UAE market news & discussions for 23 March 2009 Both markets climbed again today, with DFM up 1.1% to 1558 points from just over half a billion dirhams worth of trading, and the ADX up 0.54% to 2425 on turnover of AED 246m - a good increase from the subdued levels seen yesterday and last week. Big news was the Aabar purchase of a stake in Germany's Daimler which prompted a large rise in Aabar shares early in the session. On the Nasdaq Dubai, DP World is up another cent today, and is the only stock traded apart from a single trade in DFM derivatives, unchanged at 1.21. Dubai Financial Market Air Arabia (AIRARABIA) was the only stock with more than AED 100m of turnover in Dubai, rising a solid 5.15% to 1.02. Emaar Properties (EMAAR) was up 4.8%, Dubai Islamic Bank (DIB) 5.9% also taking the top gainer's spot (ignoring the two thinly traded secondary listings), and Ajman Islamic Bank (AJMANBANK) recovered 2.8% from yesterday's fall. Those three stocks had turnover of between AED 50m and AED 100m. Al Sagr National Insurance (ASNIC) rose 4.8% from one large trade, and the remaining gainers were up less than 2% or on low volumes. There were 6 losers, including Dubai Investment Company (DIC) down 6.6% after proposing a 10% share dividend, Emirates NBD (ENBD) down 3.5%, and Gulf Navigation (GULFNAV) down 3.3%. Abu Dhabi Securities Exchange After the Daimler news, Aabar Energy (AABAR) had a decent 4% rise to 1.79 but it wasn't the star stock today. Punters saw heavier trading and more activity for Abu Dhabi National Energy (TAQA), up 5.9% to 1.80, and Aldar Properties (ALDAR), up 5.5% to 2.55. Sorouh Real Estate (SOROUH) was also more active, gaining 3.5% to 2.36. Waha Capital (OILC) stood out with limit up trading at 0.83 by the end of the session, Arkan Building Materials (ARKAN) was also 10% limit up with lower volumes, and National Bank Of Ras Al Khaimah (RAKBANK) and Gulf Pharmaceutical Industries (JULPHAR) joined the limit up list on just a single trade each. Methaq Islamic Insurance (METHAQ) rose 6.8%, Agthia Group (AGTHIA) 3.2%, Ras Al Khaimah Properties (RAKPROP) 2.2%, and the remainder rose less than 2% or on thin trading. In the loser's list, 7 stocks fell on less than AED 1m of turnover, including First Gulf Bank (FGB) with a 7.3% drop, while only Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) saw volumes of more than AED 1m, with falls of 0.59% and 4.5% respectively. | |