UAE market news & discussions for 07 April 2009A bit of a correction on the UAE markets today, with Abu Dhabi down 0.9% to 2532 points but turnover dropping to AED 282m. Dubai was worse off with a 1.5% fall to 1597 points from turnover of AED 658m - half of that from trading in Tabreed. The Nasdaq Dubai is looking a little healthier as of 16:15 UAE time with DP World up 4%, Depa up 2.7%, a single trade with a one cent rise in Boulder Steel to $0.04 (which makes for an impressive looking 33% increase), and even a trade in Nasdaq shares but with a fall of 9.2%. Other single trades for GOLD (almost unchanged), and derivatives in DP World (unchanged), Union Properties (-1.25%), and RAK Properties (+13.5%). Dubai Financial MarketNational General Cooling (TABREED) dominated trading in Dubai with AED 323m worth of shares changing hands and topped the losers list with share price closing 10% limit down at 0.70. No other stocks saw turnover of more than AED 100m. Only 4 stocks were in the green - Al Salam Bank Sudan (ALSALAMSUDAN) (+15%) and Al Salam Bank (SALAM_BAH) (+7.8%) on greater than usual turnover although still modest compared to the more active stocks, Shuaa Capital (SHUAA) (+1%) and Emirates Integrated Telecommunications (DU) (+0.42%). Five stocks were unchanged, including Union Properties (UPP), Drake & Scull (DSI), and Dubai Investment Company (DIC), but most of the actively traded stocks fell between 0% and 4% including Emaar Properties (EMAAR) and Dubai Financial Market (DFM) down over 2%, and Arabtec (ARTC) down just 0.54%. Abu Dhabi Securities Exchange The Abu Dhabi property companies took first three spots on the traded value table with about AED 60-70m worth of deals each; Aldar Properties (ALDAR) down 3.15%, Sorouh Real Estate (SOROUH) down 4.2% the worst of the actively traded losers, and RAK Properties up 8.1% the best of the actively traded gainers. Dana Gas (DANA) was another good gainer with a 5.6% rise on heavy trading, while the remaining stocks showing green were up less than 2% or on turnover of less than AED 1m. Other losers included Waha Capital (OILC) down 3.5%, Abu Dhabi National Energy (TAQA) down 3%, First Gulf Bank (FGB) down 2.5%, and the remainder down less than 2% or on thin trading. | |
