DIB, FGB, TAMWEEL, ALDAR up 08 Apr 07

UAE market news & discussions for 08 April 2007 After a large 5% increase on the Saudi stockmarket yesterday, markets here responded in the same fashion with some big rises and strong volumes. DIB denied a bank merger rumour but their share price still shot up. Emaar is allocating surplus shares from the rights issue a year and a half ago. Tamweel share price rocketed away after EGM approval of a convertible sukuk (why would that make the share price go up?) and foreign ownership limit increase. And today is the allotment date for Air Arabio IPO shares. Will panic set in as all those who oversubscribed to the max now realise they'll probably get two-thirds of what they signed up for? National Bank of Kuwait produced a report on UAE cement companies wondering if they should be re-classified as ETFs (and poor ones at that). Gulf Capital Group produced a reasonable report on the UAE equity markets for 2007 Q1 saying much the same as what we know already, but it does have some nice graphs. Shares ex-dividend today AHI, FBICO, GCEM. Shares ex-dividend tomorrow NBF. AGM tomorrow for ARTC. Do not act on this information before confirming it first with the market.

• ADNIC - changes in top management positions ADSM 08 Apr 2007
• ADSM signs MoU with Hong Kong - the same one as in March or a different one?
• ADSM receives visit from KCCI delegation - PR 07 Apr 2007
• April 2007 top picks based on Fundamental Analysis
• Bank mergers in the UAE 2007
• BAYAN Annual General Meeting on 24 Apr 2007 - possibly a 10% dividend?
• DIB not bidding for Egypt's National Development Bank - GN 08 Apr 2007
• DIC - Emirates Glass LLC (EGL) supplies Doha City Centre PR 07 Apr 07
• DOW Chemicals $50 bn buyout by US and Middle East funds
• DPE (Dubai Pearl Exchange) - a new trading platform at the DMCC - PR 07 Apr 2007
• EMAAR rights issue 2005 - surplus shares allotment - SCA 08 Apr 2007
• EMAAR - Burj Dubai sets new record with 120 floors - PR 07 Apr 2007
• EMAAR Education starts Raffles school student registrations PR 07 Apr 2007
• ESCA's exclusive investment seminar - 07-08 Apr 2007
• ETISALAT delays Egypt launch until May 2007 - AB 05 Apr 2007
• ETISALAT combines services to 101 and is now toll-free PR 07 Apr 2007
• ETISALAT / DU - Telecom Finance event in May 2007, Dubai PR 31 Jan 07
• MAZAYA 2006 audited financial results - 08 Apr 2007
• NMDC 2006 loss turns into profit - SEB 08 Apr 2007 - from a loss of 71m dhs on the preliminary accounts to a profit of 44m dhs in the final accounts. Good work on the calculator NMDC.
• SHUAA - Al Ahlia Investment Co may sell CreditBank stake R 07 Apr 07
• TAMWEEL AED 3 bn convertible & non-convertible sukuk - 08 Apr 2007
• TAMWEEL EGM approves increase in foreign ownership limit to 40% 07 Apr 2007 - previously was 15% or 21% depending on what you read.
• UAE bank shares up Sun 08 Apr 2007 - DIB rumours denied
• UNIKAI AGM 07 Apr 2007 - DFM 08 Apr 2007
• UNIKAI 2006 H2 audited financial results - 08 Apr 2007

More UAE stock market news and discussions...

best stock rises symbol price change RAKBANK 6.85 +0.61 +9.8% TAMWEEL 3.81 +0.19 +5.2% ALDAR 4.46 +0.22 +5.2% DNIR 3.25 +0.15 +4.8% DIB 7.09 +0.33 +4.9%

worst stock falls symbol price change RAKCEC 4.01 -0.39 -8.9% DHAFRA 6.25 -0.60 -8.8% FH 7.53 -0.58 -7.2% CBI 1.95 -0.15 -7.1% ADAVIATION 2.03 -0.11 -5.1%

top volume symbol value (AED) price DIB 270,631,478 7.09 EMAAR 264,851,109 11.40 TAMWEEL 184,311,362 3.81 FGB 106,327,462 11.55 ALDAR 101,157,356 4.46

Dubai Financial Market

The DFMGI had a healthy 1.7% rise from a rousing 1.17 billion dhs of trading - it's been a while since we've seen the day's total head north of 1 billion dhs.

DIB made up over a quarter of that with a 4.8% rise to 4.30, and knocking Emaar Properties PJSC (EMAAR) off its volume pedestal today, although not by much. Emaar share price was up 1.8% to 11.40. While Tamweel PJSC (TAMWEEL) had a sturdy 5.2% increase from a convincing 184 m dhs worth.

Lofty volume levels for several other shares with close to 100 million dhs traded for the day - Dubai Investments PJSC (DIC) up 1.4%, DFM up 1.9%, and Islamic Arab Insurance Company PSC (IAIC) up 1.8%. Decent rises also for Amlak Finance Company (AMLAK) up 2%, Arabtec Holding PJSC (ARTC) up 3.3%, Aramex PJSC (ARMX) up 4%, and Shuaa Capital PJSC (SHUAA) up 2.8%.

Only three stocks fell in price, onlight trading. AMAN down 1.6%, National Bank of Dubai (NBD) down 0.8%, and GGICO down 2.5%.

Abu Dhabi Securities Market

The ADSM had a decent 0.8% rise to 2945 points from an impressive 452m dhs of trading. Almost half of that from trading in Aldar Properties PJSC (ALDAR), up by an outstanding 5.2% to 4.46; and First Gulf Bank (FGB) up by an even better 6.3% to 11.55 - most of its volume from a single trade of 7m shares worth 80m dhs.

Other rises on solid volumes for Aabar Petroleum Investments Company PJSC (AABAR) up 1.3%, Abu Dhabi Islamic Bank (ADIB) up 4%, Dana Gas PJSC (DANA) up 2.9%, and Abu Dhabi National Energy Company (TAQA) up by 1.5%.

Emirates Telecommunications Company (ETISALAT) was actively traded but no change in price at 15.40. Abu Dhabi Commercial Bank (ADCB) fell by 2.6% to 5.98, Oasis International Leasing Company PJSC (OILC) down by just 0.1% to 9.76. Other losers dropped on low volumes.

• Discuss UAE companies at Dubai Share Talk.

Last Trading Days this week - Record Date is two days later (E&OE)

• ADSB last trading day - Mon 09 Apr 2007
• ARTC last trading day - Thu 12 Apr 2007 (if quorum at 09 Apr AGM)
• DRC last trading day Thu 12 Apr 2007 (company proposal in English) - likely to change as a result of no quorum at EGM.
• NBF last trading day - Sun 08 Apr 2007 (stated in press release)
• TAMWEEL last trading day - Tue 10 Apr 2007
• UNION last trading day Wed 11 Apr 2007
• UNIKAI last trading day Thu 12 Apr 2007 (or Wed 11 Apr 2007)?

AGMs and EGMs (E&OE) this week

• ARTC AGM 09 Apr 2007 - 15% cash and 15% share dividend proposed
• SHOP AGM & EGM 11 Apr 2007
• UFC AGM 14 Apr 2007 - 10% cash dividend proposed?
• UNIKAI AGM 07 Apr 2007 - 15% cash dividend approved?