UAE market news & discussions for 27 May 2009Good rises in UAE markets today with most stocks in the green although the DFM faded after lunch. Methaq and Arkan continued their relentless quest to stay on top of the overpriced stock list with limit up trading again, and in Dubai, Shuaa Capital had another limit up day. The DFM index rose 1.9% to 1763 points from solid turnover of AED 1.1 billion and the ADX rose 1.3% to 2644 points from turnover of AED 378 m. On Nasdaq Dubai at 16:15 UAE time, DP World is up 7.25%, Depa is up 5.3%, Boulder Steel has fallen 19%, and there were small trades in derivatives for Dana Gas (unchanged), DP World (unchanged) and Gulf Cement (+9.3%).
Dubai Financial MarketThe top three stocks by traded value were Emaar Properties (EMAAR) (+5.5% to 3.07 from AED 343m), Dubai Financial Market (DFM) (+1.4% to 1.48 from AED 252m), and Arabtec (ARTC) (unchanged at 2.63 from AED 158m). Shuaa Capital (SHUAA) was the top gainer, opening 15% limit up at 1.44 and staying there all day with turnover restricted to just AED 1.4m by the lack of willing sellers. Gulf General Investment (GGICO) also fared well, closing 14.4% up at 1.83 with turnover higher than usual. The only other stocks to rise more than 2% were Gulf Finance House (GFH) up 9.7% on thin trading, and Emarat Takaful Insurance (TAKAFUL-EM) up 3.0%. There were only 4 losers in Dubai: Drake & Scull (DSI) the worst with a 2.35% fall, Al Salam Bank (SALAM_BAH) down 1.7%, and Ajman Islamic Bank (AJMANBANK) and Dubai Islamic Insurance (AMAN) down less than 1% each. Abu Dhabi Securities ExchangeSorouh Real Estate (SOROUH) was the only stock to trade more than AED 100m worth (just barely) and rose 3.9% to 2.96. Methaq Islamic Insurance (METHAQ), Arkan Building Materials (ARKAN), Gulf Medical Projects (GMPC), and Gulf Cement (GCEM) all closed 10% limit up, Sharjah Cement (SCIDC) and Gulf Pharmaceutical Industries (JULPHAR) were up more than 6% each, First Gulf Bank (FGB) climbed 4.55% to 11.35, Agthia Group (AGTHIA) and Aldar Properties (ALDAR) were up over 2%, and most other stocks were up less than 2% or on turnover of less than AED 1m. Emirates Telecom (ETISALAT) was up just 0.4% and National Bank of Abu Dhabi (NBAD) 0.75%. There were only 5 losers, and only Abu Dhabi National Energy (TAQA), down 1.1%, saw more than AED 1m worth of trading. |
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