UAE market news & discussions for 15 January 2009 The ADX fell 2.8% to 2385 points on low turnover of AED 77 million from 37m shares. The DFM index fell 3.2% to 1643 on turnover of AED 209 million from 158m shares. On the Nasdaq Dubai, DP World is down 8.8% to $0.31, and Depa is down 6.9% to $0.54 as of 1430 UAE time. Asian and European stocks are down, as are US stock futures ahead of earnings reports from CitiGroup and JP Morgan.
The Dubai rent index for commercial property was released today, prompting less than encouraging comments from many observers, and the residential rental index is expected in a couple of weeks. Syria was reported by Reuters as considering allowing foreigners to own majority stakes in Syrian companies. Might GCC countries be mulling over a similar idea to try and boost the local markets? Sorouh said to Emirates Business they had no liquidity crunch because before the financial crisis started they'd borrowed enough money to finish their projects. We're still struggling to understand the justification. Methaq Insurance released preliminary financial results which indicated, by our calculations, that they earnt almost nothing for the fourth quarter. At least they didn't make a loss. Their shares still fell 7.1% today. Dubai Financial Market No stocks in Dubai saw more than AED 100m worth of trading today. Emaar Properties (EMAAR) was the top of the turnover list with AED 70m worth, and plunged 7.3% to 2.17. There were only 2 gainers, Gulf General Investment (GGICO) up 5.7% to 4.45, and one small trade up 1.1% for Al Salam Bank (SALAM_BAH). The loser's list was topped by Arabtec (ARTC), TAKFUL-EM, and Shuaa Capital (SHUAA) all 10% limit down with no buyers at the end of the day. Dubai Financial Market (DFM), National General Cooling (TABREED), and Union Properties (UPP) all fell more than 5%, and the remaining losers fell between 1% and 5%. Abu Dhabi Securities Exchange Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the only stocks trading more than AED 10 million in Abu Dhabi today, Aldar 10% limit down to 3.44 with no waiting buyers, and Sorouh Real Estate (SOROUH) down 9.6% to 2.93. There were only 4 gainers, and only Arkan Building Materials (ARKAN) traded more than AED 1m worth as it rose 3.4% to 6.42. In the loser's list, Ras Al Khaimah Cement (RAKCC) joined Aldar with limit down trading, National Bank of Abu Dhabi (NBAD) fell 7.6% to 8.50; Abu Dhabi Commercial Bank (ADCB), Aabar Energy (AABAR), Abu Dhabi National Energy (TAQA), Union National Bank (UNB), and Methaq Islamic Insurance (METHAQ) also fell more than 7%; Abu Dhabi Islamic Bank (ADIB) was down 6.1%, Waha Capital (OILC) 5%, and ther remainder fell less than 5% or on low turnover. Emirates Telecom (ETISALAT) was relatively unscathed with just a 1.4% fall to 10.80. | |
