UAE market news & discussions for 31 March 2009 Unsurprisingly, after yesterday's rout on the US markets, the local markets had another tumble. The Abu Dhabi ADX saw a hefty 1.8% fall to 2488 points with turnover increased to AED 207m, the index dragged down by a fall in Etisalat and bank stocks. In Dubai, the DFM fell 0.63% to 1568 points with turnover pushed up to AED 619m by heavy trading in Salama Insurance and Air Arabia. On the Nasdaq Dubai as of 16:00 UAE time, DP World is down 4% (or $0.01), Depa is up 2.8%, and there have been a handful of derivative trades - DP World down 4%, Air Arabia up 2.1%, and Aldar up 1.9%. Dubai Financial MarketIslamic Arab Insurance (IAIC) was top of the turnover list in Dubai with AED 138m worth of turnover, and 10% limit down trading at 0.81 with no buyers in the queue, a sharp turnaround after the big gains earlier this week. Air Arabia (AIRARABIA) also cracked AED 100m worth of deals but was unchanged at 1.06. Other heavily traded stocks included Union Properties (UPP) down 4% and Deyaar Development (DEYAAR) up 5.9%. Deyaar was also the best of the 5 gainers, and only one of two to trade more than AED 1m - the other was Al Sagr National Insurance (ASNIC) with a rise of just 0.44%. Most of the actively traded stocks fell, or were unchanged, including National General Cooling (TABREED) down 3.3%, Dubai Islamic Bank (DIB) 1.8%, and Emaar Properties (EMAAR) unchanged at 2.20. Abu Dhabi Securities ExchangeThe top gainer and top traded stock in Abu Dhabi was Commercial Bank International (CBI) with 10% limit up trading at 1.54 from AED 46m worth of shares and just 7 deals. As noted, Emirates Telecom (ETISALAT) with a steep 4% fall to 13.00 and heavy trading dragged down the ADX index. Other stocks closing at 10% limit up prices included National Bank Of Ras Al Khaimah (RAKBANK), Ras Al Khaimah Properties (RAKPROP), National Marine Dredging (NMDC), and Union Cement (UCC) although only RAK Properties saw more than AED 1m worth of deals. Union Insurance (UNION) had yet another volatile day with trades at limit up and limit down prices on relatively busy volumes. National Bank of Umm Al Quwain (NBQ) was up 8.9%, Waha Capital (OILC) rose 3.75%, Abu Dhabi National Energy (TAQA) 2.05%, Aldar Properties (ALDAR) 1.5%, National Bank of Abu Dhabi (NBAD) 1.1%, and the remaining gainers rose less than 2% or on thin trading. Arkan Building Materials (ARKAN), on thin trading, and Green Crescent Insurance (GCIC) had closing trades at 10% limit down prices. Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Commercial Bank (ADCB) both fell more than 5%, Bank of Sharjah (BOS) 4.2%, First Gulf Bank (FGB) 3.7%, Aabar Energy (AABAR) 2.2% and the other losers by less than 2% or on turnover of less than AED 1m. | |
