UAE markets 31 May 2007

UAE market news & discussions for 31 May 2007 Good news for today was that Emaar's Burj Dubai is now the second tallest building in the world. But that didn't stop both markets from heading down although the DFM change was minimal. The Commercial Bank of Dubai was awarded an Islamic Bank licence which would indicate the Central Bank saying no more bank licences last month, doesn't mean what we thought it did. Perhaps there is hope for Amlak and Tamweel after all? It was First Gulf Bank's turn to announce information not apparently relevant to share prices. Their General Assembly Meeting yesterday approved an increase in individual foreign ownership limits and AED 1.8 bn of bond issues. Mashreqbank again denied they were interested in buying an Egyptian bank but said they had approval to open ten of their own branches in Egypt. ADSM announced that Aabar Petroleum founders could sell their shares from today, and Aabar's share price plummeted.

• 31 May 2007 UAE stocks and business news
• AABAR founders can sell shares from Thu 31 May 2007
• AMLAK bank licence application fails, plans AED 1.1 bn sukuks 29 Mar 2007
• AMLAK wins approval to start AED 1 bn Saudi operation 30 May 2007
• CBD receives Islamic banking licence - 31 May 2007
• DFM stock market game 2007
• DIB Retail Real Estate Fund in the US
• DIFC to counterbid against NASDAQ for Scandanavia's OMX - 27 May 07
• EMAAR - Burj Dubai second tallest in the world - 31 May 2007
• ESCA calls on media to report accurately - GN 21 May 2007
• FGB meeting 30 May 2007 - foreign ownership limit and AED 1.8 bn loan
• IFA 2006 FY results 01 Feb 2007 - AED 420m loss -119% from 2005
• MASQ ratings from CI set to Positive Outlook - PR 31 May 2007
• MASQ to buy Egypt's Al Watany Bank ... or not? 30 May 2007
• QTEL 2007 dividend distribution 20% end Jun 2007
• TAIB Bank subsidiary approved for Qatar Financial Center
• UAE stocks may not have bottomed out yet? - AME 26 May 2007
• 30 May 2007 UAE stocks and business news

More UAE stock market news and discussions...

best stock rises symbol price change AGTHIA 1.85 +0.14 +8.2% SCIDC 3.72 +0.19 +5.4% ASMAK 6.69 +0.34 +5.4% RAKCEC 5.00 +0.21 +4.4% CBI 2.22 +0.09 +4.2%

worst stock falls symbol price change EIC 10.35 -1.15 -10% NBF 3.20 -0.35 -9.9% AABAR 3.11 -0.21 -6.3% NBQ 4.50 -0.30 -6.3% TAQA 2.90 -0.12 -4%

top volume symbol value (AED) price ADIB 345,052,885 60.85 EMAAR 334,753,581 12.15 TAMWEEL 201,121,058 4.59 AABAR 172,183,992 3.11 DIC 138,989,694 4.76

Dubai Financial Market

The DFMGI rose to almost 4500 points early in the session before taking a quick fall to 4450. In the end it closed at 4476, a slight fall of 0.08%, with total traded value of AED 1.4 bn.

Union Properties PJSC (UPP) at the top of the gainers list with a 2.4% rise to 3.45 and an impressive 92m dhs of traded value. Emaar Properties PJSC (EMAAR) at the top of the traded value list with a 0.4% rise to 12.20. Other increases of less than 2% on active trading for National Bank of Dubai (NBD), Tamweel PJSC (TAMWEEL), Amlak Finance Company (AMLAK), Emirates Integrated Telecommunications Company (DU).

Shuaa Capital PJSC (SHUAA) had the worst fall of note, down 2.8% to 5.20. GGICO fell 2.5% and the remaining actively traded stocks fell about 1% or less, with National General Cooling Company PJSC (TABREED) closing flat.

Abu Dhabi Securities Market

ADSM look worse for the wear today with the index down 0.9% to drop below 3600 the level, finishing at 3,578 with a still substantial AED 1 billion traded. Thirty stocks fell and only nine rose in price.

AGTHIA the star stock today, closing limit up at 1.88 and 32m dhs of trading. Abu Dhabi Islamic Bank (ADIB) also looking good today with a 3.5% rise to 60.95 and a massive 345m dhs of traded value. Other rises on busy trading for Sharjah Cement & Industrial Development Company (SCIDC) up 5.4%, Invest Bank (INVESTB) up 1.6%, Commercial Bank International (CBI) up just 0.5% but from unusually high volume of 27m shares however 22m shares changed hands in just one trade.

Aabar Petroleum Investments Company PJSC (AABAR) also in the spotlight today, crashing almost limit down by the end of trading. Average price was 3.11, down 6.3% from yesterday and large volume traded of AED 172m. Other significant falls for Abu Dhabi National Energy Company (TAQA) down 4%, Qatar Telecom (QTEL) down 3.8%, Sorouh Real Estate (SOROUH) down 3.7%, Sudan Telecom Company Ltd (SUDATEL) down 3.4%, and NBS unusually busy with a 3.2% fall. Another 19 stocks fell less than 2% each.

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