UAE market news & discussions for 05 February 2009It was the end of another grim week on the UAE stock markets with a bit of green in Abu Dhabi after the news that 5 Abu Dhabi banks would receive AED 16 billion worth of loans from the government. The word "bailout" wasn't mentioned in the various press releases. The ADCB CEO resigned but it was a proper resignation in contrast to the resignation that wasn't by the Arabtec CEO this week. The ADX rose 1.7% to 2174 points today with turnover of AED 150m from 75m shares traded. The DFM fell by almost the same amount to 1433 points with turnover of AED 174m from 177m shares.
Dubai Financial MarketArabtec (ARTC) topped the turnover list with AED 63m worth of trading and fell 2.6% to 0.76 - it would have been worse but for 10m shares traded in the last minute of the session. Dubai Investment Company (DIC) was the worst loser on turnover of any significance, falling 5.4% to 0.88. Emirates NBD (ENBD) was 5% limit down to 3.18 but on thin trading. Most other actively traded stocks fell less than 4%. Emaar Properties (EMAAR) was down 1.1% to 1.81. The almost never traded Al Sagr National Insurance (ASNIC) was the top gainer on turnover of more than AED 1m, rising 3.85% to 3.24 from an insider sale. Ajman Islamic Bank (AJMANBANK) was the only other gainer on turnover of more than AED 1m (just), rising 2.5% to 0.81. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) topped the turnover list and fell 3.8% and 7.6% respectively. Three of the lucky banks receiving government funds traded 10% limit up - First Gulf Bank (FGB) at 8.41, National Bank of Abu Dhabi (NBAD) at 8.08, and Abu Dhabi Commercial Bank (ADCB) at 1.54, and were in the top six spots by turnover. The other two banks saw good gains also - Union National Bank (UNB) up 9.4% to 1.81, and Abu Dhabi Islamic Bank (ADIB) up 7.6% to 2.35. Arkan Building Materials (ARKAN) was also 10% limit up stock with last orders going through at 6.64. Gulf Pharmaceutical Industries (JULPHAR) was another 10% limit up stock but from only 2 small trades. Abu Dhabi Aviation (ADAVIATION) and Commercial Bank International (CBI) were the worst losers, both trading 10% limit down but on low turnover. Ras Al Khaimah Properties (RAKPROP) fell 2.2%, Ras Al Khaimah Cement (RAKCC) and Dana Gas (DANA) fell just under 2%, Aabar Energy (AABAR) was down 0.8%, and the remaining losers fell on less than AED 1m of traded value. Emirates Telecom (ETISALAT) was unchanged at 9.55. |
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