UAE Financial Market Update
DFM climbs 1.22%
The Dubai Financial Market (DFM) closed at 2,123.26, going up by 1.22%. Fifteen stocks rose, 10 fell and five remained unchanged. Mazaya posted the biggest gains of the day, climbing 14.81% to Dhs3.10. Alfirdous fell the steepest, losing 4.64% to Dhs1.85.
ADX posts gains
The Abu Dhabi Securities Exchange (ADX) began the week on a high, rising by 0.74% to 2,941.72. Twenty-one stocks rose, while seven fell and seven held steady. Sorouh, Aldar and RAKProperties were all among the top five most active stocks by value and by volume, going up to Dhs3.18, Dhs5.38 and Dhs0.71 respectively.
UAE brings in anti-laundering measures
The UAE has introduced new anti money-laundering measures in the insurance sector, Wam has reported. The new measures are applicable to all insurance companies, including foreign firms operating in the UAE. The insurance firms and the related professions are urged to rectify their status as per these instructions within three months, said Fatima Mohammed Ishaq Al Awadhi, deputy director general of the National Insurance Authority.
ADX ends week on slow fall
The Abu Dhabi Securities Exchange (ADX) ended the day down by 1.04% after slow losses throughout the day, closing at 2,920.14. Abu Dhabi National Hotels posted the biggest rise, going up by 4.40% to Dhs4.67. Four stocks rose, three held steady and 28 fell.
DFM ends down
The Dubai Financial Market (DFM) ended the day slightly lower, going down by 1.88% to 2,097.63. Five stocks rose, 25 fell and two held steady. KFIC posted the day's biggest rise, moving up 14.91% to Dhs4.47. Emirates also announced its half yearly financial results for the period ended on 30/09/2009, as EK2013 bonds listed in the market.
Moody's cuts ratings of five Dubai firms
Moody's Investors Service today lowered the credit rating of five Dubai-owned companies, citing tougher government criteria for supporting state-controlled entities. DP World, Dubai Electricity & Water Authority, and DIFC Investments had their ratings cut to A3 from A1. Jebel Ali Free Zone was downgraded to Baa1 from A3, while Dubai Holding Commercial Operations Group, had its ratings lowered to Baa1 from A3. 'The downgrades reflect recent disclosures that reveal the increasing conditionality under which support may be provided,' Dubai-based Philipp Lotter and London-based David Staples wrote in a report. The criteria include whether the government-owned companies 'are able to demonstrate sustainable business plans, the on-going support of their existing financial creditors, and realistic prospects of fulfilling their repayment obligations,' they added.
ADX sees slight gain
The Abu Dhabi Securities Exchange rose 0.10% today to close on 2,950, led by the real estate sector, which gained 0.89%. The health care sector saw the largest decline, down 4.61%. Gulf Cement was the best performing stock on the day, up 4.08% to Dhs2.07. Overall, 19 stocks finished upp, 13 fell, and five were unchanged.
Dubai index rises 3%, led by Emaar
The Dubai Financial Market climbed 3.00% today to close on 2,137, led by market heavyweight Emaar, which gained 6.17% to Dhs4.30. Other gainers included Shuaa Capital, which climbed 7.69% to Dhs1.82, and Dubai Islamic Bank, which rose 1.44% to Dhs2.82. Overall, 26 stocks gained, 2 declined, and 2 were unchanged.
Dubai executive gets 5-year jail term
A former senior executive at Istithmar World, the international investment arm of Dubai World, has been given the longest prison term yet in the emirate's major crackdown on corruption, the National has reported. The British manager, referred to only as CT in court, was jailed for five years and ordered to pay almost Dhs10m ($2.7m) in fines after being found guilty of embezzling $1.34m. was accused of purchasing stocks for Istithmar from a British horse brokerage company that he owned, then pocketing a portion of the funds, the paper said.
Abu Dhabi's '09 GDP to expand up to 6%
Abu Dhabi's gross domestic product will expand up to 6% on year in 2009, a top government official said on Tuesday. 'It will be single-digit growth this year, between 4% to 6%," Nasser Al Suwaidi, Chairman of Abu Dhabi's Department of Economic Development, was quoted as saying by Gulf News.
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