UAE markets 29 Apr 2007

UAE market news & discussions for 29 April 2007 A weak day on the markets with both ADSM and DFM falling slightly. Surprisingly, TAMWEEL and AMLAK didn't plummet after the news that neither of them are in the running for a bank licence. Gulf Cement shares continue to soar. Several companies released 2007 Q1 results today including National Bank of Dubai with a decent rise in profits, RAK Properties (yesterday), and Abu Dhabi National Company for Building Materials. The Deyaar Development IPO announced last week will be blamed for any slump in the market over the next couple of weeks.

• 29 April 2007 UAE stockmarket and business news
• NBF 2007 Q1 earnings - BOD meeting 28 Apr 2007
• Deyaar IPO AED 3.2 bn 06-16 May 2007
• IAIC 2006 FY profit AED 181m +63% on 2005 - 01 Feb 2007
• DU 2007 Q1 earnings
• GULFNAV 2007 Q1 earnings
• NBD 2007 Q1 earnings - released on 29 April 2007
• BOS 2007 Q1 earnings - BOD meeting 01 May 2007?
• TKFL 2007 Q1 earnings
• ADIB may buy stake in Egypt's NDB bank - 09 Apr 2007
• ARKAN 2007 Q1 earnings - error
• ADIB 2007 Q1 earnings - BOD meeting 26 Apr 2007?
• AGTHIA 2006 FY AED 29.1m up 1.5% from 2005 - 31 Jan 2007
• TABREED 2006 FY profit +104% to AED 104m - 04 Feb 2007
• 2007 Q1 results for DFM and ADSM companies
• GFH 2007 Q1 earnings - BOD meeting
• BAYAN 2007 Q1 earnings
• TAQA classification change from consumer to energy sector - 29 Apr 2007
• EIC 2007 Q1 earnings
• BILDCO 2007 Q1 earnings
• GLOBAL 2007 Q1 earnings
• RAKPROP 2007 Q1 earnings AED 104m up 26% from 2006 Q1
• ARIG - Libyan Foreign Bank transfers ARIG stake to Libyan Central Bank
• ARIG and BIA workshop on Enterprise Risk Management - PR 21 Apr 2007
• TAMWEEL AGM approves dividend, hopeful on bank licence - GN 01 Apr 07

More UAE stock market news and discussions...

best stock rises symbol price change GCEM 6.55 +0.57 +9.5% RAKCEC 3.89 +0.30 +8.4% DRIVE 1.96 +0.15 +8.3% AKIC 1.56 +0.11 +7.6% ARIG 2.69 +0.19 +7.6%

worst stock falls symbol price change ABNIC 7.92 -0.88 -10% FCI 3.97 -0.36 -8.3% ADSB 2.50 -0.21 -7.7% ADNH 4.57 -0.38 -7.7% CBI 2.12 -0.16 -7%

top volume symbol value (AED) price DFM 148,117,052 2.50 GCEM 95,620,662 6.55 EMAAR 89,431,773 10.75 GULFNAV 72,259,406 1.09 DIB 58,579,401 7.49

Dubai Financial Market

The DFM index looked healthy enough at the beginning of the day but late selling of Emaar shares dragged it down to finish at 3805 points, just 0.2% below Thursday's close. Moderate volume of 526m dhs worth of shares traded.

Emaar Properties PJSC (EMAAR) finished the day at 10.75, down 1.4% from previous close and only 90m dhs worth of shares traded. Emaar wasn't even in the top five on number of shares traded, and only at number three spot by value. The only other fall (on reasonable volumes) more than 1% was for Arabtec Holding PJSC (ARTC) - down 1.1% to 4.37.

GULFNAV had a solid 3.8% rise and 72m dhs worth of shares traded. National General Cooling Company PJSC (TABREED) was up a decent 3.25%, and Aramex PJSC (ARMX) saw a 2.1% rise.

Abu Dhabi Securities Market

The ADSM index fell 0.6% to 3049 points with 337m dhs of trading. Some solid increases though. Almost a third of the traded value was in Gulf Cement Company (GCEM) which went 10% limit up to 6.55 with nobody interested in selling to the long queue of buyers. DRIVE was another unusually actively traded stock, also hitting the 10% limit up level. The list goes on - AKIC with much higher than normal volume of 8m dhs traded at 10% limit up, along with Ras Al Khaimah Ceramics (RAKCEC) also 10% up on a rather less hectic 1.2m dhs worth but still no one interested in selling at the end of the session.

ARKAN worth a mention with a 2.5% rise and 36m dhs of traded value. Other high volume shares today were Emirates Telecommunications Company (ETISALAT) down 1.2%, Abu Dhabi National Energy Company (TAQA) down 0.5%, and Aldar Properties PJSC (ALDAR) up 0.6%.

The worst falls of note were 3.9% for National Bank of Abu Dhabi (NBAD), and 7.7% for ADNH from an unusually large 6.5m dhs of trades.

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.

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

• DIC last trading day 01 May 2007 - if quorum at 04 Apr 2007 AGM
• JEEMA last trading day 30 Apr 2007? Or record date?
• TABREED last trading day - possibly 30 Apr 2007? Or 06 May 2007?

AGMs and EGMs (E&OE) this week

• AABAR AGM 01 May 2007 - deferred from 24 April 2007
• ASMAK AGM 29 Apr 2007 - postponed from 28 Mar 2007 and 22 Apr 2007
• DANA AGM 29 April 2007 - no dividends?
• IAIC AGM 29 Apr 2007 - no mention of dividends?