UAE markets 13 Sep 2007

UAE market news & discussions for 13 September 2007 The markets were relatively subdued on the first day of Ramadan (trading hours are unchanged) with falls on both DFM and ADSM while turnover was less than half the levels seen yesterday. The ADSM announced a new Director General - Tom Healy, previously boss at the Irish Stock Exchange. United Arab Bank released results of their BOD meeting yesterday, with a brief mention of the deal with Commercial Bank of Qatar. Their shares traded 10% limit up today, albeit on lowish volume. Yesterday's record trading volume in Dubai Investment shares may have been prompted by the CEO/Chairman forecasting AED 1 billion in profit for the first 9 months of 2007 (but he said to Reuters there was "no news"). DIC Trading activity was muted today however. Union National Bank had its Fitch rating affirmed at A+ but the market was unresponsive. Dubai Financial Market's own shares were busy today after the release of an upbeat Deutsche Bank report that appears to value DFM at more than twice the market capitalization of Nasdaq. The oil price cracked $80 per barrel on supply worries. A Reuters poll of economists said that the UAE was the most likely Gulf state to revalue the dollar peg, and was more likely to do so this year. Which contrasts with the UAE Central Bank Governor saying earlier this week that the dollar peg would remain as it was. The OMX - Borse Dubai - Nasdaq story continues with Nasdaq claiming that shareholders prefer its bid for the OMX, a sentiment that appeared to be echoed with commetns from the OMX honorary chairman, Olof Stenhammar. Abu Dhabi announced a development master plan for the emirate, taking it to 2030 when it expects to have a population of 3 million. Ramadan Mubarak!

• 13 Sep 2007 financial and business news for the UAE
• ADSM appoints ex-chief of ISE as new director - R 12 Sep 2007
• ALDAR developing a project in Kazakhstan - R 12 Sep 2007
• AMLAK to provide mortgages for DWC projects PR 12 Sep 2007
• DFM [BUY] FV 4.23 says Deutsche Bank report? - 12 Sep 2007
• DIC Heavy Trading....?? 12 Sep 2007
• DIC 2007 M9 profits to exceed AED 1 bn says CEO - 12 Sep 2007
• DIC JV > Emirates Extruded Polystyrene starts operations PR 12 Sep 07
• EMAAR EC in Saudi limit up on high volumes - 12 Sep 2007
• EMAAR Saudi - Bay La Sun Village sells out - PR 11 Sep 2007
• SOROUH allows freehold ownership in Sky Tower, Abu Dhabi PR 12 Sep 07
• TABREED building first cooling plant for Dubai Metro - PR 09 Sep 07
• TABREED - volumes up & insider selling 12 Sep 2007
• TAQA oil production 60,000 barrels/day at $7/barrel - GN 12 Sep 2007
• UAB shares limit up after CBQ discussion - R 13 Sep 2007
• UAB BOD meeting 12 Sep 2007
• UNB - Fitch ratings affirmed at A+ with stable outlook - PR 13 Sep 07
• 12 Sep 2007 Dubai, Abu Dhabi, UAE financial news

More UAE stock market news and discussions...

best stock rises symbol price change UAB 7.15 +0.61 +9.3% RAKCEC 4.80 +0.20 +4.3% FH 6.60 +0.21 +3.3% TAQA 2.78 +0.05 +1.8% FGB 14.00 +0.20 +1.4%

worst stock falls symbol price change GRAND 3.83 -0.67 -14.9% MAZAYA 6.75 -0.50 -6.9% UNION 1.91 -0.11 -5.4% TAMWEEL 3.83 -0.10 -2.5% NBAD 18.55 -0.45 -2.4%

top volume symbol value (AED) price DEYAAR 140,833,640 1.80 DFM 133,001,883 3.09 DIC 96,366,660 4.36 ALDAR 62,440,571 6.82 EMAAR 51,890,647 10.60

Dubai Financial Market

The DFMGI dipped by 0.29% to close at 4191 with turnover down to 529m dhs worth. After yesterday's impressive activity, Dubai Investments PJSC (DIC) turnover dropped back to a still impressive AED 96m dhs but shares took a 1.6% knock to close at 4.36, looking cheap on a PE basis but average if discounting the effects of land revaluation.

DEYAAR shares saw the greatest turnover, of 141m dhs worth but lost 0.6% to close at 1.80. Emaar Properties PJSC (EMAAR) fell 05% to 10.60 on low volumes, Tamweel PJSC (TAMWEEL) had the biggest hit, of the more active stocks, with a 2.5% drop to 3.83. Aramex PJSC (ARMX) was down 1.6%, Union Properties PJSC (UPP) fell 1.25% and other stocks fell by less than 1% or on single small trades.

There were only 5 gainers with MASQ at the top of the list from 1 trade of 4000 shares. Emirates Integrated Telecommunications Company (DU), Shuaa Capital PJSC (SHUAA), DFM, and Dubai Islamic Bank (DIB) all rose by less than 0.5%.

Abu Dhabi Securities Market

The ADSM welcomed its new boss with a marginal drop of 0.16% today (actually, he started last week but the announcement appeared late yesterday). The index closed at 3414 with turnover a weak looking 126m dhs worth.

Half the turnover came from trading in Aldar Properties PJSC (ALDAR) shares which rose by 0.9% to 6.85. Another 13m dhs worth of trading from a 1.5% rise in First Gulf Bank (FGB) shares to 14.00. All other stocks traded less than AED 10m dhs worth today.

Biggest rise for UAB after their BOD meeting yesterday, closing 9.3% up at 7.19 but turnover less than 1m dhs. Abu Dhabi National Energy Company (TAQA) was up 1.8% to 2.72, AGTHIA up by 1.1% and the remaining gainers up by less than 1% or on less than 1m dhs of turnover.

Emirates Telecommunications Company (ETISALAT) fell 1.1% to 17.20, Aabar Petroleum Investments Company PJSC (AABAR) lost 1.1% to close at 3.61, and the remaining falls were less than 1% or on low volumes.

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