UAE market news & discussions for 03 March 2009After a fairly unpleasant day yesterday on global stock markets, the UAE markets continued in similar fashion. There was a 2.7% fall to 1490 points in Dubai but trading levels fading with only AED 382m worth of deals. All the actively traded stocks fell sharply and there were only 2 gainers on insignificant trading levels. Abu Dhabi was down 2.1% to 2403 points and turnover of AED 144m less than half the amount seen in Dubai, with most of the actively traded stocks falling between 3% and 6%, and Taqa the only gainer of any note. As of 14:30 today on the Nasdaq Dubai, DP World is unchanged at $0.19, Depa is up 14.3% from just one trade, and the newly listed Dubai Gold Securities are down 2.6% from just 2 trades. On world markets today, Europe is up, Asia is down, and US stock futures are up.
Dubai Financial MarketDubai Financial Market (DFM) shares were the most heavily traded, and fell 6.8% after announcing a loss for 2008 Q4 yesterday, despite also announcing a generous sounding 8% cash dividend. A bigger fall was seen for Union Properties (UPP), down 9.1% as investors continue to digest the bad news of suspended projects and no cash. On the bright side, there was a report that Dubai Investment Company (DIC) might buy Union Properties Emicool investment. Arabtec (ARTC) was also looking unhappy with a 7.4% fall to 1.38 on busy trading. Mashreq Bank (MASQ) had another 5% limit down day, Emaar Properties (EMAAR) was down 5.45%, Islamic Arab Insurance (IAIC) fell 6.8% and most of the rest fell less than 5%. Emirates Integrated Telecommunications (DU), Emirates NBD (ENBD), and Dubai Islamic Bank (DIB) looked relatively good with prices unchanged from yesterday. Abu Dhabi Securities ExchangeIn Abu Dhabi, Abu Dhabi National Energy (TAQA) gained 5.2% to 1.85 as it bought back over 20m shares (two-thirds of the total volume for the day), a large amount, indicating that Taqa really just might buy back their 10% allotment, unlike other companies that just issue press releases about buybacks. First Gulf Bank (FGB) was another company buying back shares today, albeit only a few hundred thousand, and their shares fell 2.45% to 7.70. Ras Al Khaimah Cement (RAKCC) plummeted 8.3% and was the worst loser on significant trading levels. Aabar Energy (AABAR) fell 6.1% after news of its Unicredit bond purchase yesterday. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) both fell more than 5%, Emirates Telecom (ETISALAT) fell 3.6%, and National Bank of Abu Dhabi (NBAD) was the least bad loser with a fall of only 0.9%. |
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