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UAE Financial Market News

02 November 2010. UAE stocks took a bit of a hit today with some heavy falls for many companies. On the Nasdaq Dubai, DP World fell 0.17%, and Depa rose 1.3%.

Dubai Financial Market

Dubai stocks fell 2.2% to 1742 points from trading worth AED 360m with Emaar Properties (EMAAR) the only stock trading more than AED 100m, down 3.1% to 3.75 from AED 109m. Islamic Arab Insurance (IAIC) was the worst loser, down 5.6% to 1.01, Emarat Takaful Insurance (TAKAFUL-EM) closed 5% limit down, Deyaar Development (DEYAAR) fell 4.5%.

National General Cooling (TABREED) 4.4%, Al Salam Bank (SALAM_BAH) 4.0%, and the other losers fell less than 4%. Ektitab Holding (EKTTITAB) was the top gainer, up 5.5% to 0.56, Gulf General Investment (GGICO) and Dar Takaful Insurance (DARTAKAFUL) closed 5% limit up, Al Madina Finance (ALMADINA) was up 2.5%, and HITS Telecom was the only other gainer, up 0.86%.

Abu Dhabi Securities Exchange

Abu Dhabi stocks fell 1.4% to 2764 points from AED 359m worth of trading with Aldar Properties (ALDAR) the only stock trading more than AED 100m, down 6.2% to 2.40 from AED 153m. Worst losers were Green Crescent Insurance (GCIC), Methaq Islamic Insurance (METHAQ), Arkan Building Materials (ARKAN), and Ras Al Khaimah Cement (RAKCC), all closing 10% limit down with no buyers in the queue.

Ras Al Khaimah Properties (RAKPROP) fell 3.9%, Waha Capital (OILC) fell 3.6%, and the other losers were down less than 3% or on thin trading. There were only 3 gainers - Gulf Cement (GCEM) up 6.4% on greater than usual trading activity, First Gulf Bank (FGB) up 0.60%, and Gulf Pharmaceutical Industries (JULPHAR) up 0.56%.

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