UAE markets 27 Aug 2007

UAE market news & discussions for 27 August 2007 After two trading days of gains, the DFM couldn't sustain the rise and dropped back, while ADSM continued to rise with Aabar Petroleum and Aldar Properties leading the way after the Aldar CFO said their share price was worth twice its current market value. Perhaps Mr Jain, the CFO from Emaar, could try the same trick. Aldar did also have some help from a Deutsche Bank BUY rating though. DFM announced a trip to New York for November 2007 with a bunch of listed friends including Emaar and Air Arabia. It is unknown yet, which airline will take them there. Moody's either changed their mind or did a very quick evaluation of Emaar, but either way, said Emaar's rating wouldn't change after the cancellation of the Dubai Holding deal. Arabtec said there was no Meydan racecourse deal yet. Oman Insurance said they were looking at the Saudi market. Tamweel said they were the first escrow agent to be appointed by the Dubai Land Department. Abu Dhabi Islamic Bank and Commercial Bank of Dubai announced some new senior appointments. Forsyth had their DIFC license withdrawn by the DFSA. The latest Borse Dubai news today is a report that they may buy Nasdaq's stake in the LSE, then team up with Nasdaq to buy a stake in the OMX. There was also a report that Borse Dubai may consider paying 50% more than Nasdaq for the OMX stake.

• 27 Aug 2007 business news Dubai and Abu Dhabi
• ADIB BOD appoint R Al Shanti (CEO) & K Buharoon (MD) - 27 Aug 07
• ALDAR to borrow more money to fund AED 184 bn projects R 26 Aug 07
• ALDAR CFO says share price could double to 15+ dhs - 27 Aug 2007
• AMLAK - trust account services receive DLD approval DFM 26 Aug 07
• ARTC wins AED 4.7 bn JV contract for Meydan Dubai ... or not? 25 Aug 07
• ARTC-Besix win AED 0.5 bn Downtown Burj Dubai contract AB 18 Aug 07
• ARTC, ACC & Besix turn down AED 0.7bn Mall of Arabia project - 18 Aug 07
• Borse Dubai may buy Nasdaq's LSE stake and make joint OMX bid - 27 Aug 07
• Borse Dubai could bid up to 300 kr per share for OMX - ST 27 Aug 2007
• Borse Dubai may bid for other exchanges after OMX buyout - ZDJ 26 Aug 07
• Borse Dubai bid gains acceptance among investors - GN 27 Aug 2007
• CBD appoints Alan Hill as Head of Treasury Sales - PR 27 Aug 2007
• DFM companies off to New York in November - GN 27 Aug 2007
• Emaar Cancels Land-for-Shares Swap With Dubai Holding - 25 Aug 2007
• EMAAR if no DH deal, Moody's and S&P may review ratings R 23 Aug 07
• EMAAR fair value 18.74 dh says Shuaa equity report - 23 Aug 2006
• ETISALAT Misr reaches 1m subscribers in Egypt - R 26 Aug 2007
• Forsyth licence withdrawn by DFSA - PR 27 Aug 2007
• MAZAYA contracts with Al Sabria and Al Mulla - PR 26 Aug 2007
• OIC looking at entering Saudi insurance market - ET 27 Aug 2007
• TAMWEEL - first escrow agent to be appointed by DLD - DFM 27 Aug 2007
• UAB to sell controlling stake to Qatar's CBQ by end 2007 - BB 26 Aug 07

More UAE stock market news and discussions...

best stock rises symbol price change ADNIC 9.18 +0.81 +9.7% AWNIC 4.84 +0.40 +9% NCC 9.99 +0.47 +4.9% ARIG 3.40 +0.12 +3.7% FBICO 1.75 +0.06 +3.6%

worst stock falls symbol price change FH 6.53 -0.57 -8% DRIVE 3.26 -0.19 -5.5% AMAN 23.25 -0.65 -2.7% TKFL 4.28 -0.09 -2.1% AMLAK 3.19 -0.06 -1.8%

top volume symbol value (AED) price EMAAR 255,029,796 10.85 ALDAR 211,801,197 6.70 DFM 203,895,421 2.98 SOROUH 88,223,685 4.44 AABAR 76,168,273 3.65

Dubai Financial Market

A fall of 0.9% to 4246 for the DFMGI was unsurprising, given the excitement yesterday and Thursday. Did anyone say "booking profits" yet? Turnover today at 709m dhs was about half of yesterday's.

Only NCC and Arab Insurance Group (ARIG) rose today, on very low traded value.

Emaar Properties PJSC (EMAAR) saw the highest turnover with 255m dhs worth of trading and a fall of 1.4% to 10.85, while DFM also saw heavy trading and a 1.65% fall to 2.98.

Biggest fall of 2.7% was from AMAN but from low volume. Amlak Finance Company (AMLAK) lost 1.85% to close at 3.19 and the remainder fell by about 1.5% or less.

Abu Dhabi Securities Market

The ADSM had a small rise of 0.22% to 3436 but turnover was fairly decent at 560m dhs. Over a third from Aldar Properties PJSC (ALDAR), up 2.9% to 6.90.

Aabar Petroleum Investments Company PJSC (AABAR) topped the list of rises (ignoring low volume stocks) with a 3.4% jump to 3.71 and 76m dhs worth of turnover.

Other rises for Ras Al Khaimah White Cement Company (RAKWCT) up 2.4%, Commercial Bank International (CBI) up 1.8%, Abu Dhabi National Energy Company (TAQA) up 0.7%, Sorouh Real Estate (SOROUH) up 0.7%. Emirates Telecommunications Company (ETISALAT) was up just 0.3%.

DRIVE fell 5.5% from turnover of less than 200,000 dhs, the other big losers traded on barely noticeable turnover of less than 20,000 dhs.

Dana Gas PJSC (DANA), ARKAN, Oasis International Leasing Company PJSC (OILC), all fell about 0.6% from traded volume of more than 10m dhs each.

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