UAE market news & discussions for 25 May 2009 After the solid gains yesterday, it probably wasn't a surprise that the UAE markets slipped back today, with heavy selling of Emaar shares at the start of trading but not before the share price briefly cracked 3 dhs. Methaq Insurance in Abu Dhabi was limit up yet again, trading at prices that just look silly compared to anything else in the UAE. Is there another Arkan story there? The DFM overall fell 1.4% to 1710 points from AED 791m of trading while the ADX was relatively unchanged with a 0.13% fall to 2623 points from AED 212m worth of trading. On the Nasdaq Dubai at 15:45 UAE time, DP World is down 6.4%, Boulder Steel and Depa are unchanged, and there have been small single trades in several of the derivatives, almost all in the green by 1% to 7%. Dubai Financial MarketEmaar Properties (EMAAR) was the most heavily traded stock in Dubai with 334m worth of trading - about the same as yesterday - and falling 2.4% to 2.88. Arabtec (ARTC) was also busy with AED 181m worth of deals and a 3.0% fall to 2.60. Dubai Financial Market (DFM) shares were in third place on turnover with just under AED 100m worth, and fell 3.5% to 1.37. Emarat Takaful Insurance (TAKAFUL-EM) was the worst of the more active stocks, with a 5.6% fall to 1.34. Deyaar Development (DEYAAR) fell 3.1% and the remainder fell by less than 3% or on low volumes. Out of the 4 gainers, only Shuaa Capital (SHUAA) (+3.8%) and Air Arabia (AIRARABIA) (+1.0%) saw traded value of more than AED 1m. Abu Dhabi Securities Exchange Dana Gas (DANA) was the most active stock in Abu Dhabi with a 1.8% fall to 1.08 but from just AED 56m worth of deals. Green Crescent Insurance (GCIC), falling 2.3%, was the worst of the more active losers, Abu Dhabi National Energy (TAQA) fell 2.2%, First Gulf Bank (FGB) 2.1%, and the remaining losers were down less than 2% or on low volumes. Several stocks were unchanged including Emirates Telecom (ETISALAT), Waha Capital (OILC), and Bank of Sharjah (BOS). Methaq Islamic Insurance (METHAQ) was 10% limit up again to close at 5.17.Abu Dhabi National Hotels (ADNH) and Sorouh Real Estate (SOROUH) were the only other gainers on turnover of more than AED 1m, both rising by less than 1%. | |