UAE market news & discussions for 14 May 2009Stocks were down today. The ADX fell 1.2% to 2591 points from turnover of AED 290m, the DFM fell 1.0% to 1635 points from turnover of AED 368m. On the Nasdaq Dubai at 14:45 UAE time, DP World is down 7.4%, Depa and Boulder Steel are unchanged, and GOLD is down 0.75%. Dubai Financial MarketArabtec (ARTC) fell 1.2% to 2.49 and was the most heavily traded stock in Dubai with AED 142m worth of deals. Emaar Properties (EMAAR) was number two on traded value with AED 59m worth, and fell 1.9% to 2.54. Ajman Islamic Bank (AJMANBANK) was the worst loser with a 2.8% fall, Union Properties (UPP) fell 2.7%, Islamic Arab Insurance (IAIC) 2.35%, Dubai Financial Market (DFM) 2.2%, and most other stocks fell less than 2% or on thin trading. Four stocks were unchanged, including Drake & Scull (DSI), Dubai Islamic Bank (DIB), and Gulf Navigation (GULFNAV). Only 4 stocks rose, none on turnover of more than AED 1m. The rarely traded Gulfa Mineral Water (GULFA) was the best of them, closing 5% limit up at 2.35. Abu Dhabi Securities Exchange First Gulf Bank (FGB) took over the top spot from the property stocks on the traded value table, with AED 92m worth of deals and falling 2.5% to 11.80. Three stocks closed 10% limit down - Fujairah Building Industries (FBICO), Oman and Emirates Investment Holding (OEIHC), and Umm Al Quwain Cement (QCEM), but none on turnover of more than AED 1m. Abu Dhabi National Energy (TAQA) was the worst of the more active stocks, with a 6.25% fall to 1.64. Aldar Properties (ALDAR) was down 4.5%, Agthia Group (AGTHIA) 3.1%, while many other more active stocks fell between 2% and 3%. Emirates Telecom (ETISALAT) was the least bad loser with a fall of only 0.3%. The list of 8 gainers included 10% limit up closes for Foodco Holding (FOODCO) on negligible volumes, and Methaq Islamic Insurance (METHAQ). Other gainers included Green Crescent Insurance (GCIC) up 2.7%, Abu Dhabi National Hotels (ADNH) up 2.7%, and National Bank of Abu Dhabi (NBAD), one of only two banks in the green, with a 1.15% increase. | |