UAE markets 27 May 2007

UAE market news & discussions for 27 May 2007 The Dubai and Abu Dhabi stock markets were flying today - heavy trading and increases of 3% and 4% respectively. Dubai Financial Market said foreigners bought 2.4 bn dhs worth of shares last week. ShareWadi.com fair value estimates have been updated to adjust for dividends with DIC and EMAAR looking like they could be the cheapest shares at present. The Emirates Post IPO was announced for June/July with a dual listing on DFM/ADSM. Abu Dhabi National Energy Company (TAQA) said they had no information to explain limit up trading on Thursday, and their shares went limit up again today. Oasis Leasing shares were one of many to go 10% limit up on ADSM today, which seems to be a remarkable response to the departure of their CFO on Thursday. Aabar Petroleum's news on Thursday of a new oil find in Indonesia prompted two successive days of shares limit up. Dana Gas signed an MoU with Arab Petroleum Investments (APICORP) for collaboration on gas projects, and their shares were limit up today also. ADSM signed an MoU with the Bahrain Stock Exchange - ADSM's stock market MoU box must be overflowing by now. Tamweel said they'd received the first Title Deed from the Dubai Land Department. Emaar announced a 2.7 bn development in Turkey, and said there would be more. Emaar left over rights issue shares should be in shareholder accounts. DIC's Dubai Investment Industries signed an MoU with an Indian steel business, and DIC share price barely moved. IAIC Salama received a BBB+ rating from Standard & Poor's. The Dubai International Financial Center (DIFC) were reported to have appointed HSBC to advise them on bidding against the NASDAQ for the purchase of Scandinavia's OMX stock exchange - looks cheap at half the price of DFM ... or DFM looks expensive. Another "World's Largest Shopping Mall" was announced - to be built in Dubai Holding's Bawadi development.

• 27 May 2007 UAE business and financial news
• 26 May 2007 UAE business and financial news
• May 2007 top stock picks - fundamental analysis
• AABAR new oil in Indonesia at Tunkgal 2065 bpd - 24 May 2007
• ADSM signs MoU with BSE - Bahrain Stock Exchange - 26 May 2007
• Air Arabia Founding General Assembly results - PR 19 May 2007
• Bawadi and Al Ghurair AED 10 bn shopping mall JV to be world's largest
• DANA Gas MoU with Arab Petroleum Investments (APICORP) 27 May 2007
• DFM trading 20-24 May 2007 - foreigners buy AED 2.4 bn
• DIC > DII signs MoU with India's SKS Ispat & Power - 26 May 2007
• DIFC to counterbid against NASDAQ for Scandanavia's OMX - 27 May 07
• EMAAR AED 2.57 bn Tuscan Valley Houses in Turkey - 26 May 2007
• Emaar Aug 2005 rights issue discussion
• Emirates Post IPO
• GFH launches two oil funds with ADIH - PR 27 May 07
• GRAND 2007 Q1 earnings AED 249m +42% from 2006 Q1
• IAIC Salama rated BBB+ by Standard & Poor's - PR 26 May 2007
• OILC Chief Financial Officer leaves, shares limit up 27 May 07
• SOROUH - Al Nakhl progress on schedule - 27 May 07
• TAMWEEL first to receive Title Deed from DLD - PR 27 May 2007
• TAQA share price limit up 24 May 07 but no reason says company
• UAE stocks may not have bottomed out yet? - AME 26 May 2007
• UNB to merge or takeover UAE bank [rumour] ET 24 May 07

More UAE stock market news and discussions...

best stock rises symbol price change UAB 6.42 +0.58 +9.9% IAIC 3.34 +0.31 +10.2% NBF 3.84 +0.34 +9.7% DRIVE 2.86 +0.25 +9.6% ARMX 2.62 +0.23 +9.6%

worst stock falls symbol price change AWNIC 5.41 -0.60 -10% RAPCO 3.92 -0.42 -9.7% GLOBAL 10.40 -0.90 -8% QCEM 2.10 -0.11 -5% NMDC 4.07 -0.13 -3.1%

top volume symbol value (AED) price EMAAR 808,829,629 12.15 DFM 527,248,067 3.35 IAIC 394,577,790 3.34 DIB 394,276,641 9.77 AMLAK 365,565,489 3.68

Dubai Financial Market

DFM today with a huge AED 3.7 billion dhs of trading from over a billion shares, pushing the DFMGI index up an impressive 3.3% to 4480 points. Emaar Properties PJSC (EMAAR) led the volume table with just over 800 mn dhs traded and a 4.2% rise to 12.35.

Biggest increase for Islamic Arab Insurance Company PSC (IAIC) up 9.8% to 3.46 from 400m dhs worth - more buyback going on? Also doing very well on heavy volumes were Aramex PJSC (ARMX) up 9.5% to 2.66, GULFNAV up 7.8%, and Dubai Islamic Bank (DIB) up 6.4%. AMAN up 7.6% on light volume. All other actively traded stocks rose 0-4%.

The only two losers were Commercial Bank of Dubai (CBD) with inconspicous trading, and Global Investment House (GLOBAL) down 8.2% to 10.10 from relatively moderate volumes.

Abu Dhabi Securities Market

ADSM looked even better than DFM today with a 4.4% rise to 3635 points - it's highest since October last year. Total traded value double Thursday's effort at AED 1.6 bn. There were 12 companies trading 10% limit up, or almost, by the end of the day (and some at that level for almost the whole session):

• Aabar Petroleum Investments Company PJSC (AABAR)
• Arkan Building Materials (ARKAN forum)
• Abu Dhabi Islamic Bank (ADIB)
• Abu Dhabi National Hotels (ADNH forum)
• Dana Gas PJSC (DANA)
• Emirates Driving Company (DRIVE forum)
• Oasis International Leasing Company PJSC (OILC)
• National Bank of Abu Dhabi (NBAD)
• Sharjah Islamic Bank (NBS forum)
• Ras Al Khaimah Properties PJSC (RAKPROP)
• Sorouh Real Estate (SOROUH)
• Abu Dhabi National Energy Company (TAQA).

Actual average increases for the day varied depending on how many trades went through below the limit. UAB and NBF increases came from just one trade each. The heavy duty ADSM stock, Emirates Telecommunications Company (ETISALAT), saw a 2.7% rise from 52m dhs of trading.

Top of the traded value list were Sorouh with 240m dhs, Abu Dhabi Islamic Bank 190m dhs, Al Dar 171m dhs, Arkan 160m dhs, and Oasis Leasing 151m dhs.

Only 7 stocks were down with Gulf Cement Company (GCEM) was the only one losing value on active trading - just 0.2% to 6.00. First Gulf Bank (FGB) ended the day unchanged.

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