UAE market news & discussions for 02 June 2009Markets in the UAE continued to make gains, on lower trading in Dubai but improved volumes in Abu Dhabi, and many stock prices drifted down after early gains. Emaar Properties shot up to over 4 dhs on opening but dropped below that level within the first hour and continued its down trend for the rest of the day. The DFM index gained an overall 2.1% to 1960 points from a still very solid AED 1.9 billion, while the ADX was up 1.5% to 2725 points from increased turnover of just over AED 1 billion. On Nasdaq Dubai at 15:00 UAE time, DP World is down 2.6%, Depa is up 2.6%, Boulder Steel is up 9.5% (from one trade), GOLD is down 1.3%, and there have been a handful of derivative trades for NBAD, First Gulf Bank, and ADCB, all in the green.
Dubai Financial MarketEmaar Properties (EMAAR) dominated trading in Dubai again, with just over AED 700m worth of deals and a 3.75% rise to 3.87, with an intra-day high of 4.05. Also heavily traded were Dubai Financial Market (DFM) up 9.4%, the top gainer of the day except for limited trading in Ektitab Holding (EKTTITAB), and Arabtec (ARTC) up 2.4%. Other good gains for Islamic Arab Insurance (IAIC) +4.6%, Dubai Islamic Bank (DIB) +3.4%, Deyaar Development (DEYAAR) +3.0%, National General Cooling (TABREED) +2.5%, and the remaining gainers rose less than 2.5% or on thin trading. There were only 6 losers, including Shuaa Capital (SHUAA) -3.0%, Dubai Islamic Insurance (AMAN) and Arab International Logistics (ARMX) down less than 1%, and the others trading on less than AED 1m worth of turnover. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) +4.9%, and Sorouh Real Estate (SOROUH) +3.4%, both traded more than AED 300m worth each. Dana Gas (DANA) +3.6%, was the only other stock with more than AED 100m worth of deals. The volatile Methaq Islamic Insurance (METHAQ) topped the gainers list, 10% limit up at 5.67 and no sellers in the queue. Abu Dhabi Commercial Bank (ADCB) also had a 10% limit up close with an overall 5.6% rise for the day. Emirates Driving Company (DRIVE), Invest Bank (INVESTB), Oman and Emirates Investment Holding (OEIHC), Ras Al Khaimah White Cement (RAKWCT), and Bank of Sharjah (BOS) all closed 10% limit up also, although on low volumes. Other gainers included Union National Bank (UNB) +5%, Arkan Building Materials (ARKAN) +4.25%, Waha Capital (OILC) +3.8%, and the remainder rising by less than 2.5% or on low volumes. Only 7 stocks fell, with Gulf Cement (GCEM) -2.1% and Sudan Telecom (SUDATEL) -2.0% the only two to trade more than AED 1m worth. Emirates Telecom (ETISALAT) was up 0.3%, and National Bank of Abu Dhabi (NBAD) up 0.4%. |
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