UAE markets 29 May 2007

UAE market news & discussions for 29 May 2007 A slight wobble at the start of the day for the Abu Dhabi and Dubai stockmarkets but several stocks showing healthy rises by the end of trading, and DFM finishing on a strong note. Abu Dhabi Energy (TAQA) must have been most surprised to discover they'd just spent more than AED 7 billion dhs on a Canadian oil company last night, after saying on Sunday they had no idea why their share price was increasing sharply - over 30% in four days. However, any surprise was not apparent from the press release this morning. Dubai Islamic Bank has announced a retail investment fund for US property. Isn't property on a downturn over there? And DIFC seems to be changing its tune from buying OMX to not buying to now saying no comment. Maybe tomorrow the story will be OMX is buying DIFC?

• 29 May 2007 UAE stocks and business news
• TAQA to buy Northrock from Pogo Producing for AED 7.34 bn - 28 May 07
• ARABBANK signs MoU with Al Hamra Village to provide finance
• DIB Retail Real Estate Fund in the US
• WARE Agility 2006 FY dividend record date
• DRC 2006 FY results EGM postponed
• TAQA share price limit up 24 May 07 but no reason says company
• DIFC to counterbid against NASDAQ for Scandanavia's OMX - 27 May 07
• DFM goes to London to sell shares to foreigners - 25 Apr 2007
• DIC > M'sharie > Thermoset buys new press for GRP tanks - PR 28 May 07
• May 2007 top stock picks - fundamental analysis
• 28 May 2007 UAE stocks and financial news
• DIC may repeat Dubai Investment Park in 3 ME countries - 28 May 07
• Global property warnings - including Dubai? AME 26 May 2007
• UAE stocks may not have bottomed out yet? - AME 26 May 2007
• AABAR finds gas in Indonesia's Sebuku Prospect - 28 May 07

More UAE stock market news and discussions...

best stock rises symbol price change RAKCEC 4.79 +0.38 +8.6% IAIC 3.44 +0.26 +8.2% QTEL 243.90 +15.00 +6.6% ASMAK 6.65 +0.33 +5.2% ARTC 5.60 +0.28 +5.3%

worst stock falls symbol price change IFA 9.70 -1.68 -14.8% AWNIC 4.41 -0.49 -10% DRIVE 2.80 -0.28 -9.1% FH 9.28 -0.77 -7.7% ABNIC 7.50 -0.64 -7.9%

top volume symbol value (AED) price EMAAR 306,094,912 12.30 IAIC 277,269,397 3.44 DIB 249,628,439 10.00 OILC 199,394,941 1.35 DIC 191,721,262 4.59

Dubai Financial Market

DFM saw an early drop from 4406 to 4373 this morning but after that, it was steady rise for the DFMGI to break through the 4500 point level and close at 4505, up 2.2% making up nicely for yesterday's pause. Total value traded was just over a healthy AED 2 billion.

Good to see almost everything rising. Top of the list was Islamic Arab Insurance Company PSC (IAIC) up 7.8% to 3.59 from a strong 277m dhs of trading but no buyback information seen. Arabtec Holding PJSC (ARTC) with a healthy 5.2% rise to 5.66, and all the foreigners wanting to buy having difficulties with the ownership limit reached. Union Properties PJSC (UPP), Aramex PJSC (ARMX), Dubai Investments PJSC (DIC), and Arab Insurance Group (ARIG) up 4-5% each. Everything else up about 0-3%. Emaar Properties PJSC (EMAAR) rose 2.5% to 12.45, and was at the top of the value traded list with just over 300m dhs worth of deals done.

Only two insignificant falls today. The fall for International Financial Advisors KSCC (IFA) was interesting in that there were only two trades - one at almost limit up price, and one at limit down price.

Abu Dhabi Securities Market

ADSM fell quickly in early trading but then crept back up during the rest of the session. The index couldn't get through the 3600 point level which it almost reached yesterday, and in the end closed at 3582 points, down 0.4% from total traded value of just over AED 1 billion.

Heaviest trading by volume for Oasis International Leasing Company PJSC (OILC) up 2.3% to 1.36 and Abu Dhabi National Energy Company (TAQA) up 4.7% to 2.96. Other decent rises for AGTHIA up 3.2% on solid trading, while Qatar Telecom (QTEL), Ras Al Khaimah Ceramics (RAKCEC) and ASMAK saw bigger increases on very few trades. Emirates Telecommunications Company (ETISALAT) rose just 0.3% to 18.50 on moderate trading. Aldar Properties PJSC (ALDAR) and ARKAN both rose just 0.7% from strong trading.

A long list of falling stocks today with DRIVE near the top on active trading. Other notable falls for National Bank of Abu Dhabi (NBAD) down 2.5%, Union National Bank (UNB) down 2.2%, Gulf Cement Company (GCEM) also down 2.2%, and Sorouh Real Estate (SOROUH) down just 1.5%.

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