UAE market news & discussions for 03 June 2009The UAE markets continue to defy expectations of a correction although today it was the ADX outperforming the DFM. The ADX rose 3.1% to 2810 points from turnover of AED 1.12 billion while the DFM was up 1.5% to 1989 points from turnover of AED 1.38 billion. On the Nasdaq Dubai at 15:45 UAE time, DP World is down 1.3%, Depa is up 9.2%, the rarely traded Damas is down 14.9% from just 2 trades, and there have been single trades in derivatives for Air Arabia, Sorouh, Dubai Islamic Bank, Arabtec, and Shuaa Capital, all in the green except for DIB.
Dubai Financial MarketIslamic Arab Insurance (IAIC) was the star stock with a 15% limit up rise to 1.05 and turnover just under AED 100m. Dubai Financial Market (DFM) shares took over the number one spot on traded value, with AED 363m worth and a 3.8% rise to 1.93. Emaar Properties (EMAAR) in number two spot had AED 271m worth of turnover and a 1.3% rise to 3.92. Arabtec (ARTC) was the only other stock trading more than AED 100m worth and rose just 0.34%. Other gainers included Shuaa Capital (SHUAA) up 8.75%, Union Properties (UPP) up 7.2%, National General Cooling (TABREED) 6.1%, Gulf Navigation (GULFNAV) 5.9%, and the remainder up less than 3% or on thin trading. Of the 6 losers, only Emarat Takaful Insurance (TAKAFUL-EM) saw more than AED 1m worth of deals, and fell 0.7%, or just 1 fil, to 1.42. Abu Dhabi Securities ExchangeThree stocks closed at 10% limit up prices on solid turnover: Ras Al Khaimah Properties (RAKPROP) with 141m worth of deals, Ras Al Khaimah Cement (RAKCC) and Abu Dhabi Commercial Bank (ADCB). Sorouh Real Estate (SOROUH) +5.0% and Aldar Properties (ALDAR) +6.4% took the first two spots on the traded value list with AED 261m and AED 166m respectively. Other gainers included Methaq Islamic Insurance (METHAQ) +7.1%, Dana Gas (DANA) +5.3%, Agthia Group (AGTHIA) +5.0%, Emirates Telecom (ETISALAT) and Arkan Building Materials (ARKAN) both +4.5%, and the remainder up less than 4% or on low volumes. There were only 3 losers: Umm Al Quwain Cement (QCEM), Ras Al Khaimah Ceramics (RAKCEC), Gulf Pharmaceutical Industries (JULPHAR), and none on turnover of more than AED 1m. National Bank of Abu Dhabi (NBAD), Green Crescent Insurance (GCIC), and Al Khazna Insurance (AKIC) closed unchanged from yesterday. |
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