UAE market news & discussions for 28 May 2009A good finish to the trading week with more gains in the UAE stockmarkets. Shuaa was 15% limit up and Arkan 10% limit up again, but the rocket under Methaq fizzled out and shares fell slightly. Sorouh also had a solid rise from heavy trading. The DFM index rose 1.6% to 1792 points from AED 525m of turnover, and the ADX rose 0.58% to 2659 points from turnover of AED 532m. On Nasdaq Dubai at 15:30 UAE time, DP World is up 4.2% to $0.375, Depa is unchanged, and there have been a handful of trades in derivatives for DP World, Union Properties, Shuaa Capital, Sorouh, and Aldar, all in the green. Dubai Financial MarketEmaar Properties (EMAAR) dominated trading in Dubai and was the only company to see more than AED 100m worth of deals, rising 2.6% to 3.15 from AED 230m of turnover. As mentioned, Shuaa Capital (SHUAA) was 15% limit up again at 1.65, and no sellers in the queue for most of the day. Gulf General Investment (GGICO) also soared, by 12% to 2.05 from greater than usual volumes. Emarat Takaful Insurance (TAKAFUL-EM) rose 4.35%, Emirates NBD (ENBD) 4.1%, Gulf Navigation (GULFNAV) 3.1% and most other stocks rose less than 3% or were unchanged. There were only 4 losers, and only Emirates Integrated Telecommunications (DU) saw more than AED 1m worth of deals, falling by just 0.73%. Abu Dhabi Securities ExchangeSorouh Real Estate (SOROUH) topped the traded value list with AED 179m worth of deals, and a solid 4.1% rise to 3.10. Sorouh was also the only stock trading more than AED 100m worth. Arkan Building Materials (ARKAN), Union Cement (UCC), and Gulf Medical Projects (GMPC) had 10% limit up closing prices but only Arkan saw more than AED 1m worth of trading. Other good gains for Ras Al Khaimah Cement (RAKCC) up 4.8%, and standing out with AED 60m worth of deals - more than the usual activity levels. Abu Dhabi Islamic Bank (ADIB) rose 4.0%, Agthia Group (AGTHIA) 2.9%, and the other gainers were up less than 2% or on low volumes. First Gulf Bank (FGB) and Abu Dhabi Commercial Bank (ADCB) were amongst the 9 stocks that closed unchanged. Green Crescent Insurance (GCIC) was the worst of the more active losers, falling 2.4%, Ras Al Khaimah Properties (RAKPROP) was down 1.6%, Union National Bank (UNB) and Methaq Islamic Insurance (METHAQ) 1.5%, and the remaining losers fell less than 1% or on low volumes. Emirates Telecom (ETISALAT) and National Bank of Abu Dhabi (NBAD) were almost unchanged, both falling by about 0.1%. | |