UAE markets still wobbly 03 Apr 07

DFM was almost encouraging in the later part of trading today ... sort of. An EFG-Hermes report about Aramex yesterday gave a BUY rating - perhaps explaining why they perked up a bit today. DFM released news that 40% of trading during 2007 Q1 was from foreigners. TAMWEEL's share price seemed to agree with the CEO's hopeful banking license comments. Some analysts don't agree though. AGMs today for ARMX. AGMs tomorrow for ACICO, AKIC, DRC, NIND. Shares ex-dividend today GGICO. Last trading day tomorrow for dividend entitlement for RAKPROP - possibly. Do not act on this information before confirming it first with the market.

UAE market news & discussions for 03 April 2007

• ADSB 02 Apr 2007 AGM approves 10% cash dividend - 03 Apr 2007
• AMLAK and TAMWEEL Banking License questions - 03 Apr 2007
• ARMX report from EFG-Hermes - BUY rating - 02 Apr 2007
• CIB report from HC Securities - ACCUMULATE - 02 Apr 2007
• DFM - foreigners buy 40% of shares in 2007 Q1 - PR 03 Apr 2007
• DIB bogus trading - committee to report next week - 03 Apr 07
• DIC Real Estate at Dubai International Property 2007 - PR 03 Apr 07
• Emaar Financial Services joins Dubai Quality Group - PR 03 Apr 2007
• GGICO ex-dividend today 03 Apr 2007
• GFH invites shareholders to 2006/2007 results presentation - DFM 03 Apr 07
• NBF AGM 10% cash dividend and 10% bonus shares approved - 03 Apr 2007
• NBQ 2007 Q1 profit - clarification of newspaper article? - ADSM 03 Apr 07
• NBQ borrows AED 734m from MASQ, NBAD - PR 25 Mar 2007
• PALTEL appoints new Deputy Chief Finance Officer - ADSM 03 Apr 07
• RAKPROP demands correction from Al Bayan newspaper - 03 Apr 07
• Air Arabia IPO closes only 1.5x oversubscribed - PR 02 Apr 2007
• International Property Show 2007 03-06 Apr 2007 - PR 02 Apr 2007
• DAE (Dubai) to buy US military maintenance provider - R 20 Mar 07
• EFS - Emaar Financial Services discussion
• Moody's DIFC office - 03 Apr 2007
• DME approves 28 members as launch approaches - PR 03 Apr 2007
• OILC promotes Mustapha Boussaid to Shipping Director - PR 03 Apr 2007
• Al Qudra Real Estate at Dubai Property Show 2007 - PR 03 Apr 2007
• DIFX Chairman takes regional CEO job at Deutsche Bank - PR 03 Apr 07
• DMCC now owns 51% of DGCX after 1% purchase - PR 03 Apr 2007

More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 03 April 2007

best stock rises symbol price change AKIC 1.75 +0.12 +7.4% FH 8.11 +0.43 +5.6% TAMWEEL 3.33 +0.11 +3.4% FOODCO 3.67 +0.09 +2.5% AMAN 14.65 +0.35 +2.4%

worst stock falls symbol price change GFH 6.98 -1.23 -15% MAZAYA 7.43 -1.10 -12.9% NBQ 3.61 -0.39 -9.8% CBI 2.19 -0.22 -9.1% PALTEL 30.00 -3.00 -9.1%

top volume symbol value (AED) price ADCB 160,744,201 5.35 EMAAR 123,425,699 10.80 SOROUH 99,801,391 2.60 DIB 70,226,245 6.40 DFM 48,142,546 2.09

Dubai Financial Market

DFM looked weak again today, to start with at least and quickly fell to about 3624 points. About halfway through the session, the index picked up and almost closed back where it started, in the end a tiny drop of 0.08% to 3658. Trading volume only 376m dhs.

Despite the overall drop, several shares showed a promising increase. Aramex PJSC (ARMX) up by 1.6% (see EFG-Hermes report), Dubai Islamic Bank (DIB) up by 2.4%, AMAN up by 2.5%, and Tamweel PJSC (TAMWEEL) cocking a snook at speculation it will miss out on its bank license like Amlak Finance Company (AMLAK) did (which fell by 0.7% today), and rising by 3.4% to 3.36.

Emaar Properties PJSC (EMAAR) went nowhere but 123m dhs of shares changed hands along the way, closing at 10.85. GULFNAV also stayed flat today at 1.02.

Only two shares fell more than 1% (ignoring stocks trading low volumes) - Emirates Integrated Telecommunications Company (DU) by 1.4% to 4.87 and Union Properties PJSC (UPP) by 1.3% to 3.03.

There should have been an extra 0 in yesterday's report of course, the DFM index below 4000 rather than 400 at the moment.

Abu Dhabi Securities Market

ADSM fell by 0.5% to 2839 points on heavy trading it seemed - total volume of AED 356m almost matching DFM today. However, the bulk of that value came from just four large trades in two stocks. Sorouh Real Estate (SOROUH), which fell 1.5%, saw two deals adding up to 30m shares or 78m dhs worth; and Abu Dhabi Commercial Bank (ADCB) which rose by 0.9% and saw two deals adding up to 27.5m shares, or 147m dhs worth.

Rises worth noting for Aldar Properties PJSC (ALDAR) up 1.7% and solid volume of 37m dhs worth, and Aabar Petroleum Investments Company PJSC (AABAR) up 1.8%.

AGTHIA had about the most significant fall, of 1.7% to 1.17. The remaining stocks fell less than 1% or on very few trades.

No trading again for Etisalat.

AGMs and EGMs (E&OE) this week

• ACICO AGM & EGM 04 Apr 2007
• ADSB AGM Mon 02 April 2007 - 10% cash dividend proposed?
• AKIC AGM 04 Apr 2007 - postponed from 01 Apr 2007
• ARMX AGM 03 April 2007 - 10% cash dividend proposed
• DRC AGM 04 Apr 2007 - 25% share dividend proposed
• NBF AGM Mon 02 Apr 2007 - 10% share dividend and 10% cash dividend approved
• NIND AGM & EGM 04 Apr 2007 - 10% share and 70% cash dividend proposed?
• TAMWEEL AGM & EGM 31 Mar 2007 - 20% cash (or share?) dividend, increase in foreign ownership limit.

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

• Confirm dates with market before taking any action based on this information.
• ADAVIATION last trading day Tue 03 Apr 2007
• AHI last trading day - Thu 05 Apr 2007
• ETISALAT last trading day Sun 01 Apr 2007
• GCEM last trading day - Thu 05 Apr 2007
• GGICO last trading day -Mon 02 Apr 2007
• GMPC last trading day Sun 01 Apr 2007
• NCTH last trading day Tue 03 Apr 2007
• RAKPROP Maturity Date 08 Apr 2007, Last Trading Day Wed 04 Apr 2007?
• RAKWCT last trading day Tue 03 Apr 2007 (possibly 05 Apr 2007)
• SOROUH last trading day Sun 01 Apr 2007

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