UAE markets 23 Aug 2007

UAE market news & discussions for 23 August 2007 The local press this morning carried front page headlines of yesterday's nose-dive on the markets which perhaps prompted a rush to buy shares today. Both ADSM and DFM recovered, and then some, with a cracking 4.5% rise for the DFM index on solid volumes. The Swedish financial regulator said Dubai Borse broke Swedish law with their takeover bid for the OMX and set an interesting precedent for lawbreakers in Sweden by not punishing Borse Dubai. In contrast to the Dubai financial regulator which threatened Forsyth Partners with a shutdown yesterday. Dubai Aerospace said they were going to buy 125 planes and prompted comments of a possible IPO. Taqa announced the 2 billion dh purchase of a Canadian energy unit. Aldar Properties started handing out Al Raha Gardens homes. Moody's and S&P may review their ratings of Emaar if the Dubai Holding deal doesn't go through. DFM were let off the hook in court yesterday for freezing an investor's assets. And IAIC Salama bought back another 4.4m shares yesterday.

• 23 Aug 2007 financial and business news for the UAE
• ALDAR starts Al Raha Gardens property handover - PR 23 Aug 2007
• Borse Dubai breaks Swedish law but no action - R 23 Aug 2007
• DAE - Dubai Aerospace to buy 125 planes - BB 23 Aug 2007
• DAE - Dubai Aerospace Enterprises IPO
• Deyaar to list on 05 Sep 2007 - what price?
• DFM freezes investor assets, courts dismiss complaint GN 23 Aug 07
• DFSA instructs Forsyth Partners GDL to cease activities - PR 22 Aug 07
• DFSA signs MoU with Jordan and Turkey central banks - PR 22 Aug 2007
• Dubai World to buy 9.5% of MGM for AED 18 bn - BB 22 Aug 07
• EBI-NBD Emirates NBD share swap terms and timetable - 31 Jul 2007
• EMAAR launches sale of office space at 8th Gate in Syria - PR 23 Aug 07
• EMAAR if no DH deal, Moody's and S&P may review ratings R 23 Aug 07
• EMAAR (doesn't) clarify Dubai Holding deal? 16 May 2007
• IAIC Salama 10% share buyback - BOD decision 07 Feb 2007
• NBD - 06 Sep 2007 Extraordinary General Meeting - DFM 23 Aug 07
• TAQA to buy Canada's Pioneer Natural unit for AED 2 billion - 23 Aug 07
• 22 Aug 2007 business news Dubai and Abu Dhabi

More UAE stock market news and discussions...

best stock rises symbol price change MAZAYA 7.25 +0.75 +11.5% ABNIC 8.58 +0.78 +10% AWNIC 4.44 +0.39 +9.6% SICO 6.35 +0.55 +9.5% TKFL 4.37 +0.37 +9.3%

worst stock falls symbol price change OEIHC 18.35 -1.30 -6.6% BOS 2.91 -0.09 -3% FH 7.10 -0.20 -2.7% SCIDC 4.31 -0.09 -2% RAKWCT 2.09 -0.02 -0.9%

top volume symbol value (AED) price EMAAR 705,745,578 10.30 AIRARABIA 252,825,386 1.24 DFM 156,028,065 2.86 ALDAR 115,924,545 6.15 OILC 99,260,851 1.69

Dubai Financial Market

The DFMGI, as mentioned, was up 4.5% to 4147 points from turnover of 1.4 billion dhs and not a drop of red ink to be seen by the end of the session. Trading was dominated by Emaar Properties PJSC (EMAAR) with a 5.6% rise to 10.30 and turnover of 706m dhs.

Other impressive rises for Dubai Islamic Bank (DIB) up a resounding 8.4% to 9.52, Amlak Finance Company (AMLAK) up 7.5% to 3.14, DFM also up 7.5% to 2.86, AMAN up 7.1% to 23.30, AIRARABIA up 6.9% to 1.24, Tamweel PJSC (TAMWEEL) up 5.6% to 3.95, National General Cooling Company PJSC (TABREED) up 5.6% to 2.46, and Union Properties PJSC (UPP) up 5% to 3.17. The big rise for MAZAYA was from just one small trade.

Abu Dhabi Securities Market

We had a healthy rise of 2.5% to 3411 for the ADSM index with total traded value a moderate 446m dhs. Aldar Properties PJSC (ALDAR) and Oasis International Leasing Company PJSC (OILC) were at the top of the traded value list with 2.5% rises to 6.20 and 1.69 respectively.

A storming day for Aabar Petroleum Investments Company PJSC (AABAR), up 7.7% to 3.45 and other good rises for Abu Dhabi National Energy Company (TAQA) up 4.2% to 2.78, Ras Al Khaimah Cement Company (RAKCC) up 3.9% to 2.13, Ras Al Khaimah Properties PJSC (RAKPROP) up 3.2% to 1.62, Sorouh Real Estate (SOROUH) up 3.1% to 4.33. NBS stood out today with a 3.4% rise to 3.03 from heavier than usual trading. Emirates Telecommunications Company (ETISALAT) was up 2.6% to 17.50 and other stocks rose less than 3% or on turnover of less than 1m dhs.

Only 5 stocks traded down on the ADSM today. OEIHC fell on just one trade, Bank Of Sharjah (BOS) was down 3% on thin trading but otherwise no falls of significance.

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