UAE markets 06 Sep 2007

UAE market news & discussions for 06 September 2007 Both the DFM and ADSM fell today with Deyaar overwhelmingly dominating trading in Dubai, although turnover was down to less than a third of yesterday's opening effort, and the price fell by 2.5%. Oasis Leasing was the big one in Abu Dhabi today, rising on strong trading. Emirates Bank shareholders voted in favor of the merger with National Bank of Dubai, whose shareholders vote today on the merger. National Bank of Abu Dhabi shareholders approved the AED 6.4 bn bond issue, including up to AED 2 bn of convertible bonds. Amlak signed an agreement with the International Finance Corporation to develop the MENA mortgage market. Aldar Properties said their subsidiary Aldar Academies will open the first of their schools in Abu Dhabi on 10 September 2007. Dubai World and Dubai Ports World between them will borrow AED 19 billion, partly to fund the MGM purchase. The oil price rises above $76 per barrel and the UAE oil minister and OPEC president Mohammed al-Hamli says the market is 'well-balanced'. Dubai Aerospace Enterprises (DAE) bailed out of its bid for Auckland International Airport, leaving the Kiwis probably feeling smug, while they remain unaware of the opportunity that was missed. Hawkamah and Zawya Dow Jones are attempting to improve the standard of corporate governance with a conference next week. Oddly though, business journalists rather than company management are invited.

• 06 Sep 2007 Dubai, Abu Dhabi, UAE financial news
• ALDAR Academies to open Pearl Primary School on 10 Sep - PR 05 Sep 07
• ALDAR 2007 H1 profit AED 908m +72%, 2007 Q2 profit AED 457m +67%
• AMLAK signs MoU with IFC to develop MENA mortgage market 06 Sep 07
• Corporate Governance training day for business journalists - PR 06 Sep 07
• DAE and Auckland airport scrap takeover plan - R 05 Sep 2007
• DEYAAR international & local developments - 05 Sep 2007
• DME reports record trading - PR 05 Sep 2007
• DME and ICE failing to attract enough trading interest FT 05 Sep 2007
• Dubai's economic vision drives growth - Burgenstock Meeting 05 Sep 2007
• EBI-NBD shareholders to vote on merger - PR 03 Sep 2007
• Egypt growth attracting Gulf money - R 05 Sep 2007
• ETISALAT showcasing business solutions at Gulfcomms - PR 05 Sep 2007
• ETISALAT offers at GITEX - PR 05 Sep 2007
• Gulf real estate projects worth over 0.5 trillion dhs - PR 05 Sep 07
• NBAD - to sell AED 6.4 bn bonds - EGM on 05 Sep 07
• NBD Securities LLC
• OILC 2007 profit Q2 AED 33m +186%, H1 AED 61m +149% from 2006
• OILC sponsors 10-11 Sep Air Finance conference in Dubai - PR 05 Sep 07
• SALAM buying Al Salam Bunyan shares - DFM 05 Sep 2007
• TAQA's Barker Homek nominated for Platts CEO of the year - PR 05 Sep 07

More UAE stock market news and discussions...

best stock rises symbol price change AWNIC 4.74 +0.42 +9.7% QCEM 2.70 +0.15 +5.9% MASQ 194.00 +9.20 +5% OIC 9.15 +0.40 +4.6% FBICO 1.87 +0.07 +3.9%

worst stock falls symbol price change EBI 9.25 -0.45 -4.6% NBQ 0.00 -0.15 -100% DEYAAR 1.86 -0.05 -2.6% ADSB 3.18 -0.08 -2.5% AMAN 23.40 -0.55 -2.3%

top volume symbol value (AED) price DEYAAR 922,078,432 1.86 EMAAR 152,866,277 10.80 OILC 118,608,267 1.74 AIRARABIA 66,056,156 1.21 DFM 62,533,581 3.07

Dubai Financial Market

The DFMGI fell 0.66% to 4237 points on turnover of 1.3 billion. Trading in DEYAAR accounted for 75% of that impressive figure however, falling by 5 fils to 1.86 dhs per share. Emaar Properties PJSC (EMAAR) was in second place on turnover with AED 153 m of trades and a 0.9% fall to 10.80.

Only three stocks made significant gains, Union Properties PJSC (UPP) up by just 0.6% to 3.19, Dubai Investments PJSC (DIC) up 0.45% and Arabtec Holding PJSC (ARTC) up just 1 fil, or 0.2%. The top three rises were from single small trades.

Emirates Bank International Group (EBI) fell 4.6% today after the merger approval, but from turnover of less than 1m dhs. Other falls were 2.3% for AMAN, 1.6% for DFM stocks, and the remaining actively traded shares losing less than 1%.

Abu Dhabi Securities Market

The ADSM index dropped just 0.12% to 3432 from moderate trading of 312m dhs with 14 stocks rising, 21 falling, and 4 unchanged.

Oasis International Leasing Company PJSC (OILC) up 1.75% to 1.74 on solid trading and Aabar Petroleum Investments Company PJSC (AABAR) up 1.9% to 3.68 where the two standout gainers. The top three only had 4 trades between them. Other rises were on thin trading or less than 1%.

NBS fell 2% to 2.95 on heavier than usual trading, Sorouh Real Estate (SOROUH) lost 1.1%, and Aldar Properties PJSC (ALDAR) was down by 1%. Other falls were less than 1% or low trading volumes. Emirates Telecommunications Company (ETISALAT) dropped 0.3% to 17.55 on moderate trading volumes, and National Bank of Abu Dhabi (NBAD) share price was unchanged at 18.45 from minimal turnover.

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