UAE market news & discussions for 12 July 2009Deyaar released the first 2009 Q2 results for the UAE this afternoon - an encouraging increase from Q1 but a not unsurprising plunge from 2008 Q2. The UAE markets were slightly down with the ADX falling 0.37% to 2579 points from turnover of just over AED 100m, while the DFM was down just 0.12% to 1680 points from turnover of just under AED 200m, but Emaar saw a reasonable 2.1% increase.
Dubai Financial MarketArabtec (ARTC) was the most heavily traded stock but that was still only AED 49m worth of deals, and their share price fell 4% to 2.42 making it the worst loser on turnover of more than AED 1m. Emaar Properties (EMAAR) was in second place on turnover and rose 2.1% to 2.42, making it the top gainer except for some thin trading in Gulf General Investment (GGICO) up 3.05%. Arab International Logistics (ARMX) was up 1.5%, Union Properties (UPP) up 1.2%, another 4 stocks rose less than 1%, and 5 more were unchanged. Shuaa Capital (SHUAA) was the worst of the losers, down 7.4% to 1.38 but from low turnover of less than AED 0.5 million. Emirates NBD (ENBD) fell 3.05% on low volumes, Deyaar Development (DEYAAR) 1.4%, National General Cooling (TABREED) 1.2%, Drake & Scull (DSI) also 1.2% despite some share buyback activity today, and another 5 stocks fell less than 1% or on low volumes. Abu Dhabi Securities ExchangeAldar Properties (ALDAR), down 2.8% was the top stock by traded value but still with less than AED 50m worth. Sorouh Real Estate (SOROUH), down 3.5% and the worst of the more active losers, and Emirates Telecom (ETISALAT) down 0.5% were the next most heavily traded stocks (unusually for Etisalat) but a long way behind with a little over AED 10m worth each. Gulf Pharmaceutical Industries (JULPHAR) was the best gainer, rising 9.3% to 1.65 and was one of only 3 stocks to trade more than AED 1m worth. The other two were Agthia Group (AGTHIA) up 2.9%, and Dana Gas (DANA) up 1%. Another 9 gainers rose on turnover of less than AED 1m. Emirates Driving Company (DRIVE) and Union Cement (UCC) were the worst losers, both falling over 9% but from just one small trade each. Abu Dhabi Commercial Bank (ADCB) fell 1.7%, National Bank of Abu Dhabi (NBAD) 1.4%, Aabar Energy (AABAR) 1.1%, and the other 11 losers all fell on turnover of less than AED 1m. |
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