UAE market news & discussions for 20 July 2009UAE markets started on a positive note after the holiday weekend. The ADX rose just 0.16% to 2681 points from turnover of AED 123m and the DFM was up 1.9% to 1769 points from turnover of just over half a billion dirhams, with almost all actively traded stocks in the green, and the Islamic insurance sector in particular with solid rises. On the Nasdaq Dubai at 14:30 UAE time, DP World is up 1.4%, Damas up 0.4%, and there has been one trade in DIB derivatives, with no change in price. Dubai Financial MarketEmaar Properties (EMAAR), up 3.9% to 2.66 from AED 110m of turnover, was the most actively traded stock, and the only stock with turnover of more than AED 100m. Dar Takaful Insurance (DARTAKAFUL) was the best gainer, closing 15% limit up at 2.46 with no willing sellers at the end of the day. Emarat Takaful Insurance (TAKAFUL-EM) also had a good day, rising 11.4% to 1.66. Islamic Arab Insurance (IAIC) and Dubai Islamic Insurance (AMAN) both rose more than 6% which put the Islamic insurance companies in the top 4 spots on the gainers list. Union Properties (UPP) rose 5.5%, Dubai Financial Market (DFM) 3.2%, and all other actively traded gainers were up less than 3%, including Emirates NBD (ENBD) up just 0.94%. There was only one loser, Al Salam Bank (SALAM_BAH) down 2.65% from low volumes. Shuaa Capital (SHUAA) and Al Salam Bank Sudan (ALSALAMSUDAN) closed unchanged. Abu Dhabi Securities ExchangeVolumes were thin in Abu Dhabi with just AED 32m worth of trading for Sorouh Real Estate (SOROUH) putting it at the top of the traded value list as it rose 1.5% to 2.70. National Bank of Abu Dhabi (NBAD) was the best gainer on active trading, rising 5.3% to 10.90. Green Crescent Insurance (GCIC) rose 2.5%, and the remaining active gainers rose by less than 2%, including Aldar Properties (ALDAR) and Aabar Energy (AABAR). Emirates Telecom (ETISALAT) closed unchanged at 10.50. Of the 14 losers, only 2 saw more than AED 1m worth of turnover: Abu Dhabi National Energy (TAQA) down 1.4%, and Dana Gas (DANA) down 0.96%. Other losers on lower volumes included First Gulf Bank (FGB) down 4.35%, and Abu Dhabi Commercial Bank (ADCB) and Waha Capital (OILC) both falling by more than 1%. |
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