UAE market news & discussions for 01 April 2009 Both markets lost ground today, a modest 0.27% fall in Dubai to 1564 points from AED 354m of turnover, and a larger drop of 1.9% to 2441 points in Abu Dhabi due mostly to a drop in Etisalat shares, with overall turnover of AED 176m. On the Nasdaq Dubai at 15:00 UAE time, DP World is unchanged at $0.24, Depa is down 9.8%, and there has been one Aldar derivative trade, up 3.4%. Most of the Kuwait dual listings on the DFM were suspended from trading today for not disclosing 2008 FY results. Not that it makes that much difference - they rarely see any trading on the DFM anyway. Dubai Financial MarketDIB was the most heavily traded stock in Dubai, and the only one trading more than AED 100m with a slight gain of 0.74% to 2.71. Drake & Scull (DSI) had a decent 6.25% rise to 0.68 and was the second most active stock by turnover. Other gainers included Ajman Islamic Bank (AJMANBANK) up 3%, Emirates NBD (ENBD) up 2.6% and the remainder up less than 2% or on thin trading. Emaar Properties (EMAAR), Deyaar Development (DEYAAR), and Gulf Navigation (GULFNAV) were unchanged. Air Arabia (AIRARABIA) was the worst of the losers, 10% limit down at 0.96 but that was due to shares going ex-dividend today, Islamic Arab Insurance (IAIC) also had a big fall of 8.6%, and the other six stocks in the red fell less than 2% or on turnover of less than AED 1m. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were at the top of the traded value list, with gains of 3.4% and 1.89% respectively. Waha Capital (OILC) put on a good show with a 6% increase putting at the top of the list of actively traded gainers. National Bank Of Ras Al Khaimah (RAKBANK) and Union Cement (UCC) closed at 10% limit up prices but saw little more than AED 100k worth of deals between them. Other gainers included Dana Gas (DANA) up 3.5%, National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB) up 2.5%, National Bank of Umm Al Quwain (NBQ) up 1.15% on a single large trade worth AED 11.6m, and the remaining gainers up less than 2% or on low volumes. Emirates Telecom (ETISALAT) headed the loser's list (excluding the thinly traded stocks) with a 6.7% fall to 10.50 due to shares going ex-dividend today (unconfirmed). Green Crescent Insurance (GCIC) fell 5.2%, Abu Dhabi National Energy (TAQA) 1%, and the rest were down less than 2% or on low volumes | |
