DFM and ADSM crash - 25 Mar 2007

UAE markets Sunday 25 March 2007 A good day for confusion today, as both ADSM and DFM dropped - partly due to adjustments after several companies went ex-dividend. Abraaj Capital was reported as buying a significant stake in the Air Arabia IPO (which closes Tuesday this week), which some thought meant an additional stake on top of their 6% as a co-founder. In India, EMAAR-MGF denied reports that they'd sold 5% to Deutsche Bank, and TABREED postponed their AGM again. The less confusing news department included an announcement that DFM would move to Business Bay in 2009. ARTC bailed out of a deal with Dubai Construction Company, and instead said they'd set up a Joint Venture to build the Karachi Financial Towers.

UAE market news & discussions for 25 March 2007

• ARTC - Arabtec audited financial statements 25 Mar 2007
• BAYAN audited financial statements - 25 Mar 2007
• NMDC 15% cash dividend proposed and 15 Apr 2007 AGM - 25 Mar 2007
• NBAD shares ex-dividend today, record date 26 Mar 2007
• GLOBAL sells stake in Kazema Holding for AED 108m - DFM 25 Mar 2007
• GGICO 2006 FY results out 29 Jan 2007
• Dubai facing property correction like Singapore or Hong Kong? 15 Jan 07
• UPP, Green Community and Corporate Governance - GN 25 Mar 2007
• EMAAR Economic City appoints Dr Abdulraouf Mannaa as MD - PR 21 Mar 07
• 2007 financial forecasts - UAE companies list
• Sukuks - Islamic Bonds forum in Dubai 25 April 2007 - PR 24 Mar 2007

More UAE stock market news and discussions..

Dubai and Abu Dhabi stock market report 25 March 2007

best stock rises symbol price change ADNH 5.14 +0.37 +7.8% NBF 4.94 +0.33 +7.2% AMAN 16.60 +1.05 +6.8% DNIR 3.19 +0.15 +4.9% NCC 12.20 +0.55 +4.7%

worst stock falls symbol price change RAKBANK 6.31 -0.69 -9.9% ADSB 2.51 -0.27 -9.7% BOS 2.07 -0.21 -9.2% NBAD 17.10 -1.59 -8.5% FOODCO 3.22 -0.26 -7.5%

top volume symbol value (AED) price EMAAR 401,919,797 10.75 DIB 61,346,126 6.24 DFM 55,450,634 2.04 AMLAK 35,569,586 3.13 DIC 31,444,467 4.15

Dubai Financial Market

The DFMGI took a heavy hit today, dropping by an unpleasantly large 2.7% to 3676 on moderate volume of 704m dhs of trading. Making Thursdays 1.2% fall look rather insignificant now.

AMAN was the only stock to rise on significant volume, up by a solid 6.6% to 17.05.

All the more active shares fell, with the worst falls for Tamweel PJSC (TAMWEEL) down 6% to 3.27, Dubai Islamic Bank (DIB) down 5.9% to 6.10, and Shuaa Capital PJSC (SHUAA) down 4.8% to 4.21. Other falls not quite so dramatic for Amlak Finance Company (AMLAK) down 3.1% to 3.08, Aramex PJSC (ARMX) down 3.5%, National General Cooling Company PJSC (TABREED) down 3.1% and Emaar Properties PJSC (EMAAR) down 2.8% to 10.60 from 402m dhs of trading.

Abu Dhabi Securities Market

It was almost as bad at ADSM today with a 1.8% fall to 2939, although trading volumes were more moderate at only 128m dhs.

Only 8 stocks traded up today, with Ras Al Khaimah Cement Company (RAKCC) the only one rising on any decent sort of volume - up by 1.6% to 1.96.

Biggest fall of note was for National Bank of Abu Dhabi (NBAD) down 8.5% to 17.10 (from ex-share dividend price of 18.69), dropping much more than the expected 1.6% adjustment for the cash dividend. Other falls from Aabar Petroleum Investments Company PJSC (AABAR) down 4.3%, Abu Dhabi National Company for Building Materials (BILDCO) down 2.9%, Abu Dhabi Islamic Bank (ADIB) down 2.6%, ARKAN down 3.6%, Union National Bank (UNB) down 3.2%, Abu Dhabi National Energy Company (TAQA) down 2.5%, Dana Gas PJSC (DANA) down 2.9%, Gulf Cement Company (GCEM) down 2.4%, and Bank Of Sharjah (BOS) down 9.2%.

• Discuss and read UAE company news at Dubai Share Talk.

AGMs and EGMs (E&OE) this week

• AHI AGM Wed 28 Mar 2007 - 22% cash dividend proposed
• AMAN AGM 28 Mar 2007 -
• AMLAK AGM 29 Mar 2007 -
• ARIG AGM Thu 29 Mar 2007 - 10% cash dividend proposed
• ASCANA AGM 26 Mar 2007 - postponed from 20 Mar 2007
• ETISALAT AGM Mon 26 Mar 2007 - 35% cash, 10% share dividend proposed
• FBICO AGM 29 Mar 2007 - 25% share dividend proposed (AGM postponed from 26 Mar 2007)
• GCEM AGM 28 Mar 2007 - 15% cash and 15% share dividend proposed
• GGICO AGM Sun 25 Mar 2007 - 30% share dividend proposed?
• PALTEL AGM Sun 25 Mar 2007 - 20% cash dividend proposed
• RAKPROP Thu 22 Mar 2007 - 7.5% cash dividend proposed
• RAKWCT AGM 28 Mar 2007 - 15% cash dividend proposed, AGM postponed from 21 Mar 2007.
• SALAM AGM 20 Mar 2007 - changed from 11 Mar 2007, 10% cash dividend proposed
• SOROUH AGM Sun 25 Mar 2007 - postponed from 18 Mar 2007
• TABREED AGM Tue 27 Mar 2007 - lack of quorum, postponed from 20 Mar 2007
• UNION AGM 28 Mar 2007 - postponed from 21 Mar 2007

Dividend Record Dates - last trading day (LTD) two days before Record Date (E&OE)

• ALLIANCE record date 25 Mar 2007 - LTD 21 Mar 2007
• AWNIC record date 27 Mar 2007? - 10% cash dividend approved, LTD 25 Mar 2007
• DNIR record date 27 Mar 2007 - 30% cash dividend approved, LTD 25 Mar 2007
• EIB record date 27 Mar 2007? - 15% share dividend, LTD 25 Mar 2007
• FCI record date 28 Mar 2007 - 25% cash dividend approved, LTD 26 Mar 2007
• JULPHAR 29 Mar 2007? - 10% cash dividend approved, LTD 27 Mar 2007?
• MAZAYA AGM Wed 21 Mar 2007 - 10% share & 50% cash dividends proposed. Perhaps. Record Date unknown
• NBAD record date 26 Mar 2007 - (not 22 Mar 2007)
• NBD Record Date 29 Mar 2007 - LTD 27 Mar 2007 confirmed in NBD disclosure - 40% cash & 20% share dividend proposed
• QCEM record date 28 Mar 2007 - 10% cash dividend approved, LTD 26 Mar 2007
• RAKPROP AGM Thu 22 Mar 2007 - 7.5% cash dividend proposed. Record date?
• SICO record date 26 Mar 2007? - 20% cash dividend approved, LTD 22 Mar 2007
• TKFL record date 28 Mar 2007 - LTD 26 Mar 2007