UAE market news & discussions for 30 March 2009After a good start to the week yesterday, both markets fell back today. The ADX in Abu Dhabi fell 0.47% to 2534 points and turnover was moderately low at AED 124m. The DFM in Dubai suffered badly with a 1.6% fall to 1578 points despite a good show by Salama Insurance, and turnover was almost half a billion dirhams. On the Nasdaq Dubai at 14:30 UAE time, DP World is down 10.7%, and there have been a couple of derivatives traded - one each for Air Arabia (unchanged) and Emaar (down 1.8%).
Dubai Financial MarketIslamic Arab Insurance (IAIC) dominated the Dubai Financial Market (DFM) floor today, with AED 150m worth of deals, a 15% limit up close at 0.90, no sellers in the queue, and the only stock trading more than AED 100m worth. Other stocks with significant activity included Union Properties (UPP) with a decent 4.2% rise to 0.75 (and the second highest increase of the actively traded stocks), Air Arabia (AIRARABIA) down 0.93%, and Emaar Properties (EMAAR) down 3.9%. National General Cooling (TABREED) was the only other gainer of note, up by 3.45%. Gulf Navigation (GULFNAV) and Deyaar Development (DEYAAR) were unchanged, Dubai Financial Market (DFM), Drake & Scull (DSI), Arabtec (ARTC), Ajman Islamic Bank (AJMANBANK), and Arab International Logistics (ARMX) all fell about 3%, and the remainder fell less than 2% or on thin trading. Abu Dhabi Securities ExchangeIn Abu Dhabi, Green Crescent Insurance (GCIC) was the most actively traded stock, plummeting just over 10% to 1.23. Emirates Telecom (ETISALAT) was relatively busy and edged up by just 0.36% to 13.90, saving the index from a drop more representative of the number of falling stocks today. Invest Bank (INVESTB) and Abu Dhabi Aviation (ADAVIATION) were 10% limit up but from just one small trade each. Union Insurance (UNION) had an unusual 10% limit up and down day today - with an overall 6.5% gain but last trade going through 10% limit down at 3.74. Bank of Sharjah (BOS) was up 5%, Waha Capital (OILC) 1.3% and the remaining handful of gainers up less than 1% or on thin trading. Gulf Pharmaceutical Industries (JULPHAR) saw some increased activity, and a 6.5% fall to 1.45, Aldar Properties (ALDAR) dropped by 4.4%, Sorouh Real Estate (SOROUH) 3.9%, First Gulf Bank (FGB) 3%, and the remainder by less than 2% or on thin trading. |
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