UAE market news & discussions for 08 January 2009After a roaring start to the week, the markets fizzled out in the end. Dubai fell 2.4% to 1729 points with turnover of AED 253m from 142m shares, Abu Dhabi edged down 0.54% to 2527 with turnover of AED 194m from 70m shares. The Nasdaq Dubai was in the red too with Depa falling 3.3%, Citigold 4.2%, both companies seeing only one trade each, and DP World down by 2.8% to $0.35 as of 14:30 UAE time. Insider trading today included a GGICO sale of 130k shares, and 600k more shares bought back by First Gulf Bank. European and Asian stocks fell, and US stock futures are indicating a lower open later today.
Global Investment House, which has a secondary listing on the DFM, was reported by Reuters to have defaulted on most of its debt according to a disclosure to the London Stock Exchange (but nothing seen on the DFM website). Their shares were trading 10% limit down at AED 5.27 with no buyers in the queue today. On Monday and Tuesday this week they also traded 10% limit down but were untraded yesterday. Gulf General Investment Company yesterday was the first UAE listed company to disclose 2008 FY results. Net Profit of AED 590m was slightly up on 2008 figures but according to our calculations, they had a loss of AED 24 million for the fourth quarter. GGICO shares fell 5.8% to 5.18 today, and they were much more heavily traded than usual, ending up as the fourth most active stock by turnover in Dubai. Dubai Financial MarketEmaar Properties (EMAAR) traded just over AED 100m worth (and was the only stock above that level) as it plummeted 7.3% to 2.42, putting it in third place on the loser's list. Arabtec (ARTC) was second on turnover, but eased up on its sharp fall this week, only dropping 6%, to 2.04. The gainers list was short with only 5 stocks, and 4 of them trading less than AED 250k worth, including Emirates NBD (ENBD) which rose 3.6% to 3.45 and saved the Dubai Financial Market (DFM) index from a much greater drop. Commercial Bank of Dubai (CBD) was the only stock trading more than AED 1m (barely) on a rise, up 2.5%. Shuaa Capital (SHUAA) and Gulf Navigation (GULFNAV) closed unchanged. Union Properties (UPP) fell 6.1%, Dubai Financial Market (DFM) 5.6%, Deyaar Development (DEYAAR) 5.3%, and apart from Emirates Integrated Telecommunications (DU) which fell only 0.8%, the other actively traded stocks fell around 3%-5%. Abu Dhabi Securities ExchangeThe top three stocks on turnover, and the only three trading more than AED 10m each, were Sorouh Real Estate (SOROUH) up 4.85% to 4.03, Aldar Properties (ALDAR) up 1.1% to 4.47, and First Gulf Bank (FGB) down 3.8% to 9.80. The top 6 gainers, including Methaq Islamic Insurance (METHAQ), all closed 10% limit up but except for Ras Al Khaimah Cement (RAKCC), all saw less than AED 1m worth of trading. Apart from RAK Cement, Sorouh and Aldar, only Aabar Energy (AABAR) saw decent levels of turnover on a gain of more than 1%, closing for the day 1.6% higher at 1.86. The top three losers were 10% limit down at close but saw only one small trade each. Bank of Sharjah (BOS) was the worst loser on more than AED 1m of trading, down 6.7% to 1.85, Union National Bank (UNB) fell 5.1% to 2.40, Dana Gas (DANA) 3.3%, and the remainder fell less than 2% or on thin trading. Emirates Telecom (ETISALAT) fell just 0.94% to 10.45. | |
