UAE market news & discussions for 02 August 2009Well, the UAE markets didn't crash and burn after all, despite Emaar's mighty loss announced on Thursday afternoon, along with what might have been other negative news about various lawsuits. Could this be a turning point for the UAE markets? Dana Gas was one of the stars in Abu Dhabi with a strong rise on heavy trading after announcing gas discoveries in Egypt yesterday. Aabar's space adventure with Virgin seems to have helped rocket the price up 10% today although the news is a bit old now. The ADX was up 0.64% to 2819 points from turnover of AED 280m. The DFM was almost unchanged with a minimal 0.07% rise (just over 1 point) to 1820 points from reasonable turnover of over half a billion dirhams. On the Nasdaq Dubai at 14:30 UAE time, DP World is the only stock traded so far, up 1.7% to $0.37 on low volumes. Dubai Financial MarketEmaar Properties (EMAAR) was the most active stock on the Dubai Financial Market (DFM) today and the only stock trading more than AED 100m with AED 109m worth of turnover and a 1.1% fall to 2.71, although it was in the green in early trading. The rarely traded Jeema Mineral Water (JEEMA) was the top gainer with a 4.8% rise to 5.01 from just one small trade. DARTAKAUL was the best of the more active stocks, rising by 2.6% to 2.40. Dubai Islamic Insurance (AMAN) and Islamic Arab Insurance (IAIC) also rose more than 2% making it a good day for Islamic insurance stocks. Shuaa Capital (SHUAA) rose 1.9% after announcing improved profits for 2009 Q2. Dubai Investment Company (DIC) was up 1.7%, and the remaining gainers rose less than 1.5% or on low volumes. There were 5 losers including Emaar. Arab International Logistics (ARMX) was the worst with a 1.8% fall to 1.62, Deyaar Development (DEYAAR) fell 1.3%, and Emirates NBD (ENBD) and Arabtec (ARTC) both fell less than 1%. Abu Dhabi Securities ExchangeDana Gas (DANA) was the most heavily traded stock in Abu Dhabi with AED 132m worth of trading, almost half the Abu Dhabi total, and a 4.35% rise to 1.20. Aabar Energy (AABAR) was the best gainer with 10% limit up close of 2.51 and no sellers in the queue limiting turnover to AED 51m. Abu Dhabi National Energy (TAQA) rose 4.5% and all other gainers rose less than 1% or on low volumes. National Bank of Abu Dhabi (NBAD) was the worst of the more active losers, falling 2.5% to 13.50. Waha Capital (OILC) fell 1.2% and the remainder fell less than 1% (including Aldar Properties (ALDAR)) or on low volumes. Emirates Telecom (ETISALAT) was up 0.98% to 10.30. |
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