UAE market news & discussions for 11 June 2009 Investors had yet another surprise as the markets finished in the green again today, despite both heavyweights Emaar and Etisalat falling slightly, while the smaller property companies had solid gains on high turnover. The ADX rose 1.0% to 2868 points from AED 610m, and the DFM rose about the same amount to 2099 points from AED 1.87 billion of turnover. On the Nasdaq Dubai at 16:00 UAE time, DP World is down 1.25%, Depa is up 1.7%, Damas is up 4.9%, and derivatives for RAK Properties, Union Properties, NBAD, and FGB are all in the green. Dubai Financial MarketEmaar Properties (EMAAR) (-0.76% to 3.90 from AED 216m) was pushed into third place on turnover by Arabtec (ARTC) (+0.32% to 3.09 from AED 310m) and Deyaar Development (DEYAAR) (+4.5% to 0.93 from AED 260m). Other stocks trading more than AED 100m included Union Properties (UPP) (+8.7%), Gulf Navigation (GULFNAV) (+4.55%), National General Cooling (TABREED) (+3.9%), and Drake & Scull (DSI) (+2.2%). Top gainers were Al Salam Bank Sudan (ALSALAMSUDAN), Islamic Arab Insurance (IAIC), and Dar Takaful Insurance (DARTAKAFUL), all rising by about 10.2%. Emarat Takaful Insurance (TAKAFUL-EM) rose 6.5%, Emirates NBD (ENBD) closed 5% limit up and most other stocks were up less than 5% or unchanged. There were 8 losers including, Dubai Financial Market (DFM) and Dubai Islamic Bank (DIB) both down about 1%, Emaar as mentioned, and the remainder on low turnover. Abu Dhabi Securities ExchangeRas Al Khaimah Properties (RAKPROP) dominated trading in Abu Dhabi with AED 173m worth of deals and a 5.1% rise to 0.83. No other stocks saw more than AED 100m worth of deals. Green Crescent Insurance (GCIC) and Sharjah Cement (SCIDC) stood out with 10% limit up closing prices. First Gulf Bank (FGB) was also looking healty with an 8.2% gain to 13.90. Other gainers included Methaq Islamic Insurance (METHAQ) up 7.4%, Arkan Building Materials (ARKAN) up 5.2%, National Bank of Abu Dhabi (NBAD) up 5.0%, Agthia Group (AGTHIA) up 4.7%, and the remainder up less than 4% or on thin trading. There were 10 losers, including Abu Dhabi National Energy (TAQA) down 2.2%, Emirates Telecom (ETISALAT) down 0.93%, and Dana Gas (DANA), Aabar Energy (AABAR), and Sorouh Real Estate (SOROUH) all falling less than 1%. | |