UAE market news & discussions for 19 March 2009 Most stocks rose in Abu Dhabi with the index up by 1.2% to 2396 points but turnover dropped to AED 124m from 81m shares. Dubai also saw many stocks rising with an overall 1.6% gain to 1533 points, and turnover looking promising at AED 454m from 480m shares. On the Nasdaq Dubai, DP World is unchanged at $0.19, Depa is up just $0.01 to $0.32, GOLD is up 3.1%, and ADCB derivatives are up 4.2% on a couple of trades. Dubai Financial MarketUnusually, Ajman Islamic Bank (AJMANBANK) was the top traded stock by value today, with AED 87m worth and a big 12% jump to 1.12 putting them at the top of the gainers list. Ajman Bank this week announced an agreement with the Ministry of Finance to sell e-dirham cards, and that they had been recognised by the Emirates Institute of Banking and Financial Studies for their support of Emirati employment. Neither item strikes us as a logical explanation for the increase in trading and share price. Drake & Scull (DSI) was also busy, recovering by 6.1% to 0.70, helped by an insider buying over 6 million Drake & Scull (DSI) shares today. Gulf Navigation (GULFNAV) had a decent 7.0% rise, National General Cooling (TABREED) was up 5.4% and most of the other actively traded stocks were up less than 5%, including Emaar Properties (EMAAR) which could only manage a 2% rise to 2.06. Out of the 5 losers today, Emirates Integrated Telecommunications (DU) dropped 3.4%, Islamic Arab Insurance (IAIC) 1.5%, and the others on turnover of less than AED 100k each. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) was the busiest stock by traded value, with AED 27m, and also topped the list of gainers trading more than AED 1m, with a 4.0% rise to 2.35. There were however 2 stocks trading 10% limit up, Umm Al Quwain Cement (QCEM) and Arkan Building Materials (ARKAN), volumes presumably limited by the lack of willing sellers. Abu Dhabi National Energy (TAQA) and Abu Dhabi Commercial Bank (ADCB) also had good days, both with 3.6% rises, and the remaining gainers rose less than 2% or on thin trading. Emirates Telecom (ETISALAT) was up by just 0.4% to 12.35. The short list of losers included Agthia Group (AGTHIA), down by 1.6%, and Sharjah Cement (SCIDC), Ras Al Khaimah Cement (RAKCC), and Aabar Energy (AABAR) all falling 1% or less. | |