UAE market news & discussions for 18 March 2009It was a better day on the UAE markets despite the S&P downgrades on some Dubai companies announced yesterday afternoon, with a decent 2.4% gain in Abu Dhabi to 2368 points but more significantly, turnover jumped to AED 192m - about three times the level seen in the past few days. Dubai was up 1.2% to 1508 points with turnover much the same at AED 301m from 289m shares, and gains for almost all the actively traded stocks.
Dubai Financial MarketDrake & Scull (DSI) was the top traded stock by value again today with just under AED 60m worth, and the slide in their share price appears to have abated with shares closing just 1.5% down at 0.66. Dubai Islamic Bank (DIB) and Air Arabia (AIRARABIA) also had a relatively busy day with over AED 40m worth of trading in each stock, and increases of 1.3% and 2.15% respectively. Ajman Islamic Bank (AJMANBANK) saw the largest gain, of 7.5% to 1.00, and more than twice the next highest gainer, Emirates Integrated Telecommunications (DU), which rose 3.5%. Most of the gainers were up 1%-5%, with Emaar Properties (EMAAR) up 2% to 2.02. In the loser's list, Shuaa Capital (SHUAA) fell 2.25% but on low turnover, and National General Cooling (TABREED) fell 1.75%. Abu Dhabi Securities ExchangeUnion National Bank (UNB) and Waha Capital (OILC) stole the show in Abu Dhabi again, with last trades going through at 10% limit up prices of 2.50 and 0.79 respectively and no sellers to be found. Commercial Bank International (CBI) was another 10% limit up stock on heavier than usual trading, Arkan Building Materials (ARKAN) was also 10% limit up but on low volumes. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the most heavily traded by value, both gaining 3.3% each. Abu Dhabi National Energy (TAQA) saw a solid 7.1% jump to 1.63 and took number 3 spot on traded value. First Gulf Bank (FGB) rose 6.2% Abu Dhabi Commercial Bank (ADCB) 5%, and most other gainers were up 3%-6%. There was little of significance in the list of 7 losers, only Sharjah Cement (SCIDC) with more than AED 1m of turnover, and last trade going through 10% limit down at 1.98. |
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