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Home / Features / UAE Financial Market News

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UAE Financial Market News

07 February 2010. Dubai announced the discovery of oil on Thursday after the stock markets closed but if the markets thought it was good news, they had a funny way of showing it today with both Abu Dhabi and Dubai mostly in the red, albeit on relatively low volumes. On the Nasdaq Dubai at 1500 UAE time, DP World is the only stock traded so far, down 3.3% to $0.465. Dubai Financial Market Stocks in Dubai fell 1.95% to 1631 points from turnover of AED 205m with Emaar Properties (EMAAR) the busiest, and also the worst of the more actively traded stocks, down 3.3% to 3.20 from turnover of AED 93m. Global Investment House (GLOBAL) was 10% limit down, and Shuaa Capital (SHUAA) fell 7.5%, both from low volumes. Of the more active stocks, National General Cooling (TABREED) fell 2.8%, Emirates NBD (ENBD) 2.75% on thin trading, Arabtec (ARTC) by 2.6%, and most others fell less than 2.5%. There were five gainers with only Gulf Finance House (GFH) and Islamic Arab Insurance (IAIC) trading more than AED 1m worth, both up by between 1% and 2%. Abu Dhabi Securities Exchange The ADX fell 0.88% to 2682 points on turnover of AED 82m with Aldar Properties (ALDAR) the most actively traded stock, down 3.9% to 3.96, and also the worst loser except for a single small 10% limit down trade in Al Khazna Insurance (AKIC). Ras Al Khaimah Properties (RAKPROP) fell 3.6%, Abu Dhabi Commercial Bank (ADCB) 3.4%, and most other stocks were down less than 3%. Emirates Telecom (ETISALAT) fell 0.45%, and National Bank of Abu Dhabi (NBAD) dropped by 1.7%. There were five gainers with Finance House (FH) the best of them, rising 7.4% but from just one trade. None of gainers saw trading of more than AED 1m worth.

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