UAE markets 03 Jun 2007

UAE market news & discussions for 03 June 2007 Both ADSM and DFM started the week and the month of June on a positive note but trading volumes were down slightly from last week. TAQA said today they may allow foreign ownership of their shares which explains why they're going to London with ADSM. News of EMAAR MGF's JV in India worth about AED 44 bn over the weekend - but Emaar's share price didn't move today. Gulf Finance House announced they would list GDRs on the London Stock Exchange by end of June 2007, and no shares were traded on DFM. Agility (WARE) said their multi-billion dirham contract with the US army was renewed, and no one traded any of their shares. Abu Dhabi Islamic Bank share price still rocking away - one rumour says they may do a share split. Tabreed and Aldar signed cooling agreements for Yas Island and Al Raha. Dubai Financial Market said foreign share purchases were up to AED 4 billion in the last week of May. Aramex, Shuaa, and Arabtec are three that are popular it seems, foreign ownership level is maxed out making it difficult for foreigners to buy shares in those companies now. Abu Dhabi Securities Market said over the weekend they and representatives from several ADSM listed companies would head to London and New York this month to sell shares to foreigners. A couple of interesting Dubai property related articles today. One commentary from AME Info wondering if the cycle is about to turn to bust - a common sentiment these days. But another from MEED emphatically saying the boom will continue till 2010.

• 03 Jun 2007 UAE stocks and financial news
• ADSM goes to London to sell shares to foreigners - R 31 May 2007
• TAQA may allow foreign ownership - 03 Jun 07
• TABREED and ALDAR form AED 2.9 bn JV - A&T Cool - PR 20 Mar 07
• GFH - London listing possible by 2007/2008 - KT 08 Nov 2006
• IAIC Salama rated BBB+ by Standard & Poor's - PR 26 May 2007
• USA shale oil deposits greater than in Middle East - BB 03 Jun 2007
• DFM - foreign investors buy AED 4 bn shares in 4th week of May 2007
• Dubai property boom to continue till 2010 - MEED report 03 Jun 07
• Dubai Property Cycle starting to turn? AME 03 Jun 07
• June 2007 stock picks - fundamental analysis
• WARE / AGILITY renews AED 3.6-10 bn US Army contract - 02 Jun 2007
• UK stock tips from Stan Locke - up 28%-86% per year
• 02 Jun 2007 UAE stocks and business news
• EMAAR MGF JV in India to invest AED 44 bn - R 02 Jun 2007
• 01 Jun 2007 UAE stocks and business news
• Detailed Analysis Report about Arabtec 2007 Q1
• Stock Picks by Technical Analysis June 2007
• ADIB stock split [rumour] GT 01 Jun 2007
• 31 May 2007 UAE stocks and business news
• DFM stock market game 2007

More UAE stock market news and discussions...

best stock rises symbol price change NBS 2.60 +0.24 +10.2% AGTHIA 2.00 +0.15 +8.1% NBF 3.45 +0.25 +7.8% GGICO 7.00 +0.33 +4.9% RAKPROP 1.64 +0.07 +4.5%

worst stock falls symbol price change RAPCO 4.00 -0.27 -6.3% DRIVE 2.52 -0.17 -6.3% OEIHC 17.00 -1.05 -5.8% ASMAK 6.37 -0.32 -4.8% GLOBAL 9.55 -0.45 -4.5%

top volume symbol value (AED) price DIB 220,813,841 10.10 DIC 208,428,552 4.83 UPP 190,511,775 3.56 ADIB 182,691,438 61.90 OILC 165,184,889 1.42

Dubai Financial Market

A solid rise in early trading took the DFMGI over 4500 to a high of 4535 points, but it couldn't sustain that level and gradually drifted down to a close of 4490, up 0.3% from Thursday, with only AED 1.3 bn of traded value.

Top traded stocks today were Dubai Islamic Bank (DIB) up 1%, Dubai Investments PJSC (DIC) up just 0.2%, and Union Properties PJSC (UPP) up an encouraging 2.9% to 3.55 - it's now up 47% since the start of the year. Other rises for GGICO up 4.9% and curiously, no one was selling by the end of trading, AMAN up 2.5%, Emirates Bank International Group (EBI) up 1.9% from a single trade, and the remainder up about 1% or less.

Emaar Properties PJSC (EMAAR) down to 4th place on the traded value list with a 0.4% fall to 12.15. Islamic Arab Insurance Company PSC (IAIC) the only other loser of note, down 1.2% while GULFNAV remained unchanged.

Abu Dhabi Securities Market

ADSM rose 0.66% to close a mere 1 point over th 3600 level, traded volume was AED 738m.

NBS showing unusual activity today with limit up trading to 2.65 from a relatively massive AED 29m of traded value - are they a possible merger or takeover target? AGTHIA also traded limit up at 2.03. Yet again. Ras Al Khaimah Properties PJSC (RAKPROP) with a nice 4.5% pop to 1.66 from 90m dhs of trading in third place on the value list. Emirates Telecommunications Company (ETISALAT) had a good show with a 2.4% rise to 18.80, and Commercial Bank International (CBI) more active than usual with a 2.7% increase.

Top two stocks by traded value were Abu Dhabi Islamic Bank (ADIB) up 1.7% to 62.45, and Oasis International Leasing Company PJSC (OILC) up 2.2% to 1.40.

Falls worth mentioning for National Bank of Abu Dhabi (NBAD) down 2.3% on thin trading, Abu Dhabi Commercial Bank (ADCB) down 1.6% and Aabar Petroleum Investments Company PJSC (AABAR) down 1.3%.

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