UAE market news & discussions for 21 June 2009A rather unpleasant start to the week with stocks falling hard in the UAE, although volumes were down again with no stocks trading more than AED 100m worth. The DFM index fell 3.5% to 1943 points from turnover of just over half a billion dirhams, the ADX was down 1.7% to 2751 points from turnover of AED 278m. On Nasdaq Dubai at 14:00 UAE time, only DP World has traded so far, falling 3.0% to $0.39. Dubai Financial MarketEmaar Properties (EMAAR) was the most active stock by value, falling 4.4% to 3.44 from AED 90m worth of trading. Dar Takaful Insurance (DARTAKAFUL) and Shuaa Capital (SHUAA) were the worst losers, falling 10% limit down. Deyaar Development (DEYAAR) fell 6.9%, Emarat Takaful Insurance (TAKAFUL-EM) 5.8%, Gulf Navigation (GULFNAV) 5.75%, National General Cooling (TABREED) 5.15%, Emirates NBD (ENBD) 5% limit down, and the remaining losers fell less than 5%. There were only 4 gainers, including Al Salam Bank Sudan (ALSALAMSUDAN) up 2.9%, and Arab International Logistics (ARMX) up 2.6%. Abu Dhabi Securities ExchangeRas Al Khaimah Properties (RAKPROP) was the most actively traded stock with AED 72m worth of deals, and the worst loser, closing 10% limit down at 0.79. Sudan Telecom (SUDATEL) and Umm Al Quwain Cement (QCEM) also closed 10% limit down, but from turnover of less than AED 1m each. Other losers included Abu Dhabi Commercial Bank (ADCB) down 5.85%, Waha Capital (OILC) down 5.7%, Aldar Properties (ALDAR) and Aabar Energy (AABAR) down 5.6%, Green Crescent Insurance (GCIC) down 5.4%, and the remainder down less than 5% or on low volumes. National Bank of Abu Dhabi (NBAD) and Emirates Telecom (ETISALAT) both fell by 0.5%. There were 7 gainers, only Gulf Cement (GCEM) up 3.6% and Emirates Driving Company (DRIVE) up 0.22% saw trading of more than AED 1m. National Bank Of Ras Al Khaimah (RAKBANK) closed 10% limit up on a single small trade. | |