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Home / Features / UAE Financial Market News

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UAE Financial Market News

24 January 2010.Most stocks tanked today, led by Emaar 10% limit down in Dubai, and Aldar almost limit down in Abu Dhabi. The Abu Dhabi index was propped up by Etisalat and NBAD despite the big falls in other shares, but the Dubai index was more reflective of the carnage despite only a small drop in Emirates NBD. On the Nasdaq Dubai at 1430 UAE time, DP World is down 3.2% and Damas is down 15%. Dubai Financial Market The Dubai market crashed by 4.9% to 1571 points from AED 459m worth of trading, led by Emaar Properties (EMAAR) 10% limit down at 2.97 from AED 188m worth of deals, the worst loser, and the most actively traded stock. Arabtec (ARTC) fell 7.6% to 2.18 and was the only other stock trading more than AED 100m worth. Dubai Financial Market (DFM) shares fell 8.8%, Union Properties (UPP) by 7.8%, Deyaar Development (DEYAAR) 7.4%, and most other stocks fell between 2% and 7%. Emirates NBD (ENBD) was one of the least bad losers, down 1.9% to 2.54. There were only two gainers, HITS Telecom up 14% to 1.62, and Global Investment House (GLOBAL) up 2.5%. Abu Dhabi Securities Exchange The ADX fell 1.4% to 2600 points from turnover of AED 199m with Aldar Properties (ALDAR) plummeting 9.3% to 4.00 from AED 79m worth of deals, the most actively traded stock. Arkan Building Materials (ARKAN) and Green Crescent Insurance (GCIC) closed 10% limit down but on low volumes, Aabar Energy (AABAR) fell 8.3%, Sorouh Real Estate (SOROUH) was down 6.6%. Abu Dhabi Commercial Bank (ADCB), Ras Al Khaimah Properties (RAKPROP), and Dana Gas (DANA) all fell more than 5%, and most other stocks were down between 1% and 4%. National Bank of Abu Dhabi (NBAD) fell just 0.90% and Emirates Telecom (ETISALAT) was unchanged. There were only 3 gainers, Gulf Pharmaceutical Industries (JULPHAR), National Bank of Umm Al Quwain (NBQ), and Bank of Sharjah (BOS), none of them on trading levels of any significance.

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