UAE market news & discussions for 10 March 2009Both Abu Dhabi and Dubai fell today, by 1.5% to 2354 points and 0.5% to 1519 points respectively. The ADX seemed to still be partially on holiday with turnover of only AED 71m dhs from AED 48m shares, while Dubai was much busier with AED 613m worth of trading from 460m shares. On the Nasdaq Dubai as of 1500 UAE time, DP World is unchanged at $0.19, Depa is down 5.6%, GOLD is down 2%, and there was one Emaar derivative trade down 0.5%. Asian and European stocks are up today, and US stock futures are also up. A report from Prime Securities yesterday rated Aramex shares a buy, and according to Reuters, a research note from EFG Hermes today forecasts a 30% fall in Dubai property rental prices for 2009 but a 10-15% increase in Abu Dhabi.
Dubai Financial MarketUnion Properties (UPP) was the star in Dubai with almost limit up trading - a 9.5% gain to 0.69 and decent enough turnover of AED 47.5m. Islamic Arab Insurance (IAIC) also had a solid 8.6% rise, followed by Dubai Islamic Insurance (AMAN) up 7.2% and National General Cooling (TABREED) up 6.25%. Gulf Navigation (GULFNAV) was up 5.3% and Dubai Islamic Bank (DIB), the most heavily traded stock, was up 1.3%. Emarat Takaful Insurance (TAKAFUL-EM) led the losers with a 6.5% fall, Arabtec (ARTC) was the second most heavily traded stock by value and fell 4.1% to 1.63. Emaar Properties (EMAAR) fell 3.9% to 1.98, and the remaining losers fell less than 3% or on thin trading. Deyaar Development (DEYAAR) and Arab International Logistics (ARMX) were unchanged at 0.47 and 1.06 respectively. Abu Dhabi Securities ExchangeOnly 3 stocks saw trading of more than AED 10m in Abu Dhabi today (all with turnover between AED 11m and AED 12m) - Aldar Properties (ALDAR) down 1.3%, Ras Al Khaimah Cement (RAKCC) up 2.4% and the only gainer of any significance, and Sorouh Real Estate (SOROUH) down 1.8%. Sudan Telecom (SUDATEL), up just 0.8%, was the only other gainer on more than AED 1m of turnover. Ras Al Khaimah Ceramics (RAKCEC) and International Fish Farming (ASMAK) saw 10% limit up trades at the end of the day but on light turnover. Arkan Building Materials (ARKAN), Emirates Driving Company (DRIVE), Abu Dhabi National Energy (TAQA), and Al Wathba National Insurance (AWNIC) all saw closing prices 10% limit down but only Taqa had turnover of more than AED 1m. Other falls on turnover of more than AED 1m included United Arab Bank (UAB) down 6.1% and Emirates Telecom (ETISALAT) down 2.0%. |
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