UAE market news & discussions for 10 May 2009UAE markets started off the week positively with broad gains including a solid rise on heavy trading for Arabtec, despite high levels of insider selling. The DFM was up 2% to 1676 points from AED 1.16 billion turnover, and the ADX was up 0.9% to 2644 points from turnover of AED 468m. On the Nasdaq Dubai, DP World was unchanged at $0.36, Boulder Steel shot up 23% from a couple of trades, but that was less than $0.01, and Depa fell 3.85% to $0.425. Dubai Financial Market Arabtec (ARTC) was the most heavily traded stock in Dubai with just over AED 400m worth of turnover and a solid 7.95% rise to 2.58 putting it at the top of the gainers list also. Three other stocks traded more than AED 100m worth: Emaar Properties (EMAAR) up 4.4%, Drake & Scull (DSI) up 3.8%, Air Arabia (AIRARABIA) up 3.2%. Other gainers included Dubai Financial Market (DFM) up 3.7%, Deyaar Development (DEYAAR) up 3.2% and most other actively traded stocks up less than 3%. Gulf Navigation (GULFNAV) and Union Properties (UPP) were unchanged, and Arab International Logistics (ARMX) was the only one of 5 losers trading more than AED 1m as it fell just 0.87%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the only stocks trading more than AED 100m, with gains of 2.8% and 2.5% respectively. Sharjah Cement (SCIDC) closed 10% limit up on greater than usual trading. National Marine Dredging (NMDC), Abu Dhabi Ship Building (ADSB), and Gulf Pharmaceutical Industries (JULPHAR) also closed 10% limit up but on total turnover of less than AED 100,000 between them. Most of the actively traded stocks rose less than 3% including Abu Dhabi Commercial Bank (ADCB) up 2.6%, Dana Gas (DANA) up 2.25%, First Gulf Bank (FGB) up 2.2%, and National Bank of Abu Dhabi (NBAD) up 0.49%. There were only 6 losers, and only Emirates Telecom (ETISALAT) saw turnover of more than AED 1m, falling just 0.5% to 10.00. | |