UAE market news & discussions for 01 June 2009The UAE markets built on yesterday's solid effort with more gains and even greater volumes, with almost AED 3 billion traded in Dubai, a massive amount considering stock values for most of the actively traded stocks are still between a third and a quarter of what they were a year ago. Both markets did slip back somewhat after lunch. The DFM index rose 2.2% to 1920 points from AED 2.96m of traded value, and the ADX rose 0.22% to 2685 points from turnover of AED 671m. On the Nasdaq Dubai at 15:00 UAE time, DP World is up 1.0% to $0.39, Depa is up 1.8% to $0.575, Boulder Steel is up 12.9%, GOLD is up 3.8%, a handful of derivative trades are up for Union Properties, Sorouh, NBAD, and Shuaa derivatives are down 1.85%.
Dubai Financial MarketSix stocks saw turnover of more than AED 100m in Dubai today, with Emaar Properties (EMAAR) at the top of the list, and also the top gainer (except for a couple of small trades in Global Investment) rising 7.5% to 3.73 from AED 734m worth of deals. Other heavily traded stocks were Arabtec (ARTC) -0.69%, Dubai Financial Market (DFM) +5.6%, Dubai Islamic Bank (DIB) +3.5%, Dubai Investment Company (DIC) +0.79%, and Drake & Scull (DSI) -1.15%. Emirates NBD (ENBD) was up 2.3% and the remaining gainers rose less than 2%. Gulf General Investment (GGICO) was the worst of the losers, falling 8.6% from greater than usual trading. Shuaa Capital (SHUAA) was also looking weak after the previous solid gains, with an 8.3% fall to 1.65. Emarat Takaful Insurance (TAKAFUL-EM) was down 3.4%, Dar Takaful Insurance (DARTAKAFUL) 2.5%, and the remaining losers were down less than 2% or on thin volumes. Abu Dhabi Securities ExchangeIn Abu Dhabi, trading was a little less hectic, with only Aldar Properties (ALDAR) (+3.4%) and Sorouh Real Estate (SOROUH) (+2.2%) trading more than AED 100m each. Top gainer on active trading was Abu Dhabi Commercial Bank (ADCB) with a 5.3% rise. Aabar Energy (AABAR) was up 2.9%, Union National Bank (UNB) 2.7%, Waha Capital (OILC) 2.6%, and the remainder by less than 2.5% or on low volumes. The worst loser on significant trading levels was Methaq Islamic Insurance (METHAQ), falling 6.7%, followed by Arkan Building Materials (ARKAN) down by 6.4%. Most other losers fell on low volumes, except for Ras Al Khaimah Cement (RAKCC), Agthia Group (AGTHIA), Abu Dhabi Islamic Bank (ADIB), and Green Crescent Insurance (GCIC) which all fell less than 2% on turnover of more than AED 1m. Emirates Telecom (ETISALAT) was down just 0.1% to 10.00, and National Bank of Abu Dhabi (NBAD) rose 0.3% to 9.45. |
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