UAE market news & discussions for 22 March 2009Both markets rose slightly today, although turnover dipped in Abu Dhabi. The ADX was up 0.68% to 2412 points from just AED 75m of trading, while in Dubai the index gained 0.57% to 1542 points with turnover still looking relatively decent at AED 459m worth. On the Nasdaq Dubai as of 15:30 today, DP World is up $0.01 to $0.20, and Depa is up $0.02 to $0.35. Today is the first day of the new Nasdaq Dubai trading week (no more Friday trading). The Green Crescent Insurance company will apparently list on the ADX on Thursday, although there was no official notification on the market website. Union National Bank approved 10% cash and 10% share dividends in their AGM yesterday.
Dubai Financial MarketAjman Islamic Bank (AJMANBANK) was the most heavily traded stock by value, just shy of AED 100m, and falling 5.4% to 1.06. Gulf Navigation (GULFNAV) also saw close to AED 100m worth of deals but price was unchanged at 0.61. Dubai Investment Company (DIC) was the best of the gainers (ignoring limited trading in Ektitab Holding (EKTTITAB)) with a 4.3% rise, until trading was halted at 11am due to a Board of Directors meeting to discuss results, dividends, and a date for the AGM. Deyaar Development (DEYAAR) rose 2.1%, Arab International Logistics (ARMX) 1.8%, Emaar Properties (EMAAR) 1.5%, and the other gainers were up less than 2% or on thin trading. Apart from Ajman Bank, Dubai Islamic Insurance (AMAN) was the only other actively traded stock to fall more than 2%, closing down by 2.1% at 0.95. Dubai Financial Market (DFM) and Arabtec (ARTC) both fell less than 1%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the only two stocks trading more than AED 10m worth, both rising by about 2%, and they were also at the top of the list of more active gainers. Emirates Telecom (ETISALAT) was a surprise in third place on turnover, with a small 0.8% rise to 12.50. First Gulf Bank (FGB) stood out with a solid 8.6% gain to 8.05 on news today of their loan repayment but with low levels of turnover. National Bank Of Ras Al Khaimah (RAKBANK), Arkan Building Materials (ARKAN), and Methaq Islamic Insurance (METHAQ) all had 10% limit up closings but all on thin trading. The top 5 losers fell on less than AED 1m of trading each. Abu Dhabi Islamic Bank (ADIB) was the worst loser on more than AED 1m of turnover, down by 3.8% to 3.01. Sharjah Cement (SCIDC) and Abu Dhabi Commercial Bank (ADCB) fell by around 3%, Waha Capital (OILC) 2.6%, Aabar Energy (AABAR) 2.2%, Union National Bank (UNB) 2%, Abu Dhabi National Energy (TAQA) and National Bank of Abu Dhabi (NBAD) just over 1% each, and the other losers were down by less than 2%. |
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