UAE markets 03 May 2007

UAE market news & discussions for 03 May 2007 First quarter results announced for Union National Bank (drop in interest income is worrying), First Gulf Bank although press release came out three weeks ago, Arkan Building Materials (shares look strangely cheap), Sharjah Insurance (also with cheap looking shares but well done on turning around the 2006 Q1 loss into a profit for 2007). Oasis Leasing approved a 10:1 share split which got the market excited today, or the CEO's resignation did. Gulf General Investments received approval to allow foreigners to own up to 49% of their shares - market response was muted with only one trade executed today.

• 03 May 2007 UAE stockmarket and business news
• 2007 Q1 results for DFM and ADSM companies
• SICO 2007 Q1 profit AED 15.2m up 141% from 2006 Q1
• GGICO to allow up to 49% foreign ownership
• TAQA to buy CMS Energy power plants in Morocco and India - PR 06 Feb 07
• OILC 10:1 stock split - BOD meeeting 28 Mar 2007
• UNB 2007 Q1 profit AED 255m down 40% from 2006 Q1
• FGB 2007 Q1 profit AED 406m up 8% from 2006 Q1
• ARKAN 2007 Q1 earnings AED 36m? Error?
• BAYAN 2006 FY results late - released 13 Mar 2007
• AABAR completes drilling and testing in Sebuku, Indonesia PR 02 May 2007
• AHI - 2007 financial results timeline
• OILC BOD meeting 02 May 2007 - CEO Dixon resignation
• ESCA issues new corporate governance rules 30 Apr 2007
• OILC 2006 FY AED 96m profit +240% from 2005, BOD meeting 30 Jan 2007
• DIC 2006 FY profit AED 990m up 45% from 2005 - 28 Jan 2007
• 02 May 2007 UAE stockmarket and business news
• Deyaar IPO AED 3.2 bn 06-16 May 2007
• Air Arabia 2007 Q1 profit AED 43m
• NBS / SIB to establish real estate subsidiary - ASAS Real Estate Co.
• DDC 2006 FY results
• OIC 2007 Q1 earnings
• 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

More UAE stock market news and discussions...

best stock rises symbol price change CBI 2.27 +0.19 +9.1% FOODCO 3.46 +0.25 +7.8% OILC 10.65 +0.71 +7.1% RAKCEC 4.13 +0.27 +7% SHUAA 4.95 +0.27 +5.8%

worst stock falls symbol price change IFA 9.54 -1.35 -12.4% GCEM 6.05 -0.58 -8.7% TKFL 4.39 -0.28 -6% ASMAK 4.72 -0.28 -5.6% ARIG 2.75 -0.15 -5.2%

top volume symbol value (AED) price DFM 216,688,840 2.65 ALDAR 81,666,113 5.41 GCEM 65,462,669 6.05 GULFNAV 65,299,901 1.08 OILC 58,809,640 10.65

Dubai Financial Market

DFM wasn't exactly brimming with activity today but the 0.2% rise gave punters a glimmer of hope after the miserable day yesterday. Trading volumes were rather thin at only AED 451m with the index closing at 3839 for the week.

DFM shares still on the podium though, responsible for almost half the total trading and a 1.9% rise to 2.65. Big jump of 5.7% to 5.03 for Shuaa Capital PJSC (SHUAA), and a moderate 1.4% rise for Tamweel PJSC (TAMWEEL). All other rises were less than 1% except for that single trade in GGICO.

Emaar Properties PJSC (EMAAR) flatlining in more than one sense of the word. Only AED 25m dhs worth traded and no change in price.

An exciting day for International Financial Advisors KSCC (IFA) with its first trade in over three months. The fall of 15% wasn't so exciting though. AMAN down 2.7% and Aramex PJSC (ARMX) down 2.1% the only actively traded stocks showing a loss today, and on very light volumes.

Abu Dhabi Securities Market

ADSM had just a 0.13% rise to 3068 but traded value of 307m dhs not as far behind DFM as it usually is.

Headline acts today were Oasis International Leasing Company PJSC (OILC) going limit up to 10.90 (average 10.65) and traded value of 59m dhs - massive for them, Aldar Properties PJSC (ALDAR) still very popular with 82m dhs of trading and a 2.9% rise to 5.41, while Gulf Cement Company (GCEM) literally falling out of favor with share price falling as fast as it rose last week - down 8.9% to 6.05 and a heavy-duty 65m dhs of trading. Foodco Holdings PJSC (FOODCO) continued yesterday's strong performance with the 10% limit at 3.53 restricting traded value to just 1.3m dhs.

Other rises of 9.1% for Commercial Bank International (CBI) but very light trading, 1.7% for AGTHIA, 1.1% for Gulf Pharmaceutical Industries (JULPHAR) and National Bank of Abu Dhabi (NBAD). Other rises were below 1% and/or low volumes.

Significant falls for TKFL down 6%, ARKAN down 1.7%, Dana Gas PJSC (DANA) 1.4%, Ras Al Khaimah Cement Company (RAKCC) down 1%. Emirates Telecommunications Company (ETISALAT) price was unchanged on light volumes, Union National Bank (UNB) shares were heavily traded but average price the same as yesterday's close of 6.53.

• 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.