UAE markets 28 May 2007

UAE market news & discussions for 28 May 2007 Heavy trading volume on a downturn today for both the Abu Dhabi and Dubai stock markets, which could optimistically be seen as pause for breath from the steep climb yesterday. Or pessimistically seen as a return to form. Abu Dhabi market was unusual in that most of the highly traded stocks showed an increase, the index dragged down by a fall in Etisalat shares. We'll be optimistic and look for a recovery tomorrow. Aabar Petroleum announced a second oil find in Indonesia. Dubai Investments were reported as being in talks to set up Dubai Investment Parks in three other Middle East countries. A report from Shuaa yesterday gave Union National Bank a neutral rating with about 6% upside in the share price. The Emirates Post IPO is now reported as opening in Q4 2007. Dubai Refreshments Company EGM for bonus shares is today. International Financial Advisers Aviation subsidiary will do an IPO later this year. Grand Real Estate announced their AGM & EGM would be on 09 Jun 2007. Yesterday's reports of DIFC interest in OMX were denied by DIFC. DIFC were also reported to be selling at least AED 3.7 billion of sukuks. Bahrain's TAIB Bank is reported to be in talks to sell a stake to Dubai Holding. Kuwait said they would change to a Fri/Sat weekend from 01 Sep 2007.

• AABAR - a second oil find in Indonesia 28 May 07
• DGCX Steel Rebar Futures Contract
• DIC may repeat Dubai Investment Park in 3 ME countries - 28 May 07
• DIFC to counterbid against NASDAQ for Scandanavia's OMX - 27 May 07
• DIFC to sell AED 3.7 bn of Islamic Bonds 27 May 2007
• DRC 2006 FY EGM 28 May 2007
• Emirates Post IPO
• GRAND 2006 FY profit AED 154m -5.7% from 2005 - 01 Feb 2007
• IFA Aviation IPO in 2007 - 27 May 2007
• SALAM BOD meeting 17 Jun 2007
• TAIB considers sale of stake to Dubai Holding - R 28 May 2007
• UNB report from Shuaa [NEUTRAL] FV AED 8.80 - 27 May 2007
• 27 May 2007 UAE business and financial news
• 28 May 2007 UAE stocks and financial news
• Free Quarterly Financial Review in GN today 28 May 2007
• May 2007 top stock picks - fundamental analysis
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More UAE stock market news and discussions...

best stock rises symbol price change IFA 11.25 +1.25 +12.5% EIC 11.90 +1.00 +9.2% RAPCO 4.27 +0.35 +8.9% SALAM 13.00 +0.90 +7.4% FH 9.47 +0.58 +6.5%

worst stock falls symbol price change AWNIC 4.90 -0.51 -9.4% QTEL 228.90 -13.10 -5.4% OEIHC 18.05 -0.95 -5% RAKCEC 4.41 -0.23 -5% GULFNAV 1.21 -0.06 -4.7%

top volume symbol value (AED) price EMAAR 704,521,605 12.25 DFM 385,838,973 3.35 DIB 244,419,564 9.90 AMLAK 235,766,693 3.66 ADIB 227,501,408 57.40

Dubai Financial Market

The DFMGI fell quickly by almost 100 points at the start of trading, then recovered back to yesterdays close before steadily falling to finish at 4408, down 1.6% from a sizeable AED 2.6 billion of total trades.

Union Properties PJSC (UPP) the only actively traded to finish the day on a positive note with a 1.9% rise to 3.20. GGICO stood out as being more active than usual, also with a 1.9%. International Financial Advisors KSCC (IFA) had another big jump, and again from just a single small trade.

Emaar Properties PJSC (EMAAR) led the total value traded list with AED 700m dhs worth of deals and a 1.6% fall to 12.15. Biggest fall was for GULFNAV down 4.8% to 1.18. Other falls of 3-4% on active trading for Islamic Arab Insurance Company PSC (IAIC), Shuaa Capital PJSC (SHUAA), Dubai Investments PJSC (DIC), Aramex PJSC (ARMX), National General Cooling Company PJSC (TABREED) with the remaining liquid stocks falling less than 2%.

Abu Dhabi Securities Market

The ADSM index fell by 1% to close at 3598 points from AED 1.4 bn of trading - almost as much as yesterday. Number of gainers and losers was almost evenly split - 23 up and 24 down.

Big rise of 6.1% for Abu Dhabi National Energy Company (TAQA) to 2.13 from a solid 160m dhs worth. Finance House PJSC (FH) stood out with a 6.5% rise to 8.63 from much more than usual trading. Abu Dhabi Islamic Bank (ADIB) at the top of the traded value list with 228m dhs and a 1.9% increase, Sorouh Real Estate (SOROUH) also up there with 226m dhs and a 1.6% increase. Other rises of 0-3% on active trading for Dana Gas PJSC (DANA), Aabar Petroleum Investments Company PJSC (AABAR), Ras Al Khaimah Properties PJSC (RAKPROP), Sudan Telecom Company Ltd (SUDATEL), Oasis International Leasing Company PJSC (OILC) and Ras Al Khaimah White Cement Company (RAKWCT).

Significant losers were Qatar Telecom (QTEL) down 5.4%, National Bank of Abu Dhabi (NBAD) down 4.5%, Emirates Telecommunications Company (ETISALAT) down 2.4%, Aldar Properties PJSC (ALDAR) down 3.3%, AGTHIA down 3.1%, Abu Dhabi Ship Building (ADSB) down 3.6% with the remaining actively traded stocks falling by less than 2%.

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