UAE market news & discussions for 16 April 2009Abu Dhabi rose 1.3% to 2680 points from decent turnover of just under AED 600m with the property sector leading the way again. Dubai did even better with a 1.4% rise to 1712 points and turnover of more than AED 1 billion, with Emaar and Arabtec storming ahead on heavy trading. On the Nasdaq Dubai as of 16:00 UAE time, DP World is up 4.2%, Depa is down 9.1%, and there have been single trades in derivatives for Dana, Union Properties, Emaar, and Shuaa - all in the green except for Dana which was flat.
Dubai Financial MarketArabtec (ARTC) was the most heavily traded stock with almost AED 300m of turnover and a 4.1% rise to 2.29. Emaar Properties (EMAAR) saw AED 226m worth of deals and rose a solid 6.45% to 2.64, putting it almost at the top of the gainers list. Dar Takaful Insurance (DARTAKAFUL) was the best gainer with a 10.4% rise but from turnover of just AED 2.8m, Ektitab Holding (EKTTITAB) was up 8.7% from low volumes, Shuaa Capital (SHUAA) rose 4.6% Ajman Islamic Bank (AJMANBANK) 3.4%, Gulf Navigation (GULFNAV) 2.8%, and the remaining gainers by less than 2%. Dubai Islamic Insurance (AMAN) was the worst of the actively traded losers with a 2.5% fall, Islamic Arab Insurance (IAIC) and Air Arabia (AIRARABIA) fell just over 1%, and the remaining losers were down less than 1% or on turnover of less than AED 1m, including Arab Insurance Group (ARIG) and Al Mazaya Holding (MAZAYA) 10% limit down from just one small trade each. Abu Dhabi Securities ExchangeRas Al Khaimah Properties (RAKPROP) was the top gainer in Abu Dhabi with 10% limit up trading at 0.68 from turnover of AED 69m by close, and no sellers in the queue. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were more heavily traded with gains of 2.8% and 2.5% respectively, and over AED 100m worth of trading for Sorouh. Abu Dhabi National Energy (TAQA) was also actively traded with a 3.5% rise, and Emirates Telecom (ETISALAT) rose just 1% but on greater than usual volumes. Other 10% limit up stocks included Invest Bank (INVESTB), Oman and Emirates Investment Holding (OEIHC), Gulf Cement (GCEM) but all on low turnover. Aabar Energy (AABAR) was up 6.6%, Waha Capital (OILC) 4.8%, First Gulf Bank (FGB) 4.3%, Arkan Building Materials (ARKAN) 4.1%, and most other stocks rose between 0% and 4%. Eight stocks lost ground today with only Dana Gas (DANA) trading more than AED 1m, and falling by 5.3% to 0.88. |
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