UAE market news & discussions for 27 April 2009It was a grim day on the UAE markets with limit down closing prices for several stocks, including Aldar Properties and National Bank of Abu Dhabi which both released 2009 Q1 results today. Abu Dhabi ADX fell 2.8% to 2473 points with turnover at AED 225m, and Dubai DFM fell 4.25% to 1569 points from AED 376m worth of trading. The Nasdaq Dubai also saw falls in several stocks - DP World down 3.8%, Depa 5%, DP World derivatives 2.3%, and ADCB derivatives 1.25%, while GOLD gained 2.0%. Dubai Financial MarketThere were no stocks trading more than AED 100m in Dubai today. Emaar Properties (EMAAR) (-7.7%) and Arabtec (ARTC) (-7.3%) were the most heavily traded by value but not the worst losers. Deyaar Development (DEYAAR), Dubai Investment Company (DIC), and Al Salam Bank Sudan (ALSALAMSUDAN) all closed 10% limit down, followed by falls of more than 8% for Dar Takaful Insurance (DARTAKAFUL) and Emarat Takaful Insurance (TAKAFUL-EM) although volumes were low except for Deyaar and Dubai Investments. Gulf Navigation (GULFNAV) and Ajman Islamic Bank (AJMANBANK) fell more than 7%, and most other stocks fell between 3% and 6%. Air Arabia (AIRARABIA) was the least bad loser with a fall of just 2.15%. There were only two gainers, Gulf General Investment (GGICO) up 3.2% and Emirates NBD (ENBD) up 2.2%, both on turnover of much less than AED 1m. Abu Dhabi Securities ExchangeEight stocks closed at 10% limit down prices in Abu Dhabi today - Aldar Properties (ALDAR), also the most heavily traded with AED 77m worth of deals, Sorouh Real Estate (SOROUH), Dana Gas (DANA), Ras Al Khaimah Properties (RAKPROP), Waha Capital (OILC), Sharjah Islamic Bank (NBS), International Fish Farming (ASMAK), and National Bank of Abu Dhabi (NBAD). Almost all other stocks were also in the red, including Emirates Telecom (ETISALAT) dropping just 0.6%, First Gulf Bank (FGB) down 4.3%, and Abu Dhabi National Energy (TAQA) down 4.7%. Only 4 stocks were in the green, and only Commercial Bank International (CBI), with unusually high trading levels, saw more than AED 1m of turnover as it closed 10% limit up at 1.87. | |