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Home / Features / UAE Financial Market News

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UAE Financial Market News

14 February 2010. There were no roses for the Dubai stock market on Valentine’s Day 2010, but lots of red ink as Dubai stocks took a hefty dump on higher volumes than last week, with Emaar and Arabtec leading the way down. Emaar reported 2009 results at the end of last week after markets closed. Abu Dhabi also fell but by nowhere near as much. Coincidently, there were news reports this morning of Dubai World debt being offered at 60 cents in the dollar to creditors but we won’t talk about that for fear of fuelling unfounded speculation. There is a sense of deja vu in the air. Dubai Financial Market The Dubai Financial Market (DFM) fell 3.5% to 1618 points from increased turnover of AED 496m with Emaar Properties (EMAAR) the only stock trading more than AED 100m worth and was almost the worst loser, down 5.9% to 3.04 from AED 229m. Arabtec (ARTC) was the worst of the more active losers, down 6.1% to 2.16. Dubai Financial Market (DFM) shares fell 5.7%, Gulf Navigation (GULFNAV) 5.2%. Emirates NBD (ENBD) and Gulf General Investment (GGICO) were 5% limit down, Dubai Islamic Bank (DIB) fell 4.9%, Drake & Scull (DSI) 4.6%, National General Cooling (TABREED) 4.3%, and most other stocks were down between 1% and 4%. There were only three gainers, Dubai National Insurance & Reinsurance (DNIR), Commercial Bank of Dubai (CBD), and Arab Insurance Group (ARIG), all up on just one small trade each. Abu Dhabi Securities Exchange The ADX fell 0.64% to 2726 points from turnover of AED 112m with Aldar Properties (ALDAR) the most active stock, down AED 2.7% to 3.78 from AED 44m. Abu Dhabi Commercial Bank (ADCB) was the worst of the more active stocks, down 6.3% to 1.75, although three companies saw 10% limit down closes but from just a handful of trades - Emirates Driving Company (DRIVE), Ras Al Khaimah Ceramics (RAKCEC), and Union Cement (UCC). Sorouh Real Estate (SOROUH) fell 2.5%, Arkan Building Materials (ARKAN) 2.3%, and the remaining losers were down less than 2% or on low volumes. Emirates Telecom (ETISALAT) was unchanged, and National Bank of Abu Dhabi (NBAD) fell 1.25%. There were five gainers with Gulf Cement (GCEM) 10% limit up but none traded more than AED 1m worth.

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