UAE markets 02 May 2007

UAE market news & discussions for 02 May 2007 Good news for ADSM, bad news for DFM today - both markets reversing courses from yesterday. 2007 Q1 results announced today for Emirates Bank (profit falling slightly again), Oman Insurance Company, National bank of Umm Al Quwain, Sharjah Cement, RAK Poultry, National Industries Group. Aabar Petroleum AGM was postponed, Dubai Investments AGM approved dividends. First Gulf Bank announced a 13 billion dh bond issue. Aldar Properties said their land bank value will increase by AED 18 billion in the next few years. Sharjah Islamic Bank (NBS) will start a subsidiary - ASAS Real Estate Company. ADIB board meet tomorrow to discuss takeover of Egypt's NDB. Air Arabia announces 2007 Q1 profit of AED 43m, making IPO shares look expensive even at par value.

• 02 May 2007 UAE stockmarket and business news
• Air Arabia 2007 Q1 profit AED 43m
• OILC 2006 FY AED 96m profit +240% from 2005, BOD meeting 30 Jan 2007
• NBS / SIB to establish real estate subsidiary - ASAS Real Estate Co.
• DDC 2006 FY results
• 2007 Q1 results for DFM and ADSM companies
• OIC 2007 Q1 earnings
• Deyaar IPO AED 3.2 bn 06-16 May 2007
• RAPCO 2007 Q1 financial results
• FGB AED 12.8 billion corporate bond issue - 02 May 2007
• SCIDC 2007 Q1 profit AED 74m down 2.9% from 2006 Q1
• NBQ 2007 Q1 profit - clarification of newspaper article? - ADSM 03 Apr 07
• EBI 2007 Q1 profit AED 575m down 4.6% from 2006 Q1
• NIND 2007 Q1 earnings
• RAKPROP showcasing projects at ATM 2007
• EMAAR rebuilds Indonesian village destroyed in earthquake
• ADIB may buy stake in Egypt's NDB bank - 09 Apr 2007
• DIC 2006 FY profit AED 990m up 45% from 2005 - 28 Jan 2007
• AABAR 2006 FY profit AED 93m -85% from 2005 - BOD meeting 30 Jan 2007
• 01 May 2007 UAE stockmarket and business news
• top money maker in equity market (warren buffet)
• DFM share - in a statistical crossroad
• SICO of Bahrain says GCC markets 20% undervalued
• Al Baraka - AED 370bn(!) Emaar Islamic Bank IPO in Bahrain 29 Mar 07
• FGB, ALDAR, SOROUH, Reem to launch Aseel Finance (Islamic financing)

More UAE stock market news and discussions...

best stock rises symbol price change FOODCO 3.21 +0.25 +8.4% BILDCO 3.65 +0.18 +5.2% EBI 8.85 +0.30 +3.5% TKFL 4.67 +0.11 +2.4% ALDAR 5.26 +0.12 +2.3%

worst stock falls symbol price change DFM 2.75 -0.20 -6.8% ARKAN 1.15 -0.08 -6.5% NMDC 3.80 -0.26 -6.4% GULFNAV 1.12 -0.07 -5.9% CBI 2.08 -0.11 -5%

top volume symbol value (AED) price DFM 473,840,754 2.75 ALDAR 216,839,034 5.26 TAMWEEL 146,079,922 3.65 GULFNAV 138,635,745 1.12 EMAAR 95,792,122 10.90

Dubai Financial Market

DFM reversed the solid gains from yesterday and lost 1% to end at 3831 points with trading value just over a billion dhs. Almost half of this was from trading in its own shares with an unpleasantly large 7.1% fall to 2.60. Emaar Properties PJSC (EMAAR) fizzled by 1.4% to 10.80 with yet again a light trading day, only 96m dhs worth.

Other significant falls for GULFNAV down 6%, Tamweel PJSC (TAMWEEL) down 3.3%, and Amlak Finance Company (AMLAK) down 4.1%. The rest of the actively traded stocks fell less than 3% each.

Emirates Bank International Group (EBI) had a relatively busy day today with 12 trades and a 3.5% increase to 8.86. Only other rises, of less than 1% and on few trades, for CDB and AMAN.

Abu Dhabi Securities Market

ADSM index popped up 0.7% to 3064 on substantial volume of 461m dhs worth. About half of that from trading in Aldar Properties PJSC (ALDAR) which rose 2.3% to 5.24.

Other increases on decent volumes for Abu Dhabi Commercial Bank (ADCB) up 0.3%, Abu Dhabi National Company for Building Materials (BILDCO) up 5.2%, Foodco Holdings PJSC (FOODCO) up 8.5%, Dana Gas PJSC (DANA) up 1.5%, Emirates Telecommunications Company (ETISALAT) up 1.7%, Sorouh Real Estate (SOROUH) up 1%.

Stocks falling today included ARKAN plummeting 6.5%, Gulf Cement Company (GCEM) sinking by 4.3% from 75m dhs of trading, National Marine Dredging Company (NMDC) losing 6.4%, Ras Al Khaimah Cement Company (RAKCC) down 0.5%, Union National Bank (UNB) down 2.1%.

• 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 - probably postponed as AGM was postponed
• JEEMA last trading day 30 Apr 2007.
• 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. Postponed till 07 May 2007.
• ASMAK AGM 29 Apr 2007 - postponed from 28 Mar 2007 and 22 Apr 2007, no cash or share dividends.
• DANA AGM 29 April 2007 - no dividends.
• DDC AGM 30 Apr 2007
• DIC AGM 01 May 2007 - deferred from 23 Apr 2007. 15% Cash and 10% Share Dividend approved.
• IAIC AGM 29 Apr 2007 - no dividends.
• OILC AGM & EGM - 02 May 2007 - postponed from 23 Apr 2007, BOD proposes no dividend but a 10:1 stock split.