UAE market news & discussions for 16 July 2009 It was a better finish to the week than the start with gains in both markets and an encouraging increase in volumes in Dubai. The ADX rose 1.5% to 2677 points from turnover of AED 217m, and the DFM rose 1.5% to 1737 points from turnover of just under AED 700m. On the Nasdaq Dubai at 14:45 UAE time, DP World is up 10.6% to $0.365, Depa is down 1.7%, and there have been derivative trades in DFM, RAK Properties, and Aldar, all in the green. Dubai Financial Market Emaar Properties (EMAAR) was the most active stock in Dubai with AED 159m worth of deals and a 2.8% rise to 2.56. Arabtec (ARTC) was the only other stock trading more than AED 100m and rose 1.6% to 2.61 from AED 114m worth of deals. Shuaa Capital (SHUAA) was the best gainer with a 7.0% rise to 1.52, followed by Dubai Financial Market (DFM) up 6.1%. Arab International Logistics (ARMX) was up 5.8%, Islamic Arab Insurance (IAIC) upo 3.45%, and the remaining gainers rose less than 3% or on low volumes. There were only 4 losers, Commercial Bank of Dubai (CBD), Emirates Integrated Telecommunications (DU), and EKTITTAB all down by just over 1%, and Gulf General Investment (GGICO) down by 0.55%. Abu Dhabi Securities Exchange Aldar Properties (ALDAR) was the most active stock in Abu Dhabi, and also the best of the more active gainers, rising 6.3% to 3.70 from AED 62m worth of deals. Sorouh Real Estate (SOROUH) rose 5.7% to 2.55, Aabar Energy (AABAR) 4.9% to 1.92, Methaq Islamic Insurance (METHAQ) 3.75%, and Arkan Building Materials (ARKAN) 3.2%. The remaining gainers rose less than 3% or on low volumes including Emirates Telecom (ETISALAT) up 1.5% and National Bank of Abu Dhabi (NBAD) up 1.0%. There were only two overall losers - Abu Dhabi Aviation (ADAVIATION) closing 10% limit down and Gulf Cement (GCEM) with a fall of 5.7%, although due to the quirky Abu Dhabi method of closing stock prices, Union Cement (UCC) was registered as having a gain of 3.8% despite a 10% limit down price for the last trade. | |