UAE markets Thursday 22 March 2007Markets as usual confounding industry experts who, in this mornings Gulf News, were suggesting yesterday's small rise might have been the beginning of a recovery - perhaps yesterday's big fall on the Saudi markets had a knock-on effect. ESCA solves the problem of companies not filing results before their 30 day deadline by changing it to 3 months. How that benefits shareholders is yet to be clarified. NBD and EBI will select a financial adviser from a group of four to assist with the merger, and for the second time in a week we see talk of mergers for NBAD and ADCB. Sorouh Real Estate forecasts 2007 earnings of AED 1.1 billion which would give them a forward PE of 6.4 at current prices. |
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UAE market news & discussions for 22 March 2007
- Bank mergers in the UAE 2007
- ESCA extends FY results deadline to 3 months - GN 22 Mar 2007 - doing the opposite of the US regulator who reduced deadlines in recent years.
- How do you work out the dividends for UAE companies?
- Air Arabia IPO - UAE Ministry of Finance takes 5% of shares PR 22 Mar 2007
- Dana and Crescent problems with Iran - Mar 2006 to...
- DANA - Crescent Petroleum deal in Yemen next week - 22 Mar 2007
- EBI and NBD to appoint financial advisor - 22 Mar 2007
- FCI AGM 21 Mar 2007 approves 25% cash dividend - 22 Mar 2007, record date 28 Mar 2007
- GGICO audited financial statements released 22 Mar 2007
- MASQ - Mashreq Gold Center opened by Sheikh Maktoum - PR 21 Mar 2007
- MASQ looking at regional bank mergers and acquisitions - GN 22 Mar 2007
- MAZAYA 21 Mar 2007 AGM & EGM results - 22 Mar 2007
- QCEM audited financial results 2006 released - 22 Mar 2007
- QCEM AGM 21 Mar 2007 approves 10% cash dividend - 22 Mar 2007, record date 28 Mar 2007
- RAK Properties AGM reminder today at 5pm - 22 Mar 2007
- SOROUH 2007 FY profit estimate AED 1,100 m - SEB 22 Mar 2007
- Sudatel 2006 financial accounts will be released in April 2007 - 22 Mar 2007
- TAQA Energy B.V. aims to be a leader in European energy - PR 22 Mar 07
- TKFL AGM 21 Mar 2007 approves 5% cash dividend - 22 Mar 2007, record date 28 Mar 2007
- UNION Insurance 21 Mar 2007 AGM postponed to 28 Mar 2007
More UAE stock market news and discussions..
Dubai and Abu Dhabi stock market report 22 March 2007
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Dubai Financial Market
The DFMGI crashed 1.2% to 3779 points hitting a new low. Total volume was
a scary 1.2 billion dhs, two-thirds of that in Emaar
Properties PJSC (EMAAR) shares which fell 1.8% to 10.90 - the breaking
through of the 11.00 level will be very unsettling to investors.
That wasn't the worst of it though. Amlak
Finance Company (AMLAK) plummeted 4.8% to 3.18 dhs - a level at which they
almost begin to look reasonably priced. AMAN was not too hot either, falling
4.2% to 16.00 dhs on low volume. Tamweel
PJSC (TAMWEEL), GULFNAV, Islamic
Arab Insurance Company PSC (IAIC), and DFM shares all fell 2-3%, and several
others fell about 1% or less.
National
Bank of Dubai (NBD) up 2.3% and Shuaa
Capital PJSC (SHUAA) up 1.1% were the only rises of any significance. NCC
deserves a mention, not because of the increase, but the size of the trade
- just 27 shares for a total order value of 319 dhs.
Abu Dhabi Securities Market
ADSM today once again ending up below that 3000 point level with a 0.6% fall
to 2994. Total volume a moderate 138m dhs worth, almost half of that from a
2.7% fall to 4.28 for Aldar
Properties PJSC (ALDAR).
Very few rises worth noting, Aabar
Petroleum Investments Company PJSC (AABAR) up by 0.9%, Abu
Dhabi Islamic Bank (ADIB) up by just 0.2%, and Gulf
Cement Company (GCEM) up by 1.7% to 4.92. Another 9 stocks rose but on
low volumes.
Ras
Al Khaimah Cement Company (RAKCC) took a nasty 4% to 1.93 from 4.1m dhs
worth of trades. Other falls on reasonable trading volumes were Emirates
Telecommunications Company (ETISALAT) down 0.6%, First
Gulf Bank (FGB) down 1.7%, Abu
Dhabi Commercial Bank (ADCB) down 0.5%, Abu
Dhabi National Company for Building Materials (BILDCO) down 1.7%, Ras
Al Khaimah Properties PJSC (RAKPROP) down 0.7%, Sorouh
Real Estate (SOROUH) down 0.7%, Abu
Dhabi National Energy Company (TAQA) down 1.5%, and Union
National Bank (UNB) down 1.3% making for a bit of a glum finish to a week
that looked more promising at the start.
- Discuss and read UAE company news at Dubai Share Talk
AGMs and EGMs (E&OE) this week
- ADCB AGM Sun 18 Mar 2007 - 30.25% dividend approved
- ASCANA AGM 20 Mar 2007 - postponed to 26 Mar 2007
- AWNIC AGM 20 Mar 2007 - 10% cash dividend approved, record date 27 Mar 2007?
- DNIR AGM 19 Mar 2007 - 30% cash dividend approved, Record Date 27 Mar 2007
- EIB AGM 20 Mar 2007 results - 15% share dividend, record date 27 Mar 2007 (not confirmed)
- FCI AGM 21 Mar 2007 - 25% cash dividend approved
- GGICO AGM 25 Mar 2007 - 30% share dividend proposed?
- JULPHAR Tue 20 Mar 2007 - 10% cash dividend approved, record date 29 Mar 2007?
- MAZAYA AGM Wed 21 Mar 2007 - 10% share & 50% cash dividends proposed. Perhaps.
- NBD Tue 20 Mar 2007 - 40% cash & 20% share dividend proposed
- PALTEL AGM 25 Mar 2007 - 20% cash dividend proposed
- QCEM AGM 21 Mar 2007 - 10% cash dividend approved
- RAKPROP Thu 22 Mar 2007 - 7.5% cash dividend proposed
- RAKWCT AGM 21 Mar 2007 - 15% cash dividend proposed, AGM postponed to 28 Mar 2007.
- SALAM AGM 20 Mar 2007 - changed from 11 Mar 2007, 10% cash dividend proposed
- SICO AGM 20 Mar 2007 - 20% cash dividend approved, record date 26 Mar 2007?
- SOROUH AGM Sun 18 Mar 2007 - postponed to 25 Mar 2007
- TABREED AGM Tue 20 Mar 2007 - lack of quorum, postponed to 27 Mar 2007
- TKFL AGM Wed 14 Mar 2007 - postponed to 21 Mar 2007 due to lack of quorum
- UNION AGM 21 Mar 2007 - postponed to 28 Mar 2007
