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Home / Features / UAE Financial Market News

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UAE Financial Market News

26 January 2010.Markets fell with property stocks especially hard hit, led down by Union Properties after being declared almost worthless in a report from Credit Suisse yesterday, and perhaps exacerbated by the ratings disagreement between Dubai Holding and Standard & Poors. On the Nasdaq Dubai at 1545 UAE time, DP World is down 5.6%, and Depa is down 3.65%. Dubai Financial Market The Dubai index fell 3.6% to 1556 points from turnover of AED 359m with Emaar Properties (EMAAR) the most active stock, and the only one trading more than AED 100m worth as it fell 7.6% to 2.90 from AED 160m worth. Union Properties (UPP) was the worst loser, 10% limit down to 0.54, still a fair way from the 3 fils per share that Credit Suisse think they’re worth. Global Investment House (GLOBAL) was also 10% limit down but from thin trading, Arabtec (ARTC) fell 7.5% to 2.09, Dubai Financial Market (DFM) was down 6.45%, Islamic Arab Insurance (IAIC) 6.25%, and most other stocks were down between 1% and 6%. There were four gainers: Al Salam Bank Sudan (ALSALAMSUDAN), up 13.9%, HITS Telecom up 9.6%, and Commercial Bank of Dubai (CBD) and Emirates NBD (ENBD) both up less than 1% on low volumes. Abu Dhabi Securities Exchange The ADX fell 0.37% to 2599 points from turnover of AED 184m with Aldar Properties (ALDAR) with most heavily traded stock, and also the worst of the more active losers, down 5.7% to 4.00 from AED 87m worth of deals. Ras Al Khaimah Ceramics (RAKCEC) and Abu Dhabi Ship Building (ADSB) were the worst losers, both down 6.5% but from limited trading. Sorouh Real Estate (SOROUH) fell 4.3%, Ras Al Khaimah Properties (RAKPROP) was down 3.9%, and the remaining losers were down less than 3% or on thin volumes. International Fish Farming (ASMAK), Gulf Pharmaceutical Industries (JULPHAR), and Finance House (FH) all closed 10% limit up but only Finance House traded more than AED 1m worth, Gulf Medical Projects (GMPC) rose 4.3% from just one trade, Abu Dhabi National Hotels (ADNH) was up 2.6%, and the other gainers were up less than 2%. Emirates Telecom (ETISALAT) rose 0.46%, and National Bank of Abu Dhabi (NBAD) fell 0.89%.

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