UAE market news & discussions for 26 August 2009UAE stocks were solidly in the green today with the ADX up 1.15% to 2856 points from AED 324m of turnover and the DFM up 1.35% to 1873 points from AED 473m of turnover. On the Nasdaq Dubai at 16:15 UAE time, DP World is up 6.7%, Depa is unchanged, Damas is down 3.5%, and there has been one small trade in Arabtec derivatives, price unchanged. Dubai Financial MarketEmaar Properties (EMAAR) was at the top of the traded value list with AED 170m worth and a 3.5% rise to 3.24. Arabtec (ARTC) was the only other stock trading more than AED 100m worth and rose 3.55% to 2.92 from AED 146m worth of deals. Both stocks were also near the top of the gainers list. The rarely traded Gulfa Mineral Water (GULFA) was the best gainer with a 5% limit up rise from just one small deal. Emarat Takaful Insurance (TAKAFUL-EM) was the best of the more active gainers, rising 3.7% to 1.70. Dubai Investment Company (DIC) rose 3.4%, Gulf Navigation (GULFNAV) 2.8%, Shuaa Capital (SHUAA) 2.7%, Drake & Scull (DSI) 2.3%, Air Arabia (AIRARABIA) 2.1%, and the remaining gainers were up less than 2%. There were 5 losers today, all falling between 1% and 2%, including Emirates NBD (ENBD) down 1.1% on low volumes, and as usual, distorting the overall index. Emirates Integrated Telecommunications (DU) was the only loser on turnover of more than AED 1m, also falling 1.1%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) was the most active stock in Abu Dhabi, rising AED 3.5% to 4.75 from AED 84m worth of shares. Agthia Group (AGTHIA) was the top actively traded gainer, up 4.15% to 1.98, although there were another 6 stocks rising by higher amounts from low volumes including Foodco Holding (FOODCO), Emirates Driving Company (DRIVE), and National Bank Of Ras Al Khaimah (RAKBANK) all closing 10% limit up. To put it into perspective a bit though, 3 of the top gainers rose from single trades of just 50 or 100 shares (Emaar traded over 50 million shares today). Other gainers included Abu Dhabi National Hotels (ADNH) up 4.1% from a single trade, Ras Al Khaimah Cement (RAKCC) up 3.9%, Green Crescent Insurance (GCIC) up 3.8%, Sorouh Real Estate (SOROUH) up 3.0%, and the remainder up less than 3%, including National Bank of Abu Dhabi (NBAD) up 1.9% and Emirates Telecom (ETISALAT) up 1.5%. Arkan Building Materials (ARKAN) plummeted 10% limit down to 3.42, making it the worst loser, no doubt affected by the news that gifted shares had been unlocked. There were 6 other losers, with only Methaq Islamic Insurance (METHAQ) (-0.19%) and Union National Bank (UNB) (-3.3%) trading more than AED 1m worth of shares. |
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