UAE market news & discussions for 28 June 2009Well there's nothing like a market reaction to tell you what a big deal really is worth. The news of Emaar merging with three other Dubai property companies was not well received. Emaar shares tanked 10% limit down and dragged the rest of the market with it, unless it was just an unhappy coincidence. Despite Emaar's promising sounding disclosure to the DFM this morning, investors were obviously underwhelmed. The DFM plunged 6.1% to 1745 points from AED 836m of trading with 9 stocks closing 10% limit down, and Shuaa Capital the only gainer, closing 15% limit up again after the DBG resolution last week. The ADX fell a less hemorrhagic 2.0% due to Etisalat holding steady, although there were 7 stocks that closed 10% limit down. On the Nasdaq Dubai at 15:15 UAE time, DP World is down 4.4%, and Depa is unchanged from just one trade, with no other listings traded today.
Dubai Financial MarketEmaar Properties (EMAAR) dominated the business pages during the weekend, and the stock market today, with AED 377m worth of deals and closing price 10% limit down at 2.89. Next most active stock, and the only other one to trade more than AED 100m, was Drake & Scull (DSI) with AED 124m worth of deals and a 7.2% fall to 0.90 - some company buybacks today probably saving it from joining the limit down club. The other 8 stocks closing 10% limit down were Dubai Islamic Insurance (AMAN), Arabtec (ARTC), Dubai Financial Market (DFM), Deyaar Development (DEYAAR), Al Mazaya Holding (MAZAYA), National General Cooling (TABREED), Emarat Takaful Insurance (TAKAFUL-EM), and Union Properties (UPP). Emirates NBD (ENBD) closed 5% limit down, and most other stocks fell more than 4%. Arab International Logistics (ARMX) was unchanged at 1.09, and as mentioned, Shuaa Capital (SHUAA) was the only gainer, up 15% to 1.69. Abu Dhabi Securities ExchangeNone of the Abu Dhabi stocks traded more than AED 100m but the most active, and the worst losers, were the propery companies Aldar Properties (ALDAR), Sorouh Real Estate (SOROUH), and Ras Al Khaimah Properties (RAKPROP), all closing 10% limit down or close enough, with no willing buyers in the queue. Other limit down stocks included Green Crescent Insurance (GCIC), Sharjah Cement (SCIDC), Methaq Islamic Insurance (METHAQ), Waha Capital (OILC), and Commercial Bank International (CBI), and most other stocks fell more than 3%. National Bank of Abu Dhabi (NBAD) fell 2.5%, Emirates Telecom (ETISALAT) 0.3%, and Dana Gas (DANA) 2.0%. None of the usually active stocks were in the green today, however, Invest Bank (INVESTB) stood out with a 3.9% rise on volume well in excess of its usual trading activity from just one deal of over 13m shares. National Bank of Umm Al Quwain (NBQ) was the only other gainer on more than AED 1m worth of deals, rising 5.9% to 3.28. |
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