UAE market news & discussions for 17 March 2009Dubai fell 1.27% to 1491 points with turnover subdued at AED 291m, a third of that from the newly listed, and falling, Drake & Scull. Abu Dhabi was almost unchanged with just a 0.04% rise (less than 1 point) to 2312 but turnover still low at only AED 59m from 42m shares. Several stocks looked promising though with last trades going through at 10% limit up prices, although there were more losers than gainers. On the Nasdaq Dubai as of 15:00 UAE time, DP World is down 5.3% to $0.18, Depa is down over 14%, and there have been single trades on Damas (down 9.5%), GOLD (down 0.76%), and Arabtec derivatives (down 3.05%). Dubai Financial MarketThe newly listed Drake & Scull (DSI) was 10% limit down at 0.67 and the only stock trading more than AED 100m (just) in Dubai today. National General Cooling (TABREED) was also 10% limit down at 0.57, and the second highest by turnover with AED 36m worth of deals. Mashreq Bank (MASQ) was 5% limit down but on few trades, Arabtec (ARTC) fell 4.3%, Gulf Navigation (GULFNAV) 3.5%, and the other actively traded stocks fell less than 5%. Emaar Properties (EMAAR) slid by just 2% to 1.98. Emirates Integrated Telecommunications (DU) was the only gainer of any significance, trading 5% limit up at the end of the day with no sellers in the queue. Total turnover for the other 5 gainers was only AED 140k. Abu Dhabi Securities ExchangeNo stocks traded more than AED 10m although Aldar Properties (ALDAR) was close, and fell 1.8% to 2.14. Waha Capital (OILC) was second on turnover and was trading 10% limit up at 0.73 with no sellers in the queue. Union National Bank (UNB) was another limit up stock at 2.36 by closing, Arkan Building Materials (ARKAN) and International Fish Farming (ASMAK) also joined the limt up list albeit on thin trading (only 1 trade for Asmak), National Bank of Abu Dhabi (NBAD) rose 2.6% - helping to prop up the index, and First Gulf Bank (FGB) was up 1.2%. Abu Dhabi National Energy (TAQA) fell 4.35% and was the worst loser on more than AED 1m of turnover. Aabar Energy (AABAR) was down 3.35%, and the remaining losers fell less than 2% or on turnover of less than AED 1m. | |