UAE market news & discussions for 19 February 2009Stocks in Dubai soared 5.4% overall on news of Borse Dubai getting its loan renewed, with the index rising to 1601 points on very heavy trading of AED 1.15 billion turnover from 846m shares. A massive amount, considering the low prices most stocks are trading at. Abu Dhabi was not too shabby either, rising 2.1% to 2250 points with turnover of AED 291m from 153m shares. Union Properties and Dubai Islamic Bank announced BOD meetings for 24 February 2009, which should mean 2008 FY results will be announced about then. Sorouh announced a proposed cash dividend of 12% and shares gained 3.2% to 2.30. On the Nasdaq Dubai, DP World is up 4.8%, Depa down 2.5%, and Boulder Steel up a massive 33% but that's just $0.01 to $0.04 and from one small trade. Results released today for Dubai Islamic Insurance (AMAN), yesterday for National Bank of Umm Al Quwain (NBQ). Dubai Financial Market In Dubai, Emaar Properties (EMAAR) (2.09), Arabtec (ARTC) (1.88), and Dubai Financial Market (DFM) (1.42) all soared by more than 10% with DFM closing 15% limit up, and all three stocks traded in excess of AED 200m each. Dubai Investment Company (DIC) also rose more than 10% and was the only other stock to trade more than AED 100m worth. Other stocks rising more than 10% included Gulf General Investment (GGICO), Ektitab Holding (EKTTITAB), Union Properties (UPP), and Dar Takaful Insurance (DARTAKAFUL). Most other stocks rose more than 4%, although Air Arabia (AIRARABIA) and Shuaa Capital (SHUAA) were up by just 1.1% and 2.2% respectively. There were only 3 losers, none on trading levels of any note, and Emirates NBD (ENBD) was unchanged at 3.20 on low volumes. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) topped the turnover list in Abu Dhabi as usual, with gains of 5.45% and 3.2% respectively. Fujairah National Bank (NBF) stood out with AED 36m worth of turnover but that was from just 4 trades, and price was almost unchanged at 8.17. United Arab Bank (UAB) was another rare standout in the volume charts with AED 29m worth of shares traded from just 1 deal and price unchanged at 8.41. A total of seven stocks were trading 10% limit up by the end of the session with no sellers in the queue, including Abu Dhabi National Energy (TAQA), Finance House (FH), Union National Bank (UNB), Aabar Energy (AABAR), Abu Dhabi Commercial Bank (ADCB), International Fish Farming (ASMAK), and Waha Capital (OILC). Most other stocks gained less than 5% including Emirates Telecom (ETISALAT), up just 1%. There were 8 losers but none on any turnover of more than AED 1m except for National Bank of Fujairah's 0.12% drop. | |