTC) lead the losers closing almost limit down at 0.95 fils on rumours the CEO had resigned.
Air Arabia (AIRARABIA) 0.89 (5.31%), Deyaar Development (DEYAAR) 0.49 (3.92%), Dubai Financial Market (DFM) 0.80 (2.43%), Dubai Islamic Bank (DIB) 1.63 (1.80%) and Gulf Navigation (GULFNAV) 0.54 (5.26%) all closed down.
Gainers of note included: Emaar Properties (EMAAR) 1.88 (0.53%), Emirates Integrated Telecommunications (DU) 1.93 (1.57%) and Emirates NBD (ENBD) 3.34 (1.21%).
Abu Dhabi Securities ExchangeOn the ADX 7 shares advanced and 23 declined.
In the Banking sector Bank of Sharjah (BOS) lead the way up 9.56% and First Gulf Bank (FGB) up 0.0.26%. However, Abu Dhabi Islamic Bank (ADIB) was down 4.09% and SIB down 1.25%.
Realestate was down again with Aldar Properties (ALDAR) losing 4.51%and Sorouh Real Estate (SOROUH) down 4.81%.
In Energy all were down Aabar Energy (AABAR) 1.31 (3.68%), Dana Gas (DANA) 0.54 (1.82%) and Abu Dhabi National Energy (TAQA) 0.96 (4.95%).
In Construction most were down however, Ras Al Khaimah Cement (RAKCC) held steady at 1.09.
For Telecons Etisalat fell 2.91% to 9.66. | |
