UAE market news & discussions for 13 July 2009Markets fell today, especially in Dubai, with some blaming the big drop in Emaar on the news that the Burj Dubai opening was to be delayed. The ADX dropped 0.72% to 2561 points from turnover of AED 125m, which didn't reflect the greater falls in many of the more active stocks due to the two heavyweights Etisalat and NBAD showing slight gains. The DFM fell almost 3% to 1630 points from turnover of AED 286m, with many of the more actively traded stocks falling more than 5%, however, a slight rise in Emirates NBD saved the index from a bigger fall, even though there was less than AED 5,000 worth of the bank's shares traded. On the Nasdaq Dubai at 16:30 UAE time, DP World is down 3.2%, Damas is down 1.5%, Depa is down 2.5%, GOLD is up 0.6%, and Dana futures are up 0.7%. Those last three stocks seeing just single trades.
Dubai Financial MarketEmaar Properties (EMAAR) was the most heavily traded stock with AED 64m of turnover and fell 5.8% to 2.28, however it wasn't the worst loser of the day. That honour almost went to Arabtec (ARTC), down 9.5% to 2.19, and the second most active stock with AED 63m worth of deals. Global Investment House (GLOBAL) was 10% limit down and the worst loser but on turnover of less than AED 100k. Other big losers included Al Salam Bank Sudan (ALSALAMSUDAN) down 7.1% from low volumes, Gulf Navigation (GULFNAV) down 6.9%, Emarat Takaful Insurance (TAKAFUL-EM) and Dubai Islamic Insurance (AMAN) down 6.3%, National General Cooling (TABREED) down 6.1%, Dubai Financial Market (DFM) down 5.6%, and Shuaa Capital (SHUAA) down 5.1%. Most other stocks fell less than 5%. There were only 3 gainers including Emirates NBD (ENBD) up 0.63%, but none on turnover of more than AED 1m. Abu Dhabi Securities ExchangeThe two big property companies in Abu Dhabi were, as usual, the most active but neither saw more than AED 40m worth of deals. Aldar Properties (ALDAR) fell 6.1% to 3.17 and Sorouh Real Estate (SOROUH) fell 5.3% to 2.30. Methaq Islamic Insurance (METHAQ) was the worst of the more active stocks, falling 8.3% to 4.73, although National Marine Dredging (NMDC) was 10% limit down from a single small trade. Other losers included Agthia Group (AGTHIA) down 5.6%, Dana Gas (DANA) down 4.85%, and Waha Capital (OILC) down 4.1%. The remaining losers fell less than 4%. There were 7 gainers including Emirates Telecom (ETISALAT) up 0.5% and National Bank of Abu Dhabi (NBAD) up 0.41%, both trading more than AED 1m. The only other gainer on active turnover was Abu Dhabi Aviation (ADAVIATION) up 1.7%. |
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