UAE markets 12 Jul 2007

UAE market news & discussions for 12 July 2007 Both UAE markets fell slightly with volumes on DFM very light and few stocks increasing in value today. Emirates Bank and National Bank of Dubai announced the terms of their merger today, shares in both companies will start trading again on Sunday. The CEO of National Bank of Abu Dhabi said a merger would be good for them. The CEO of Commercial Bank International resigned. Al Hilal Islamic Bank, or Crescent Bank, were reported to be considering an IPO after establishment. ADSM said that foreign investment in shares tripled for the first half of 2007, compared to 2006 H1. Dubai Islamic Bank said they would put off consideration of a Sukuk issue until September. Etisalat announced solid profit growth yesterday to AED 3.7 billion for 2007 H1, and a 25 fil per share mid-year cash dividend. Fujairah Cement Industries announced 2007 half year profit growth of 14% to AED 89m.

• 12 July 2007 UAE financial and stockmarket news
• 2007 Q2 results for DFM and ADSM companies
• ADSM review of first half of 2007 - 12 July 2007
• Al Hilal Islamic Bank IPO
• CBD 2007 profits Q2 213m dhs +148%, H1 431m dhs +52% from 2006
• CBI Board meeting 11 Jul 2007 - CEO resignation
• DIB considering Convertible Sukuk
• DRC EGM - 100:1 share split and 25% share bonus - 01 Jul 07
• EBI NBD merger terms announced - Emirates NBD PJSC 12 July 2007
• ETISALAT 2007 profit Q2 AED 1.9bn +29%, H1 AED 3.7bn +33%
• ETISALAT 2007 H1 dividend - 25% cash
• FCI 2007 profit Q2 AED 48m +15%, H1 AED 89m +14% from 2006
• FGB suspends EMTN issues - 11 July 2007
• GFH board meeting 22 Jul 2007
• NBAD CEO says a merger is good for growth - BB 12 Jul 07
• NBF 2007 H1 profit +45% to AED 153m
• TAQA rating upgraded to AA2 by Moody's - 11 July 2007

More UAE stock market news and discussions...

best stock rises symbol price change UNION 2.44 +0.12 +5.2% ARIG 3.18 +0.13 +4.3% GFH 8.75 +0.35 +4.2% TKFL 5.87 +0.18 +3.2% UCC 5.05 +0.15 +3.1%

worst stock falls symbol price change OIC 7.73 -0.40 -4.9% AAAIC 120.00 -5.00 -4% SCIDC 4.20 -0.17 -3.9% OEIHC 18.10 -0.70 -3.7% FOODCO 4.50 -0.17 -3.6%

top volume symbol value (AED) price SOROUH 162,207,853 4.52 ALDAR 105,187,896 7.84 EMAAR 70,463,275 12.00 OILC 65,049,093 1.52 DIB 51,295,514 10.30

Dubai Financial Market

The DFMGI fell by just 0.18% to 4507 points with a very thin traded volume of 318m dhs. Only 5 stocks rose in price with GULFNAV the only one out of the actively traded stocks, and just a 0.7% rise. Arab Insurance Group (ARIG) had a promising day with a 4.3% increase to 3.18 from more than its normally thin trading.

Emaar Properties PJSC (EMAAR) and Dubai Islamic Bank (DIB) were at the top of the traded value list but with no change in share price. The other actively traded stocks all fell by less than 1%, except for Islamic Arab Insurance Company PSC (IAIC) which closed flat.

Abu Dhabi Securities Market

The ADSM was yet again the more active bourse in the UAE with a moderate 526m dhs worth of trading and a slight fall of 0.16% to 3684 points.

Only 6 companies saw an increase in their share price, most of them on very few trades. Emirates Telecommunications Company (ETISALAT) was up by 1.9% to 18.90 on moderate trading activity. The other ADSM listed telecom, Qatar Telecom (QTEL), rose by 1.3% but from just two small trades. Union National Bank (UNB) was up just 0.4% and First Gulf Bank (FGB) was unchanged.

Sorouh Real Estate (SOROUH) and Aldar Properties PJSC (ALDAR) topped the traded value list with falls of 2.6% and 2.0% respectively. Other falls of note for Oasis International Leasing Company PJSC (OILC) down 1.9%, ARKAN down 2.8%, Dana Gas PJSC (DANA) and Ras Al Khaimah Properties PJSC (RAKPROP) down 1.7%, National Bank of Abu Dhabi (NBAD) and Abu Dhabi National Energy Company (TAQA) down 1.4%, Ras Al Khaimah Cement Company (RAKCC) down 1.2%, and the remaining more active stocks losing less than 1%.

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