UAE market news & discussions for 29 July 2009The ADX edged down by just 0.12% to 2760 points from limited turnover of AED 164m. The DFM fell 0.93% to 1811 points from turnover of AED 391m, with most stocks down, although Aramex and UPP were the exceptions on heavy trading, leaving one wondering if Q2 news leaked into the market during trading. On the Nasdaq Dubai at 16:00 UAE time, DP World is unchanged at $0.36, GOLD is down 1.9%, and one Aramex derivative has traded, rising 11%. Dubai Financial MarketNo stocks traded more than AED 100m in Dubai today, but Union Properties (UPP) was a surprise with at the top of the list with AED 94m worth, while shares rose 0.98% to 1.03, making it one of only 2 gainers on significant volumes. No information on Q2 results for Union Properties seen yet but the share price behaviour might indicate that some news has leaked already. Speaking of leaks, top gainer was Arab International Logistics (ARMX) with a 5.1% rise to 1.66, the price rising sharply about an hour before trading finished. Aramex results were officially released after close of trading. The only other two gainers were Al Salam Bank (SALAM_BAH) and Shuaa Capital (SHUAA), both rising less than 1% on low volumes. Dubai Financial Market (DFM) was the worst of the more active losers, falling 2.9% to 1.68, followed by Deyaar Development (DEYAAR) down 2.7%. Dubai Investment Company (DIC) fell 2.4%, Drake & Scull (DSI) 2.3%, and the remainder by less than 2% or on low turnover. Emaar Properties (EMAAR) fell 1.8% to 2.71. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) was the most active stock in Abu Dhabi, falling 2.5% to 3.94 but with only AED 30m worth of deals. National Bank of Abu Dhabi (NBAD) released Q2 results and announced a 10% share buyback, prompting a rise of 5.8% to 12.95 and making it the best of the more active gainers. The only other gainer trading more than AED 1m worth was Methaq Islamic Insurance (METHAQ), up just 0.38%. Emirates Driving Company (DRIVE) was the worst of the more active losers, falling 3.5% to 3.91. Abu Dhabi Islamic Bank (ADIB) fell 2.0%, Sorouh Real Estate (SOROUH) 1.8%, Ras Al Khaimah Cement (RAKCC) 1.55%, and the remainder by less than 1.5% or on turnover of less than AED 1m. Emirates Telecom (ETISALAT) fell 0.49% to 10.25. |
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