UAE market news & discussions for 05 May 2009Abu Dhabi ADX rose 0.64% to 2579 points from AED 384m of turnover. The Dubai DFM rose 0.67% to 1633 points from close to AED 1 billion of turnover, a fall in Mashreq Bank holding the index back from reflecting the good performance in several stocks today. On the Nasdaq Dubai at 15:30 UAE time, DP World is up 6.6%, Depa is unchanged, DP World and Shuaa derivatives are up between 4% and 5%. Dubai Financial Market Arabtec (ARTC) continues to be the dominant share in Dubai for the time being, with AED 290m worth of trading and a 3.2% gain to 2.23. Emaar Properties (EMAAR) was the only other stock with more than AED 100m worth of deals as it rose 2.1% to 2.46. Arab International Logistics (ARMX) was the top gainer with an impressive 12.75% rise to 1.15. Most other gainers rose less than 4% or were unchanged. Mashreq Bank (MASQ) held the index back due to its large market cap, with a 5% limit down fall from one small trade. Other more active losers included Drake & Scull (DSI) down 2.6%, Deyaar Development (DEYAAR) 1.6%, National General Cooling (TABREED) 1.5%, Union Properties (UPP) 1.35% and Ajman Islamic Bank (AJMANBANK) 0.9%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) was the only stock with more than AED 100m worth of turnover in Abu Dhabi today, and rose a solid 6.0% to 3.63. Aabar Energy (AABAR) however was the top actively traded gainer with a 6.9% rise to 2.30. Sorouh Real Estate (SOROUH) rose 5%, Sharjah Islamic Bank (NBS), Sharjah Cement (SCIDC), and Ras Al Khaimah White Cement (RAKWCT) all rose by more than 4%, and the remaining gainers were up less than 4% or on thin trading. Only Commercial Bank International (CBI) stood out in the losers list with a fall of 3.25% on turnover of more than AED 1m. The other 13 stocks in the red were down less than 2% or on low volumes, including Abu Dhabi Commercial Bank (ADCB) down 1.9%, Waha Capital (OILC) down 1.35%, and Emirates Telecom (ETISALAT) down 0.5%. | |