UAE market news & discussions for 29 June 2009After yesterday's bloodbath, the UAE markets looked to continue that trend in early trading but some late buying pressure resulted in a recovery with the markets closing in the green. The ADX rose 0.85% to 2596 points from turnover of AED 284m with the three property stocks dominating trading as usual - Aldar and Sorouh up but RAK Properties falling. The DFM increased 2.9% to 1795 points from turnover of AED 803m with a good show from Deyaar, Arabtec and Aramex, while Emaar was the only stock in the red. On the Nasdaq Dubai at 14:15 UAE time, DP World is up 5.1%, Depa is unchanged, and there has been a single derivative trade in each of Drake & Scull (-4.7%) and Dana (+1.1%). Dubai Financial MarketEmaar Properties (EMAAR) (-2.1% to 2.83 from AED 261m), the only stock in Dubai to fall, and Arabtec (ARTC) (+8.3% to 2.61 from AED 111m) were the only two stocks trading more than AED 100m. Arabtec was in second spot on the gainers list, led by Deyaar Development (DEYAAR) (+8.45% to 0.77 from AED 77m). Arab International Logistics (ARMX) (+8.26% to 1.18 from AED 4.1m) ) was a close third, followed by Ajman Islamic Bank (AJMANBANK) up 7.7%, and Dubai Islamic Insurance (AMAN), Shuaa Capital (SHUAA), and Dubai Islamic Bank (DIB) all up just over 7%. Emarat Takaful Insurance (TAKAFUL-EM), Gulf Navigation (GULFNAV), and Gulf General Investment (GGICO) all rose over 5%, and most remaining stocks rose between 2% and 5%. Abu Dhabi Securities ExchangeNone of the Abu Dhabi stocks saw more than AED 100m worth of trading, the top three on volume were the property stocks Aldar Properties (ALDAR) (+2.9% to 3.79), Ras Al Khaimah Properties (RAKPROP) (-4.2% to 0.72) the worst loser of the more actively traded stocks, and Sorouh Real Estate (SOROUH) (+3.1% to 2.78). Top gainer (sort of) on turnover of more than AED 1m was National Marine Dredging (NMDC) closing 10% limit up at 7.92 although overall movement was a fall of 1.25%, Union National Bank (UNB) rose 9.3% on limited volumes, Agthia Group (AGTHIA) was up 6.3%, First Gulf Bank (FGB) up 2.0% with some company buybacks, and the remainder up less than 2% or on low volumes. Emirates Telecom (ETISALAT) was up 0.9% to 10.15, and National Bank of Abu Dhabi (NBAD) up 1.9% to 9.70. Finance House (FH) was the worst of the losers, at 10% limit down from just one small trade, Abu Dhabi Islamic Bank (ADIB) fell 3.9%, Waha Capital (OILC) 2.7%, Abu Dhabi National Energy (TAQA) 1.4%, and the remainder fell on turnover of less than AED 1m each. | |