UAE market news & discussions for 16 March 2009 All eyes were on the first new listing of the year in Dubai, and followed Drake & Scull (DSI) shares over and out as they plummeted 26% from par value to 0.76, but that was not really a surprise given that so many other shares are also trading below par. Overall, the DFM index fell 1.0% to 1510 with turnover relatively light at only AED 223m if DSI trading was excluded. Including the AED 470m of DSI trading brings up the total to AED 693m. In Abu Dhabi, the market fell 0.74% to 2311 with little activity on the trading floor - only AED 65m worth of deals done. On the Nasdaq Dubai, DP World is unchanged at $0.19 on thin trading, and there was one negligible trade in Arabtec derivatives on a 3.8% rise. Dubai Financial Market Unsurprisingly, turnover in Drake & Scull (DSI) at AED 470m, was about 10x the next highest by value, Dubai Financial Market (DFM) with AED 47m worth and down by 3.2%. There were few gainers of any significance, National General Cooling (TABREED) had another good day with a big 12.5% jump to 0.63, Dubai Islamic Insurance (AMAN) was up 3.1% and Emirates Integrated Telecommunications (DU) up 1.9%. Apart from Drake & Scull, Emarat Takaful Insurance (TAKAFUL-EM) was the worst loser on active trading, down by 5.8% to 1.13. Ajman Islamic Bank (AJMANBANK) fell 4%, Arabtec (ARTC) 2.4%, Deyaar Development (DEYAAR) 2.1% and the remainder by less than 2% or on thin turnover. Abu Dhabi Securities Exchange Aldar Properties (ALDAR) was the only stock trading more than AED 10m worth, and fell 0.45% to 2.20. Union National Bank (UNB) was the top actively traded stock in the green with a 6.4% rise, followed by Abu Dhabi National Energy (TAQA) up 2.6%. Abu Dhabi Islamic Bank (ADIB), up 0.7% was the only other gainer on more than AED 1m of turnover. The big slide in Arkan Building Materials (ARKAN) seemed to have slowed up with a fall of only 6.9% and a few buyers still in the queue at the end of trading. National Bank of Abu Dhabi (NBAD) fell 3.7%, Abu Dhabi Commercial Bank (ADCB) 3.55%, Emirates Telecom (ETISALAT) 0.8%, and the remainder fell less than 2% or on turnover of less than AED 1m. | |