UAE market news & discussions for 01 December 2009Negative sentiment in the international press about the Dubai World loans continued, offset by positive sentiment in the UAE press along with explanations of how the rest of the world and stockmarket investors didn't understand Dubai. No further disclosures were released by UAE banks about their loan exposure, however there were some insider share purchases by ADCB, FGB, and UNB management today. Apparently that wasn't enough to reassure UAE investors, and markets tanked again, albeit not as badly as yesterday. The ADX fell 3.6% to 2573 points from turnover of AED 382m with Etisalat the only gainer of note, up 1.5%, and 11 stocks with 10% limit down closing prices. The DFM plunged another 5.6% to 1831 points from turnover of AED 404m with only Aramex and Air Arabia in the green, and several stocks including Emaar 10% limit down. Still not good news but at least it wasn't limit down across the board like we saw yesterday. On the Nasdaq Dubai at 1430 UAE time, DP World is up (what!?) 6.6%, Depa is down 9.9%, and DGS is up 0.89%. UAE markets are closed for the next holiday period until Sunday. What further financial surprises are in store for us over the next few days? UAE financial news - latest news from Reuters, Bloomberg and UAE mediaDubai Financial MarketEmaar Properties (EMAAR), Shuaa Capital (SHUAA), Arabtec (ARTC), Dubai Financial Market (DFM), Union Properties (UPP), and Dar Takaful Insurance (DARTAKAFUL) were the stocks closing 10% limit down in Dubai, with no buyers in the queue for any of them. Emirates NBD (ENBD) and Gulf General Investment (GGICO) closed 5% limit down, Dubai Islamic Bank (DIB) fell 8.6%, Islamic Arab Insurance (IAIC) was down 7.4%, and most other stocks fell between 3% and 7%. Arab International Logistics (ARMX) rose 2.5% and Air Arabia (AIRARABIA) was up 2.1%, also the most active stock today by turnover with AED 76m worth of deals. Abu Dhabi Securities ExchangeIn Abu Dhabi, the list of 10% limit down stocks included Aldar Properties (ALDAR), Sorouh Real Estate (SOROUH), Union National Bank (UNB), First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB), and Arkan Building Materials (ARKAN). National Bank of Abu Dhabi (NBAD) closed 9.1% down, Waha Capital (OILC) 8.8%, Aabar Energy (AABAR) 5.3%, and most of the other more active stocks were down between 3% and 8%. Emirates Telecom (ETISALAT) rose 1.5%, keeping the ADX index from a greater fall, and was the only gainer trading more than AED 1m. Al Khazna Insurance (AKIC), Ras Al Khaimah Poultry (RAPCO), and Fujairah National Bank (NBF) all had closing prices 10% limit up but from low volumes. | |