UAE market news & discussions for 24 May 2009The DFM stormed ahead by 4.1% to 1735 points from solid turnover of AED 909m with over a third of that from trading in Emaar racing ahead by 12.6% to 2.95, the top gainer of the day. The ADX rose a more modest 0.51% to 2626 points from turnover of AED 412m. On the Nasdaq Dubai at 14:00 UAE time, only DP World has seen any trades, rising 4.5% to $0.40.
Dubai Financial MarketAs mentioned, Emaar Properties (EMAAR) was the star stock in Dubai today. Second on turnover, and the only other stock with more than AED 100m worth of deals, was Arabtec (ARTC), up 3.5% to 2.68 from AED 218m worth of deals. Good gains also for Emarat Takaful Insurance (TAKAFUL-EM) up 10.1% to 1.42, Dar Takaful Insurance (DARTAKAFUL) up 7.6%, Gulf Navigation (GULFNAV) up 6.35%, Deyaar Development (DEYAAR) up 4.8%, Emirates NBD (ENBD) 5% limit up, Dubai Financial Market (DFM) up 4.4%, National General Cooling (TABREED) up 4.1%, Union Properties (UPP) up 4.0%, and the remainder up less than 4%. There were only 5 losers, including the rarely traded Dubai Refreshments (DRC) 5% limit down from one small trade, and Arab International Logistics (ARMX) -1.6% and Gulf General Investment (GGICO) -1.2% the only two losers on more than AED 1m of traded value. Abu Dhabi Securities ExchangeIn Abu Dhabi, Dana Gas (DANA) was the only stock with more than AED 100m worth of trading, gaining 4.8% to close at 1.09. Methaq Islamic Insurance (METHAQ) stood out with 10% limit up trading and no sellers in the queue to close at 4.76. Three other stocks closed 10% limit up - Oman and Emirates Investment Holding (OEIHC), Umm Al Quwain Cement (QCEM), and International Fish Farming (ASMAK) but total turnover between them was less than AED 1m. Other good gains for Waha Capital (OILC) +4.2%, Abu Dhabi National Energy (TAQA) +4.0%, Bank of Sharjah (BOS) + 3.3%, Ras Al Khaimah Properties (RAKPROP) and Green Crescent Insurance (GCIC) +3.2%, and the remainder up less than 3% including Emirates Telecom (ETISALAT), up just 0.5%. There were 7 losers with National Bank of Umm Al Quwain (NBQ) down 6.25% on low volumes, First Gulf Bank (FGB) falling 2.1% the worst of the more actively traded stocks, and the remainder falling less than 2%. National Bank of Abu Dhabi (NBAD) fell 1.5% and Union National Bank (UNB) 1.2%. |
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