UAE market news & discussions for 20 May 2009Both UAE markets edged down on lower volumes today, ADX by just 0.12%, or 3 points, to 2613 points from turnover of AED 370m, while the DFM fell 0.2%, also 3 points, to 1662 from turnover of AED 304m. On the Nasdaq Dubai at 14:00 UAE time, DP World is up 2.9%, Depa +1.05%, and a small derivative trade in Shuaa, down 2.3%. Big news this afternoon is the withdrawal of the UAE from the GCC monetary union. Unless it's a negotiating tactic to force a rethink of the GCC Central Bank location. Dubai Financial MarketArabtec (ARTC) was the only stock with more than AED 100m worth of deals, falling 0.76% to 2.60 from AED 125m of turnover. Emaar Properties (EMAAR) was second on traded value with AED 53m worth and a 1.5% fall to 2.60. Most of the actively traded stocks fell between 0% and 3%, or were unchanged. Exceptions were Arab International Logistics (ARMX) down 4.9%, and Al Salam Bank Sudan (ALSALAMSUDAN) down 6.4% on thin trading. There were only 5 gainers, and only two of them on turnover of more than AED 1m - Emirates NBD (ENBD) up 3.85%, and Ajman Islamic Bank (AJMANBANK) up 0.95%. Abu Dhabi Securities ExchangeRas Al Khaimah Properties (RAKPROP) was at the top of the traded value list in Abu Dhabi today, with AED 58m worth of deals and a 1.6% rise to 0.64. Several other stocks traded around AED 50m worth - Dana Gas (DANA) +1%, Aldar Properties (ALDAR) -0.51%, Ras Al Khaimah Cement (RAKCC) +2.4%, and Agthia Group (AGTHIA) +5%. Top stock of the day was Methaq Islamic Insurance (METHAQ) closing 10% limit up, as did Union Cement (UCC) but on only 3 trades. Other gainers rose less than 2.5% or on low volumes, including National Bank of Abu Dhabi (NBAD) up 0.42%. Green Crescent Insurance (GCIC) was the worst of the more active losers with a 3.2% fall, First Gulf Bank (FGB) fell 2.1%, and the remainder by less than 1.5% or on low volumes. Emirates Telecom (ETISALAT) was down just 0.1%. | |