UAE markets 23 Sep 2007

UAE market news & discussions for 23 September 2007 Both markets barely moved today on moderate trading volumes with Aldar Properties and DFM shares the most heavily traded, both increasing slightly, while IAIC had a good rise on greater than usual turnover. Amlak Finance released a statemen that they had submitted required documents to ESCA for their 5% share buyback. Share price was up slightly on thin trading. It looks like ShareWadi is not the only one to wonder why Amlak are doing this. Net foreign and institutional investment in DFM stocks were both up last week, which one could see as an encouraging sign for the markets. United Arab Bank released a statement saying that the Central Banks of both Qatar and the UAE had approved the purchase of a stake in UAB by the Commercial Bank of Qatar. The excitement over the weekend about the new Borse Dubai-Nasdaq deal faded today although Qatar is still on the scene with speculation that the Qatar Investment Authority was increasing its stake in the OMX - not confirmed by the QIA though.

• 23 Sep 2007 UAE business & financial news
• ALMADINA trading suspended, AED 290 deal with HITS Telco 19 Sep 07
• AMLAK mortgages for Emirates Financial Towers PR 23 Sep 2007
• AMLAK share buyback
• Borse Dubai & Nasdaq to merge for OMX bid - R 20 Sep 2007 - updated
• DFM net foreign investment AED 293m last week - 22 Sep 2007
• DIB to provide escrow account for Smart Home Real Estate PR 23 Sep 07
• Dubai Ports World AED 15.4 bn IPO this year? R 11 Sep 2007 - updated
• EIB, NBS - Berber Cement AED 477m Sukuk closes - PR 22 Sep 2007
• EIB signs escrow agreement with Dubai Lands Department PR 18 Sep 07
• ETISALAT shares worth AED 7.5m sold in scam - 7D 28 Aug 07 - updated
• Franklin Templeton Investments - DIFC
• RAKCEC JV - RAK Indu real estate - BL 21 Sep 2007
• RAKCEC in India will increase production by 70% - BL 21 Sep 07
• UAB - CommercialBank of Qatar purchase of UAB stake ok - 23 Sep 2007
• UAE oil output to be cut by 25% in November - AB 23 Sep 2007
• UNB signs escrow agreement with Land Department - PR 22 Sep 2007
• 22 Sep 2007 Dubai, Abu Dhabi, UAE business news

More UAE stock market news and discussions...

best stock rises symbol price change IAIC 3.28 +0.16 +5.1% QTEL 225.00 +9.00 +4.2% FOODCO 3.86 +0.09 +2.4% SCIDC 4.55 +0.10 +2.2% FH 6.90 +0.14 +2.1%

worst stock falls symbol price change NRE 6.06 -1.07 -15% ASMAK 5.66 -0.29 -4.9% UNB 6.80 -0.25 -3.5% MAZAYA 8.50 -0.25 -2.9% INVESTB 3.10 -0.09 -2.8%

top volume symbol value (AED) price ALDAR 267,868,486 7.23 DFM 212,962,348 3.17 EMAAR 143,623,207 10.80 AIRARABIA 138,333,012 1.25 DEYAAR 105,176,482 1.85

Dubai Financial Market

The DFMGI was up by just 0.02%, or less than a single point, to 4221 from average turnover of AED 783m. DFM shares topped the value list with 213m dhs of trading and a 1.3% rise to 3.17, the Nasdaq-Borse Dubai news probably giving it a bit of impetus.

Islamic Arab Insurance Company PSC (IAIC) Salama insurance saw increased buying in the last hour of trading with a 5% rise in share price. The insider trading log today showed nothing so it doesn't appear to be more buying back of shares by Islamic Arab Insurance Company PSC (IAIC).

Amlak Finance Company (AMLAK), up by 1.3%, and Union Properties PJSC (UPP) up by 1% were the only other rises on turnover of more than 10m dhs. AIRARABIA and Arabtec Holding PJSC (ARTC) closed flat on moderate turnover.

ALMADINA was the only stock trading more than AED 1m dhs that fell more than 1% - it was down by 1.4% to 10.50. Emaar Properties PJSC (EMAAR) and DEYAAR fell 0.5% each. NRE went limit down on just one small trade.

Abu Dhabi Securities Market

ADSM saw the merest 0.01% fall to 3458, a drop of only a fifth of a point, on moderate turnover of 405m dhs. More than half of that from trading in Aldar Properties PJSC (ALDAR), which rose 2% to 7.35.

Other rises of note for Qatar Telecom (QTEL) up 4.2% to 225.00 from just 4 small trades, Sorouh Real Estate (SOROUH) up 0.9%, Oasis International Leasing Company PJSC (OILC) up 0.6%, and Emirates Telecommunications Company (ETISALAT) also up 0.6%.

Losers of note today were ASMAK down 4.9% to 5.52 from a handful of trades, Ras Al Khaimah Cement Company (RAKCC) down 1% to 2.06. Dana Gas PJSC (DANA) and First Gulf Bank (FGB) were at the top of the value traded list for stocks showing a loss, with both trading only about 5m dhs worth, and falls of just 0.6% and 0.4% respectively.

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