UAE market news & discussions for 25 March 2010The Dubai Government announced $9.5 billion funding for Dubai World, prompting solid gains on UAE markets led by Emaar, DFM, and Arabtec in Dubai, rising sharply on substantially higher volumes than we've seen for a while. On the Nasdaq Dubai at 1530 UAE time, DP World is up 4.4%, Depa is up 2.9%, and Damas is down 15.5%. UAE financial news - latest news from Reuters, Bloomberg and UAE mediaDubai Financial MarketDubai stocks rose 4.3% to 1845 points from AED 1.7 billion worth of trading, with over half of that in Emaar Properties (EMAAR), up 8.8% to 4.07 from AED 891m, and also the top gainer. The next two in the top gainers list were also the only other two stocks trading more than AED 100m worth - Dubai Financial Market (DFM) up 7.8%, and Arabtec (ARTC), up 6.9%. Dubai Islamic Bank (DIB) was up 5.5%, Dubai Investment Company (DIC) rose 5.1%, and most other stocks were up between 1% and 5%. There were only 3 losers, and only HITS Telecom, down 0.76%, saw turnover of more than AED 1m. Abu Dhabi Securities ExchangeAbu Dhabi stocks rose 1.1% to 2904 points from turnover of AED 297m with Aldar Properties (ALDAR) the most active stock, and the only one trading more than AED 100m, up 5.4% to 4.37. Apart from a single small trade in National Bank Of Ras Al Khaimah (RAKBANK), Sorouh Real Estate (SOROUH) was the top gainer, up 6.75% to 2.41, Union National Bank (UNB) and Abu Dhabi Commercial Bank (ADCB) rose 5.8%, Ras Al Khaimah Properties (RAKPROP) was up 3.8%, Dana Gas (DANA) 3.4%, Aabar Energy (AABAR) 3.2%, Abu Dhabi Islamic Bank (ADIB) 2.3%, and the other gainers were up less than 2% or on low volume trading. Emirates Telecom (ETISALAT) and National Bank of Abu Dhabi (NBAD) both rose about 0.4%. There were five losers, with Ras Al Khaimah Poultry (RAPCO) the worst, closing 10% limit down, but none saw trading of more than AED 1m worth. | |
