UAE market news & discussions for 09 September 2009The UAE markets were in the green ahead of the opening of the Dubai Metro Red Line tonight. The ADX rose 1.4% to 3018 points from turnover of AED 264m. The DFM rose 0.73% to 2012 points from turnover down a bit at AED 788m. On the Nasdaq Dubai at 1600 UAE time, Depa, unchanged, is ahead of DP World (up 4.2%) on volumes. DGS is down 1%, Boulder Steel is up 13% from a single traded, and there have been single trades in Air Arabia, Arabtec, and Union Properties, unchanged or down slightly. Dubai Financial MarketEmaar Properties (EMAAR) dominated trading in Dubai with turnover of AED 240m, the only stock trading more than AED 100m, and rose 1.8% to 3.87. Air Arabia (AIRARABIA) managed to get second spot on the traded valoue table with AED 89m worth of deals, despite being suspended during the day for disclosing news during the trading session. Shares rose 2.9% on the news of their new low cost carrier partnership. Arab International Logistics (ARMX) was the top actively traded gainer with a 3% rise, Deyaar Development (DEYAAR) was up 2.5% and the remaining gainers rose less than 2.5% or on low volumes. Four stocks closed unchanged: Emirates NBD (ENBD), Gulf Navigation (GULFNAV), National General Cooling (TABREED), and Union Properties (UPP). Arabtec (ARTC) was the worst of the actively traded losers, falling 1.6% to 3.08. Five less active stocks fell more than that, and Emirates Integrated Telecommunications (DU), Drake & Scull (DSI), Dubai Financial Market (DFM), and Ajman Islamic Bank (AJMANBANK) all fell about 1%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) was the most active stock in Abu Dhabi with AED 56m worth of deals, and rose just 0.19% to 5.31. Emirates Telecom (ETISALAT) stood out as the best of the more active gainers, rising 3.95% to 12.00. Waha Capital (OILC) rose 3.6% on greater than usual volumes, Abu Dhabi Commercial Bank (ADCB) rose 2.4%, again seeing greater activity, Ras Al Khaimah Cement (RAKCC) was up 2.3%, and the remaining gainers were up less than 2% or on low volumes. Several stocks closed unchanged, including Green Crescent Insurance (GCIC), Abu Dhabi Islamic Bank (ADIB), and all three energy sector stocks, if we can still call Aabar Energy (AABAR) an energy stock. There were 10 losers, but only Methaq Islamic Insurance (METHAQ) and National Bank of Abu Dhabi (NBAD) traded more than AED 1m worth, both stocks falling less than 1%. |
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