UAE market news & discussions for 26 February 2009 Continuing yesterday's theme, Abu Dhabi was in the green by 1.6% to 2376 points despite most stocks falling but low turnover of AED 131m from 66m shares. Dubai saw red to the tune of 0.6% to 1559 despite most stocks rising, from lower trading yet again, of AED 460m from 354m shares. An interesting day, illustrating how one or two stocks can have a contrary effect on the market index. Etisalat, the heavyweight by market cap in Abu Dhabi dragged the index up, while the less active but large Mashreq Bank and Emirates NBD dragged the Dubai index down. On the Nasdaq Dubai, DP World and Depa are unchanged at $0.20 and $0.43 respectively. Boulder Steel plummeted 40% to $0.03. It only has to fall another three cents and then their shares are free. UAE oil supply cuts have prompted a rise in the oil price to over $43 per barrel. Reuters reported that Aldar, Sorouh and Al Maabar (unlisted) were forming a joint venture to spend a mammoth AED 40 bn on a project at Aqaba in Jordan. Aldar and Sorouh did not disclose any information to the stock market website. However, the ADX did tell us they'd be closing their Marina Mall branch at the end of June this year. Reuters also reported that the UAE Government were not releasing an IMF report on the state of the economy in 2008, which could prompt heavy coffee consumption and a limit up evening on the Dubai Gossip Market (DGM). Invest Bank (Sharjah) and Sharjah Insurance Company reported 2008 FY results today. The Nasdaq Dubai is having a conference call on their 2008 results this evening. The sharewadi calendar is being updated with a number of AGM dates announced today. European stocks are up, Asian stocks were down, and US stock futures are up. Dubai Financial MarketDubai Financial Market (DFM) and Arabtec (ARTC) shares dominated trading in Dubai yet again, although heading in opposite directions - up 3.3% and down 3.8% respectively. Emaar Properties (EMAAR) turnover was well down with only AED 38m worth traded and a slight 0.49% rise to 2.06. Most of the remaining actively traded stocks were up by less than 2% or unchanged, except for Emirates Integrated Telecommunications (DU) with a better 2.5% rise. Al Sagr National Insurance (ASNIC) jumped 4.7% from yet more insider selling. Mashreq Bank (MASQ) was 5% limit down, Emirates NBD (ENBD) 3.5% down, and Shuaa Capital (SHUAA) and Ajman Islamic Bank (AJMANBANK) fell about 2.1%. Abu Dhabi Securities Exchange Arkan Building Materials (ARKAN) was the most heavily traded stock in Abu Dhabi today with a 3.8% rise to 7.52 but it was Emirates Telecom (ETISALAT) that really stood out, taking second spot on the traded value table, and trading at 10% limit up at 12.00 by the end of the session with no sellers in the queue. Abu Dhabi National Energy (TAQA) took number three spot on turnover and also had a good rise, of 4.1%. Waha Capital (OILC) was the only other gainer of note, up 5%. Ras Al Khaimah Cement (RAKCC) stood out in the losers list with 10% limit down trading, but that was presumably due to adjustment for shares going ex-dividend today. First Gulf Bank (FGB) was a not quite so sore loser with a 4.1% fall, Sorouh Real Estate (SOROUH) fell 2.6%, Aldar Properties (ALDAR) fell 2.1%, and most other stocks fell less than 3%. | |