UAE market news & discussions for 21 April 2009Abu Dhabi continued to fall with a 2.15% decrease to 2567 points although volume was down somewhat to AED 314m. Dubai was also down, but not as dramatically as yesterday, with just a 0.31% decrease to 1661 points from turnover of AED 588m. On the Nasdaq Dubai, at 16:00 UAE time, DP World is unchanged at $0.26, and there have been single trades in Aldar derivatives (unchanged) and GOLD (-0.39%).
Dubai Financial MarketTrading in Dubai was dominated by Arabtec (ARTC), the only stock with more than AED 100m worth of turnover with AED 237m of shares changing hands (including a large number of insider sales), and the price falling 1.8% to 2.15. Drake & Scull (DSI) was the best of the active gainers, rising 2.7% to 0.77, Emirates Integrated Telecommunications (DU) was up 2.3%, Islamic Arab Insurance (IAIC) 1.2%, Union Properties (UPP) 1.15%, and two other gainers rose on low volumes. A total of 8 stocks closed unchanged, including Emaar Properties (EMAAR), Air Arabia (AIRARABIA), Dubai Investment Company (DIC), Gulf Navigation (GULFNAV), Ajman Islamic Bank (AJMANBANK), and National General Cooling (TABREED). In the loser's list, Deyaar Development (DEYAAR) suffered the worst fall of 3.0% to 0.64, Arab International Logistics (ARMX) fell 1.8%, Al Salam Bank Sudan (ALSALAMSUDAN) fell 1.7%, and the remainder fell less than 1% or on thin volumes. Abu Dhabi Securities ExchangeAldar Properties (ALDAR), with AED 113m worth of turnover, was the only stock on the ADX trading more than AED 100m, and fell 4.9% to 3.74. Most other stocks were in the red with First Gulf Bank (FGB) the worst of the more actively traded companies, falling 6.7% to 11.20. It wasn't a good day for the banks, other falls included Abu Dhabi Commercial Bank (ADCB) down 5.4%, National Bank of Abu Dhabi (NBAD) 5.1%, Bank of Sharjah (BOS) 4.7%, Union National Bank (UNB) 3.9%, and Abu Dhabi Islamic Bank (ADIB) 3.7%. Sorouh Real Estate (SOROUH) was down 4.0%, Aabar Energy (AABAR) 3.4%, Ras Al Khaimah Properties (RAKPROP) 1.5%, Emirates Telecom (ETISALAT) 1.2% and the remainder by less than 3% or on thin trading. There were only 5 gainers, and only Arkan Building Materials (ARKAN) (+2.0%) and Green Crescent Insurance (GCIC) (+0.88%) saw trading of more than AED 1m worth. |
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