UAE market news & discussions for 11 March 2009Both Abu Dhabi and Dubai edged down by 0.19% today, to 2350 and 1516 points respectively. Trading on the ADX was up slightly to a still thin AED 85m worth, and down on the DFM to AED 404m. On the Nasdaq Dubai as of 16:30 UAE time, DP World is down 5.3% to $0.18, Depa is up 5.9%, GOLD is down 2.05%, and there was even a trade on Nasdaq shares, up 8.3% to $21.41. Asian stocks are up, European stocks down, and US stock futures mixed.
Dubai Financial MarketTrading was dominated by Arabtec (ARTC) up 1.8% to 1.66 on AED 128m worth of turnover, and Dubai Financial Market (DFM) unchanged at 1.17 with almost AED 100m worth of turnover. Emaar Properties (EMAAR) was a distant third on turnover with just AED 25m worth of deals, and a 2.0% rise to 2.02. Emirates Integrated Telecommunications (DU) and Shuaa Capital (SHUAA) were the top gainers in Dubai today, rising by 3.4%, Ajman Islamic Bank (AJMANBANK) was up 3.3%, and the remaining handful of gainers were up less than 3%. A large number of stocks were unchanged from yesterday - nine in total, including Air Arabia (AIRARABIA), Gulf Navigation (GULFNAV), and Dubai Investment Company (DIC). Emarat Takaful Insurance (TAKAFUL-EM) was the worst of the losers on turnover of any significance, falling 8.5% to 1.18. Mashreq Bank (MASQ) was 5% limit down from just one small trade, Union Properties (UPP) fell 2.9%, and the remaining losers fell less than 2% or on thin trading. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) was in top spot on turnover with AED 26m worth and a 1.7% rise to 2.31. Dana Gas (DANA) was relatively busy but closed unchanged, and Sorouh Real Estate (SOROUH) was the only other stock to trade more than AED 10m worth as it edged up 0.47% to 2.11. Commercial Bank International (CBI) closing price of 1.26 was 10% limit up and turnover was greater than usual for the usually quiet RAK based bank. Emirates Telecom (ETISALAT) rose just 1.2% to 12.25 and the remaining gainers were up less than 1% or on turnover of less than AED 1m. Seven stocks were unchanged including Ras Al Khaimah Cement (RAKCC), Ras Al Khaimah Properties (RAKPROP), and Union National Bank (UNB). Arkan Building Materials (ARKAN), National Bank of Umm Al Quwain (NBQ), and Abu Dhabi National Energy (TAQA) all traded 10% limit down but only Taqa saw turnover of more than AED 1m. Waha Capital (OILC) fell 4% and the other losers saw turnover of less than AED 1m for the day. |
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