Special Features
UAE Financial Markets News
1 November 2009. It was a grim start to November in the UAE with markets tumbling sharply. The ADX fell 3.4% to 2920 points from turnover of AED 309m and the DFM index fell 5.5% to 2077 points from turnover of AED 679m. On the Nasdaq Dubai at 1430 UAE time, DP World is down 9.3%, Damas is unchanged, and Depa is down 2.6%. A handful of derivatives have traded, also in the red.Dubai Financial Market
Emaar Properties (EMAAR) was the most active stock in Dubai with a 7.7% plunge to 4.05 from AED 280m worth of trades. Dubai Financial Market (DFM) was the only other stock trading more than AED 100m worth, falling 8.55% to 2.14 from AED 107m worth of deals. Several stocks closed 10% limit down - Al Mazaya Holding (MAZAYA), Gulf Finance House (GFH), Shuaa Capital (SHUAA), Al Madina Finance (ALMADINA), and Islamic Arab Insurance (IAIC). Emirates Integrated Telecommunications (DU) and Commercial Bank of Dubai (CBD) closed 5% limit down, and most other stocks fell between 4% and 7%. There was, surprisingly, a gainer - Al Salam Bank Sudan (ALSALAMSUDAN) rose 1.3% to 2.40 but from low volumes.
Union Properties (UPP), down 3.7%, and Arab International Logistics (ARMX), down 3.7%, were the least bad losers in Dubai.
Abu Dhabi Securities Exchange
ADLAR was the most active stock in Abu Dhabi, and the only one trading more than AED 100m (barely) as it crashed by 8.3% to 5.26. Union National Bank (UNB) and Methaq Islamic Insurance (METHAQ) were the worst losers, closing 10% limit down with no sellers in the queue, Sorouh Real Estate (SOROUH) fell 8.6% to 3.25, Waha Capital (OILC) fell 7.5%, Abu Dhabi National Energy (TAQA) 6.7%, Abu Dhabi Commercial Bank (ADCB) and Union Cement (UCC) 6.15%, Agthia Group (AGTHIA) 5.8%, Green Crescent Insurance (GCIC) 5.7%, First Gulf Bank (FGB) 5.6%, Ras Al Khaimah Properties (RAKPROP) 5.3%, and most remaining stocks fell less than 5%. There was only one gainer, Emirates Driving Company (DRIVE), up 9.2% to 4.50 from just one trade.
Emirates Telecom (ETISALAT) fell 2.15% to 11.30, and National Bank of Abu Dhabi (NBAD) fell 3.35% to 12.55.
