UAE market news & discussions for 16 June 2009UAE markets fell in early trading but the DFM recovered slightly although still closed in the red. Shuaa Capital had a roller coaster ride with shares 15% limit up after disclosing that they were issuing 250 million shares to Dubai Banking Group (DBG), then suspended after DBG said no they weren't, then allowed to trade again (and promptly bounced off a 10% limit down low for the day) after DFM said make up your minds. After the muddy disclosures about Emaar in Saudi Arabia, it has not been a good week for investor relations in Dubai so far. The DFM index closed down by 0.24% at 2138 points from turnover of AED 1.2 billion, the ADX fell 2.2% to 2860 points from turnover of AED 500 million. On Nasdaq Dubai at 14:45 UAE time, DP World is down 4.75% at $0.40, and the only other trading was one in ADCB derivatives, down 6.9% from one small deal.
Dubai Financial MarketDrake & Scull (DSI) was the dominant stock in Dubai with AED 239m worth of deals and a 1.9% rise to 1.05. Emaar Properties (EMAAR), in second place on turnover with AED 179m worth, fell 1.0% to 3.90. Deyaar Development (DEYAAR) was the only other stock trading more than AED 100m worth, and closing price was unchanged at 0.97. Top gainer was Dar Takaful Insurance (DARTAKAFUL) 15% limit up at 2.80, Emarat Takaful Insurance (TAKAFUL-EM) rose 6.2%, Dubai Islamic Insurance (AMAN) was up 4.2%, Islamic Arab Insurance (IAIC) up 3.9%, and the remaining gainers rose less than 3% or on low volumes. Union Properties (UPP) was the worst of the more active losers, falling 2.5% to 1.16, Emirates NBD (ENBD) fell 2.1%, and the other losers were down less than 2%, except for Global Investment House (GLOBAL) falling 9.2% on a small number of trades. Abu Dhabi Securities ExchangeRas Al Khaimah Properties (RAKPROP), unchanged at 0.94, was the most active stock by value with AED 127m worth of deals, followed by Aldar Properties (ALDAR) (-3.15% to 4.69) with AED 101m worth and the only other stock with more than AED 100m of turnover. Top gainer was Gulf Medical Projects (GMPC) closing 10% limit up on just over AED 1m worth of trading, Gulf Cement (GCEM) rose 5.3%, Green Crescent Insurance (GCIC) 4.1%, and the remaining gainers were up less than 2% or on low volumes. In the loser's list, National Marine Dredging (NMDC), Fujairah Building Industries (FBICO), and Sharjah Cement (SCIDC) all closed 10% limit down but from low volumes. National Bank of Abu Dhabi (NBAD) was the worst of the more actively traded stocks, falling 5% to 10.60. Methaq Islamic Insurance (METHAQ) fell 3.6%, Sorouh Real Estate (SOROUH) 3.2%, First Gulf Bank (FGB) 3.1%, Abu Dhabi Commercial Bank (ADCB) 3.0%, and the remaining losers were down less than 3% or on low volumes. |
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