UAE market news & discussions for 17 May 2009It was a day in the red for most stocks in the UAE today. The ADX fell 0.96% to 2566 points from low turnover of AED 139m, while the DFM fell 1.07% to 1618 points from turnover of AED 246m, also relatively low. On the Nasdaq Dubai at 15:30 UAE time, only DP World and Depa have seen any trading, both unchanged at $0.36 and $0.47 respectively.
Dubai Financial MarketClose to half the total DFM turnover was in Arabtec (ARTC) with AED 105m worth of deals and a 1.6% fall to 2.45. A long way behind on traded value was Emaar Properties (EMAAR) in second spot, which also fell 1.6%, to 2.50, and just AED 35m worth of deals. Deyaar Development (DEYAAR) was the worst of the actively traded losers, falling 3.2%, National General Cooling (TABREED) was down 2.7%, Dubai Investment Company (DIC) 2.6%, Drake & Scull (DSI) 2.5%, and the remainder falling less than 2% or unchanged. Only 4 stocks rose, Emarat Takaful Insurance (TAKAFUL-EM) the best of them with a 7.3% rise, followed by Dubai Islamic Insurance (AMAN) up 3.85%, Al Salam Bank (SALAM_BAH) up 1.8%, and Arab International Logistics (ARMX) up 0.88%. Several stocks were suspended from trading for not disclosing 2009 Q1 results before the deadline, including most of the Kuwait secondary listings. Abu Dhabi Securities ExchangeOn the ADX, only 4 stocks saw turnover of more than AED 10m: Aldar Properties (ALDAR) down 1.8%, Green Crescent Insurance (GCIC) and Methaq Islamic Insurance (METHAQ) 10% limit up by close and both on greater than usual activity, and Dana Gas (DANA) down 1.1%. Most stocks were in the red, including 10% limit down for Fujairah Building Industries (FBICO) and Al Khazna Insurance (AKIC) but on turnover of less than AED 1m. First Gulf Bank (FGB) was the worst of the more active stocks with a 5.5% fall to 11.25, Umm Al Quwain Cement (QCEM) fell 4.6% on greater than usual volumes, Abu Dhabi National Energy (TAQA) fell 3.6%, Waha Capital (OILC) 2.8%, Abu Dhabi Islamic Bank (ADIB) 2.3%, and the remainder by less than 2% or on thin trading. Emirates Telecom (ETISALAT) was down just 0.4% and National Bank of Abu Dhabi (NBAD) 0.5%. Apart from the two limit up stocks, Sharjah Cement (SCIDC) was the only other gainer rising, by just 0.89%, on greater than AED 1m worth of deals. |
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