UAE market news & discussions for 14 June 2009UAE stock markets had a fine start to the week with soaring stocks on high volume trading, Emaar in Dubai rising by over 7% on the news that they'll build a new tallest building in the world in Saudi Arabia, which will probably be delayed if they attempt to transport materials by road given the sour grapes Saudi border crossing slow down for trucks. The DFM rose 4.75% to 2198 points from almost AED 2.5 billion of turnover, and the ADX rose 3.35% to 2964 points from AED 850m of trading. On the Nasdaq Dubai at 14:30 UAE time, DP World is up 2.3% and Damas is up 6.4%, the only two stocks traded so far today.
Dubai Financial MarketEmaar Properties (EMAAR) dominated trading with almost 0.5 billion worth of deals and a 7.2% rise to 4.18. Deyaar Development (DEYAAR) and Arabtec (ARTC) traded about a quarter billion dirhams each, rising by 7.5% to 1.00 and 2.9% to 3.18 respectively. Dubai Financial Market (DFM) rose 7.25% to 2.07 from AED 220m worth of trading. Several more stocks saw trading levels of between AED 100m and 200m: Gulf Navigation (GULFNAV) up 7.6%, Drake & Scull (DSI) up 6.4%, Ajman Islamic Bank (AJMANBANK) up 10.3% and the second highest gainer of the day, Dubai Investment Company (DIC) up 6.4%, Union Properties (UPP) up 1.6%, and Dubai Islamic Bank (DIB) up 7.0%. Top gainer was Al Salam Bank Sudan (ALSALAMSUDAN) 15% limit up at 2.85, Dar Takaful Insurance (DARTAKAFUL) was up 10.2%, Islamic Arab Insurance (IAIC) up 6.15%, Dubai Islamic Insurance (AMAN) up 5.6%, and most remaining stocks rose 5% or less. There were only 3 losers, and only Emirates Integrated Telecommunications (DU), down just 0.33%, saw more than AED 1m of trading. Abu Dhabi Securities ExchangeOnly two stocks in Abu Dhabi saw trading of more than AED 100m, Sorouh Real Estate (SOROUH) and Dana Gas (DANA), both rising by just over 4%. Several stocks closed 10% limit up including Ras Al Khaimah Properties (RAKPROP) and Ras Al Khaimah Cement (RAKCC) on solid volumes, while United Arab Bank (UAB), Sharjah Cement (SCIDC), Emirates Driving Company (DRIVE), Gulf Medical Projects (GMPC), Abu Dhabi National Hotels (ADNH), and Al Khazna Insurance (AKIC) all closed at limit up prices on low volumes. National Bank of Abu Dhabi (NBAD) had a solid 9.2% rise, Waha Capital (OILC) was up 6.6%, Green Crescent Insurance (GCIC), First Gulf Bank (FGB), Agthia Group (AGTHIA), and Abu Dhabi Aviation (ADAVIATION) rose between 5% and 6%, and the remaining gainers were up less than 5% or on thin trading, including Emirates Telecom (ETISALAT) which rose just 1.9% to 10.95. Of the 5 losers, only Methaq Islamic Insurance (METHAQ), down 3.8%, saw turnover of more than AED 1m. |
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