UAE market news & discussions for 15 June 2009Emaar was at the forefront of less than transparent investor relations in Dubai today, after a correction to yesterday's new-tallest-tower-in-the-world news prompted a correction in the UAE markets. The DFM index fell 2.5% to 2143 points from just under AED 2 billion of turnover, with Emaar down almost 6%, but Drake & Scull were up on heavy trading. The ADX fared less badly with a 1.4% fall to 2923 points from AED 750m of trading, and RAK Properties stood out at the top of the traded value list with a gain while most other stocks were in the red. On Nasdaq Dubai at 14:15 UAE time, DP World is up 1.3%, Depa is unchanged, Damas is down 1.7%, GOLD is down 2.4%, and there has only been one derivative trade so far - in Sorouh, up 1.1%.
Dubai Financial MarketEmaar Properties (EMAAR) topped the traded value list with almost AED 400m worth of deals, falling 5.7% to 3.94. Drake & Scull (DSI) was in second place by value with AED 280m worth and a 3.0% rise to 1.03, one of the few gainers in Dubai. Other stocks trading more than AED 100m included Deyaar Development (DEYAAR) (-3%), Ajman Islamic Bank (AJMANBANK) (-2.3%), Arabtec (ARTC) (-4.1%), Gulf Navigation (GULFNAV) (-5.05%), Dubai Financial Market (DFM) (-5.3%). The worst gainers on active trading were Islamic Arab Insurance (IAIC) (-6.5%), Union Properties (UPP) (-6.3%), and Dubai Islamic Insurance (AMAN) (-6.0%). Most other stocks fell less than 5% or on low turnover. There were 6 gainers with the typically volatile Ektitab Holding (EKTTITAB) 15% limit up on thin volumes. Al Salam Bank Sudan (ALSALAMSUDAN) rose 8.8%, Dar Takaful Insurance (DARTAKAFUL) 7.5%, Emirates NBD (ENBD) 5% limit up, and Gulf General Investment (GGICO) 3.0%. Abu Dhabi Securities ExchangeAs mentioned, Ras Al Khaimah Properties (RAKPROP) was way ahead on turnover with AED 273m worth of deals and a 3.4% rise to 0.92. Sorouh Real Estate (SOROUH) was in second place on turnover, and the only other stock in Abu Dhabi to trade more than AED 100m (just) with a 3.9% fall to 3.39. Fujairah Building Industries (FBICO), Union Insurance (UNION), and Invest Bank (INVESTB) all closed 10% limit down but on very low volumes. Abu Dhabi Commercial Bank (ADCB) was the worst of the more actively traded losers, falling 8.2% to 2.02. Abu Dhabi National Energy (TAQA) fell 3.3%, Arkan Building Materials (ARKAN) 3.1%, Aabar Energy (AABAR) 3.0%, Aldar Properties (ALDAR) 2.9%, and the remaining losers fell less than 3% or on thin trading. There were 11 gainers, including 10% limit up closing prices for International Fish Farming (ASMAK) and Gulf Medical Projects (GMPC) albeit on minimal turnover. Umm Al Quwain Cement (QCEM) was the best gainer on trading of more than AED 1m with a 4.6% rise, Al Khazna Insurance (AKIC) rose 4.1%, Abu Dhabi Aviation (ADAVIATION) 3.5%, Bank of Sharjah (BOS) 2.05%, Abu Dhabi National Building Materials (BILDCO) 1.8%, and a couple more stocks rose on turnover of less than AED 1m. |
|
UAE stock market news and discussions at Dubai Share Talk ...
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.
