UAE market news & discussions for 02 July 2009 The DFM rose 0.61% to 1821 points from AED 561m of turnover with Aramex dominating trading but without the spectacular gain seen yesterday, while Emaar was back in the green after a grim week. The ADX rose 1.6% to 2671 points from turnover of AED 254m with Arkan and ADCB 10% limit up, and good rises for other bank stocks. On the Nasdaq Dubai at 14:45 UAE time, DP World is up 0.55%, Damas is up 3.7%, Depa is unchanged, and GOLD is up 0.78%. Dubai Financial Market Arab International Logistics (ARMX) (+1.4% to 1.41 from AED 105m) was the only stock to trade more than AED 100m worth. Most stocks were in the green with Emarat Takaful Insurance (TAKAFUL-EM) up 5.5% on heavier than usual volumes, Dar Takaful Insurance (DARTAKAFUL) up 4.4%, Gulf Navigation (GULFNAV) up 3.9%, Arabtec (ARTC) up 2.6%, and the remainder up less than 2.5% or on low volumes. There were only 3 losers: Ektitab Holding (EKTTITAB) and Emirates NBD (ENBD) on low volumes, and Drake & Scull (DSI) down 1.1% the only loser trading more than AED 1m worth. Abu Dhabi Securities ExchangeNone of the Abu Dhabi stocks traded more than AED 100m. Dana Gas (DANA), up 2.7%, and the three property companies, Ras Al Khaimah Properties (RAKPROP) (+4.2%), Aldar Properties (ALDAR) (+1.3%), and Sorouh Real Estate (SOROUH) (+1.8%) were the most actively traded stocks. Top gainers were Arkan Building Materials (ARKAN) and Abu Dhabi Commercial Bank (ADCB), both with last sales going through at 10% limit up with no sellers in the queue at the end of the day. First Gulf Bank (FGB) was also looking good with a 7.6% rise, Methaq Islamic Insurance (METHAQ) was up 4.9%, Aabar Energy (AABAR) 4.5%, Green Crescent Insurance (GCIC) 3.3%, National Bank of Abu Dhabi (NBAD) 3.2%, and the remainder up less than 3% or on low volumes, including Emirates Telecom (ETISALAT) up just 0.5%. There were 12 losers including 10% limit down closing prices for Fujairah Cement Industries (FCI), National Bank Of Ras Al Khaimah (RAKBANK), and Gulf Medical Projects (GMPC), but only Sharjah Islamic Bank (NBS), falling 1%, saw turnover of more than AED 1m. | |