UAE market news & discussions for 26 May 2009 Dubai saw good gains with most stocks rising, including Shuaa trading 15% limit up at close, but Abu Dhabi pulled back despite limit up trading for both Arkan and Methaq in the anomaly sector. The DFM index rose 1.1% to 1730 points from AED 635m worth of turnover while the ADX fell 0.49% to 2610 points from turnover of AED 242m. On Nasdaq Dubai at 14:30 UAE time, only DP World (-4.2%) and Boulder Steel (+43%) have seen any trading. Dubai Financial MarketFor a change, Emaar Properties (EMAAR) (+1.0%), and Arabtec (ARTC) (+1.15%) were not at the top of the traded value list, with the top two positions taken by Drake & Scull (DSI) (+6.25% to 0.85 from AED 224m turnover) and Dubai Financial Market (DFM) (+6.6% to 1.46 from AED 158m turnover), also taking the 2nd and 3rd best gainers spots. Shuaa Capital (SHUAA) stood out at the top of the gainers list with a 15% limit up close at 1.26, and greater than usual volumes despite the lack of sellers in the queue. Most other stocks were in the green, with rises between 0% and 3%. Only two of the five losers saw turnover of more than AED 1m - Gulf Navigation (GULFNAV) (-1.5% to 0.64) and Arab International Logistics (ARMX) (-0.84% to 1.18). Abu Dhabi Securities ExchangeIn Abu Dhabi, Arkan Building Materials (ARKAN) joined Methaq Islamic Insurance (METHAQ) in the list of stocks closing 10% limit up on active trading. Fingers were pointed at Arkan for some dubious trading activity a few weeks ago, pushing the price up to levels that made no sense. Methaq was in number 3 spot today by traded value. The top 2 stocks by turnover were Aldar Properties (ALDAR) (-2.3% to 3.80 from AED 59m) and Dana Gas (DANA) (-0.93% to 1.05 from AED 44m). Apart from Arkan and Methaq, Abu Dhabi Commercial Bank (ADCB) was the only other gainer on more than AED 1m of turnover, rising 1.3% to 1.58. Most stocks were in the red, with Finance House (FH) (-4.6% to 5.15) the worst of them on more than AED 1m of trading. First Gulf Bank (FGB) fell 3.9%, Sudan Telecom (SUDATEL) 2.3%, Agthia Group (AGTHIA) 2.2%, Umm Al Quwain Cement (QCEM) 2.1%, National Bank of Abu Dhabi (NBAD) 2.0%, and the remainder by less than 2%, including Emirates Telecom (ETISALAT) which fell just 0.5% to 9.95. | |