UAE market news & discussions for 11 August 2009Lots of green on the UAE markets today, after yesterday's announcement that the minimum capital requirement had been removed for establishing a company in the UAE. The DFM was up 1.2% to 1954 points from turnover of AED 610m, held back by a fall in low trading in Emirates NBD, perhaps indicating an attempt at manipulating the index given the sharp rise on heavy trading yesterday. The ADX rose 0.58% to 2854 points from turnover of AED 462m and was also held back by small falls in the two heavyweights - Etisalat and NBAD. On the Nasdaq Dubai as of 15:15 UAE time, DP World is unchanged, Damas is up an impressive 11% from greater than usual trading, Depa is unchanged, and Aldar derivatives are up 1.7% from 1 trade. Dubai Financial MarketEmaar Properties (EMAAR), as usual, was the most active stock and the only one trading more than AED 100m as it rose 4.0% to 3.35 from AED 185m of deals, Emaar took second place in the top gainers list. Union Properties (UPP) shot up 6.3% to 1.18, making it the top gainer in Dubai, and was the second most active stock with AED 73m worth of turnover. Other gainers included Dubai Islamic Insurance (AMAN) up 3.1%, Emarat Takaful Insurance (TAKAFUL-EM) and Dar Takaful Insurance (DARTAKAFUL) both up less than 3%, Dubai Islamic Bank (DIB) up 2.3%, Drake & Scull (DSI) up 2.2%, and most other stocks up less than 2%. There were 5 losers, none on more than AED 1m worth of deals. Mashreq Bank (MASQ) and Dubai Refreshments (DRC) closed 5% limit down from one small trade each, and Emirates NBD (ENBD) fell 1% from limited trading. Abu Dhabi Securities ExchangeAabar Energy (AABAR) was the most active stock in Abu Dhabi and the only one trading more than AED 100m worth with AED 156m of turnover and a 5.2% rise to 2.84 putting near the top of the gainers list. Methaq Islamic Insurance (METHAQ) soared 10% limit up to 5.61 with no willing sellers in the queue. Other gainers included Gulf Cement (GCEM) and Ras Al Khaimah Cement (RAKCC) up 3.9%, Arkan Building Materials (ARKAN) up 3.7%, Aldar Properties (ALDAR) up 3.05%, Sorouh Real Estate (SOROUH) and Ras Al Khaimah Properties (RAKPROP) up 2.6%, and most other stocks up less than 2.5% or on low volumes. There were only 5 losers including Foodco Holding (FOODCO) the worst with a 5.6% fall from low volumes, Emirates Telecom (ETISALAT) down 0.97% and National Bank of Abu Dhabi (NBAD) down 0.37%. |
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