UAE market news & discussions for 23 February 2009 Dubai Financial MarketThe Dubai Financial Market (DFM) could stand for Dubai's Flying Moggy. After 10% limit down for several stocks yesterday, there were 7 stocks trading 15% limit up by the close of trading today as the roller coaster ride continues. The $10 billion UAE Central Bank loan to the Dubai government announced yesterday was obviously seen as a good thing by the market. The Dubai Financial Market (DFM) index overall was up a substantial 7.9% with turnover down a bit from yesterday but still impressive at AED 1.2 billion from 930m shares traded. Dubai Financial Market (DFM), Emaar Properties (EMAAR), Arabtec (ARTC), and Air Arabia (AIRARABIA) were all heavily traded and 15% up at close with no sellers to be seen on the trading floor. Most other actively traded stocks saw gains of more than 10%. Emirates Integrated Telecommunications (DU) was up only 5% but that was due to a lower cap on daily increase. Only three stocks fell - Arab Insurance Group (ARIG), National Cement Company (NCC), and Commercial Bank of Dubai (CBD) - with total trading between them of less than AED 250k. Abu Dhabi Securities ExchangeIn Abu Dhabi, the index was up 1.1% to 2299 points from AED 340m worth of turnover and 212m shares. Six stocks were trading 10% limit up by the end of the session including Aldar Properties (ALDAR), Dana Gas (DANA) and Ras Al Khaimah Cement (RAKCC) on heavy trading, and Union National Bank (UNB) and Bank of Sharjah (BOS) in the bank sector. Sorouh Real Estate (SOROUH) was slightly off a 10% rise at closing but was the most heavily traded stock. Most other more actively traded stocks saw gains of more than 5% today. Of the 7 losers, Commercial Bank International (CBI) was down 8.7% and the most heavily traded loser, and Qatar Telecom (QTEL) and Arkan Building Materials (ARKAN) were the only other losers trading more than AED 1m, both falling less than 1%. Other market news - The biggest news affecting the markets was obviously the Dubai bailout ... er ... loan ... er bond issue of $20 billion, half of which the UAE Central Bank has said they will subscribe to. Who else will buy the other $10 billion is unknown as yet.
- Bank of Sharjah announced a full year net profit increase of 2% to AED 404m, which by our calculations resulted in a Q4 profit of AED 70m, down 56% from the same quarter in 2007, and down 52% from the third quarter of 2008. Nevertheless, their shares were 10% limit up today, after a short trading suspension due to releasing results after the market opened in Abu Dhabi.
- Dana Gas found another 100 billion cubic feet of gas in Egypt and their shares were also 10% limit up.
- Emaar, in reply to a DFM request apparently, said the JL Homes Chapter 11 filing "does not have any significant impact" on their financial statements for 2009 Q1.
- Al Salam Bank Bahrain AGM yesterday approved a 10% cash dividend. SALAM_BAH has a secondary listing on the DFM and shares rose 1.15% (the smallest gain today).
- The Abu Dhabi stock market announced they'd signed an agreement with Reuters to improve investor relations in the UAE. Investors' relatives will no doubt be waiting with excitement for the details of how this will benefit them.
- Etisalat BOD were meeting today to discuss dividends for 2008. No information supplied yet.
- Dubai Islamic Bank and Union Properties BOD meet tomorrow so 08 FY results might be seen tomorrow afternoon for those companies.
- UAE fourth quarter results - table of financial results so far, with dividend and AGM information
- UAE financial news - latest news from Reuters, Bloomberg and UAE media
- Sharewadi calendar - important dates
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