UAE market news & discussions for 05 January 2009The markets started trading for 2009 with a bang. The DFM market rose a massive 7.8% to 1763 points with turnover also up substantially to AED 641m from 455m shares. The ADX also had a big jump of 5.7% to 2526 although turnover was much lower than in Dubai, at AED 181m from 116m shares. Turnover in both markets was no doubt limited by the lack of willing sellers at limit up prices for almost all actively traded stocks. Abu Dhabi trading was delayed due to a connection problem this morning, the market opening and closing about 40mins later than usual. On the Nasdaq Dubai, DP World shares were unchanged at $0.39, and Depa rose 9.1% to $0.60. Asian stocks also had solid gains today, European stocks were mixed, and US stocks are up.
Abu Dhabi plans to set up a Real Estate Regulatory Authority. Abu Dhabi National Insurance announced they were rebranding, but their shares were untraded today, as usual. Gulf Navigation announced the launch of a new boat, chartered to SABIC for 15 years. DFM announced that Arabtec bonus shares were in shareholder accounts from today. Deutsche Bank issued a report on DP World with a target price of $0.37, a far cry from last year's optimistic $1.33 rating. The UAE Central Bank said UAE banks could each borrow up to $200m per day (AED 734m) according to a Reuters report. Morningstar, a US based stock research company, will start coverage of 27 UAE stocks in a tie up with Daman Securities, according to an Arabian Business report. Dubai Financial Market All of the actively traded stocks closed at 15% limit up, with no sellers in the queue for almost all of them at the end of the day. Emaar Properties (EMAAR), Arabtec (ARTC), and Dubai Financial Market (DFM) were the top three stocks by value traded, and the only three with more than AED 100m worth of deals. The increase in the DFMGI wasn't anywhere near the 15% limit up due mostly to Emirates NBD having a lower 5% limit on daily movement. There were only 3 losers, and only Gulf General Investment (GGICO) trading more than AED 1m with a marginal 0.18% drop. Abu Dhabi Securities ExchangeAs in Dubai, almost all actively traded stocks saw 10% limit up trading by the end of the day with very few sellers around. Aldar Properties (ALDAR), Dana Gas (DANA), and Emirates Telecom (ETISALAT) were the top three stocks by turnover. Arkan Building Materials (ARKAN) was one of the few that didn't make the limit up list, gaining only 0.17%. In the short list of losers, only Bank of Sharjah (BOS) saw any significant trading levels, falling by 6.0% to 2.20. | |
