UAE market news & discussions for 12 August 2009The DFM slumped by 4.1% to 1873 points on turnover of AED 720m, no doubt reflecting expectations that a correction was overdue. The ADX was also in the red but not as much, falling by 1.2% to 2821 points from turnover of AED 317m, partly propped up by a small rise in Etisalat shares. On the Nasdaq Dubai at 14:45 UAE time, DP World is unchanged, Damas is up 0.33%, Depa is down 6.25%, Boulder Steel is down 15.9%, and a single Dana derivative trade is down 3%. Dubai Financial MarketEmaar Properties (EMAAR) led the way down with a 6.9% fall from AED 273m worth of turnover putting it at the top of the traded value list and in third place in the list of losers. Dar Takaful Insurance (DARTAKAFUL) (-8.3%) and Emarat Takaful Insurance (TAKAFUL-EM) (-6.9%) were the worst losers today. Islamic Arab Insurance (IAIC) fell 6.7%, Arabtec (ARTC) 6.5%, Union Properties (UPP) 5.9%, National General Cooling (TABREED) down 4.1%, Dubai Investment Company (DIC) 4.0%, and most other stocks were down between 2% and 4%. Al Salam Bank (SALAM_BAH) was the only gainer, up 0.9%, and Arab Insurance Group (ARIG) was unchanged from a couple of small insider trades. Abu Dhabi Securities ExchangeAabar Energy (AABAR) was once again the most actively traded stock with AED 66m worth of deals as it fell 3.2% to 2.68. Aldar Properties (ALDAR) (-3.4%) and Sorouh Real Estate (SOROUH) (-3.2%) both traded around AED50m each. Union National Bank (UNB) was the worst loser, falling 5.5% to 3.60 from turnover of less than AED 1m, Abu Dhabi National Energy (TAQA), down 5.3%, was the worst of the more active losers, Abu Dhabi Commercial Bank (ADCB) fell 4.1%, Ras Al Khaimah Properties (RAKPROP) 3.8%,and most other losers fell between 1% and 3%. National Bank of Abu Dhabi (NBAD) fell 0.74% to 13.25. Gulf Cement (GCEM) was the best of the more active gainers, soaring almost 8% to 2.55 on greater than usual turnover. Methaq Islamic Insurance (METHAQ) (+0.72%) and Emirates Telecom (ETISALAT) (+0.49%) were the only other gainers on more than AED 1m worth of trading. |
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