UAE market news & discussions for 09 April 2009The UAE markets finished a poor week overall with a decent rally today. Abu Dhabi rose just under 1% to 2543 points on modest turnover of AED 220m, with the cement sector in particular showing strong gains. Dubai was up 1.9% to 1618 points from turnover of AED 472m and all the actively traded stocks, bar one, in the green. On the Nasdaq Dubai as of 15:45 UAE time, DP World and Depa are unchanged, Dana and Union Properties derivatives are each up 6.3% on single trades, and there was one trade in GOLD, up 0.63% to 88.50.
Dubai Financial MarketDubai Financial Market (DFM) shares topped the traded value list with over AED 100m worth of deals and a 4.4% rise to 1.43. Emaar Properties (EMAAR) traded about AED 75m, worth and rose 3.8% to 2.48. Al Salam Bank Sudan (ALSALAMSUDAN) continued its rally this week, with 15% limit up trading at 2.34 by the close of the session, although volumes were low as usual. Commercial Bank of Dubai (CBD) was 5% limit up from 1 trade, and Emirates Integrated Telecommunications (DU) was also 5% limit up from modest turnover. National General Cooling (TABREED) was the best of the actively traded stocks with a 9% rise to 0.73. Other good gains for Dubai Islamic Insurance (AMAN) (+5.1%), Union Properties (UPP) (+5%), Islamic Arab Insurance (IAIC), Arabtec (ARTC), Shuaa Capital (SHUAA) all up 3%-4%, and the remainder up less than 2%. There were only 2 losers, Ektitab Holding (EKTTITAB) and Gulf General Investment (GGICO), both on thin trading. Five stocks were unchanged, including Ajman Islamic Bank (AJMANBANK), Dar Takaful Insurance (DARTAKAFUL), and Emirates NBD (ENBD). Abu Dhabi Securities ExchangeAldar Properties (ALDAR), rising 3.3% to 3.43, was the most heavily traded stock in Abu Dhabi but turnover was still only AED 38m. Ras Al Khaimah Cement (RAKCC) made a rare appearance near the top of the turnover list with AED 34m worth of deals, and 10% limit up trading to 1.33 by the close of the session. Umm Al Quwain Cement (QCEM) was another cement company with 10% limit up trading at 0.96, and other cement companies in the green included Ras Al Khaimah White Cement (RAKWCT) (+6.9%) and Gulf Cement (GCEM) (+5.1%). Other gainers included Union National Bank (UNB) 10% limit up at close, Dana Gas (DANA) up 5.2%, Sharjah Islamic Bank (NBS) up 4.8%, and Agthia Group (AGTHIA) up 4%. Most other actively traded stocks were up less than 4%. Emirates Telecom (ETISALAT) rose just 0.49%, and National Bank of Abu Dhabi (NBAD) 1.2%. Ras Al Khaimah Properties (RAKPROP) was the only loser on turnover of more than AED 1m, plummeting 10% limit down to 0.57. There were another 9 losers, none falling more than 6%, and all on low volumes. |
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