UAE markets 26 Sep 2007

UAE market news & discussions for 26 September 2007 ADSM rocked and DFM flopped today. Oasis Leasing had solid gains on huge turnover, perhaps indicating Q3 results are looking good. Gulf Navigation on DFM also had a good day, with share price up and hitting the top of the traded value list. Are investors waiting with bated breath for Emaar's Dubai Holding JV announcement, promised by the end of September? Muted trading in Emaar shares this week with a 1.4% fall today indicates that they'll be true to form and not say anything. Of course, they could surprise everyone and make an announcement in the remaining 4 days, 2 of which are the UAE weekend. EFG Hermes released a Dubai property research report which forecast continued price increases for 2007 and 2008, before falling in 2009, due to continued delivery delays. They estimate delivery of only 25,000 units this year compared to demand for 45,000 units. EFG also estimate the rent cap for 2008 to be reduced to 5%. OMX share trading in Sweden was suspended this morning pending an announcement reported to be that key OMX shareholders have been offered a price of SKR 260-265 by Nasdaq and Borse Dubai. Unsurprisingly, Investor AB and Nordea AB, the key shareholders of OMX, declined to comment. The Saudi stockmarket (Tadawul) will allow GCC nationals (but not expat residents) to trade shares there, following on from last year's ruling allowing resident foreigners in Saudi to buy and sell stocks on the Tadawul. The Saudi Riyal was at a 21 year high against the dollar on speculation that it might revalue. That difference from 21 years ago is only 1 fil though. The UAE Central Bank cut interest rates another 10 points (0.1%) after a 25 point cut earlier this week.

• 26 Sep 2007 UAE stocks and business news
• AIRARABIA - Deutsche Bank report FV 1.70 dhs [BUY] - 18 Sep 2007
• Borse Dubai Nasdaq reach OMX deal, OMX trading halted - TF 26 Sep 07
• Dubai property prices down in 2009 - EFG Hermes report - 26 Sep 2007
• Emaar Cancels Land-for-Shares Swap With Dubai Holding - 25 Aug 2007
• ESCA warns brokers to comply by 30 Sep 2007 - GN 26 Sep 2007
• SALAM BOD meeting 25 Sep 2007 - Investments & Bounian shares
• Saudi allows GCC nationals to buy local stocks - BB 25 Sep 2007
• TAQA bids AED 18 bn for Canada's Primewest Energy Trust - 24 Sep 07
• 25 Sep 2007 financial and business news for the UAE

More UAE stock market news and discussions...

best stock rises symbol price change ASMAK 5.55 +0.38 +7.4% CBI 2.68 +0.17 +6.8% UNION 2.12 +0.12 +6% AWNIC 5.34 +0.29 +5.7% ADNH 5.99 +0.31 +5.5%

worst stock falls symbol price change FH 6.31 -0.23 -3.5% AIRARABIA 1.31 -0.04 -3% CBD 8.55 -0.20 -2.3% ARMX 2.55 -0.05 -1.9% IAIC 3.25 -0.06 -1.8%

top volume symbol value (AED) price GULFNAV 376,730,121 1.30 OILC 311,774,229 1.81 AIRARABIA 192,301,003 1.31 EMAAR 120,878,534 10.70 DEYAAR 102,401,500 1.85

Dubai Financial Market

Have we used the phrase "profit-taking" yet this week? The DFMGI fell 1.05% to 4222 on turnover of AED 1 billion, dragged down by a 1.4% fall in Emaar Properties PJSC (EMAAR) from lowish turnover of AED 121m. This is not a good sign as the Dubai Holding JV announcement deadline, and end of 2007 Q3 approach.

GULFNAV, however, had a storming day, dominating DFM with AED 377m of trading and a reasonable 1.6% rise to 1.30. Other rises for Arab Insurance Group (ARIG), with only 7 trades but just over AED 1m of turnover and a 2.9% rise to 3.60. The other 3 gainers on DFM today were ALMADINA up 1.4%, MAZAYA up 1.2% from just 2 trades, and Arabtec Holding PJSC (ARTC) up 0.6% to 6.25.

AIRARABIA took the biggest hit today as it fell 3% to 1.31. What was that phrase again? Other falls of note were Aramex PJSC (ARMX) down 1.9% to 2.55, Islamic Arab Insurance Company PSC (IAIC) down 1.8%, Emirates Integrated Telecommunications Company (DU) down 1.7%. AMAN, DFM, DIB, and Amlak Finance Company (AMLAK) all fell about 1.25%, and DEYAAR lost 1.1%.

Abu Dhabi Securities Market

The ADSM had a solid 1% rise to break through the 3500 point level, closing at 3528 from healthy turnover of AED 688m. Close to half of that from trading in Oasis International Leasing Company PJSC (OILC) which rose 3.4% to finish at 1.82.

Commercial Bank International (CBI) was the winner of the day though with a 6.8% rise to 2.76 from very high turnover of AED 39m (Commercial Bank International (CBI) usually trades very little). This could be another company with good Q3 results - that seems to be a much more likely explanation than their press release about a new logo.

Encouraging rises also for UNION up 6% to 2.18, AWNIC up 5.7% to 5.50, ADNH up 5.5% to 5.85. All three stocks rising on unusually high turnover.

National Bank of Abu Dhabi (NBAD), Dana Gas PJSC (DANA), Ras Al Khaimah Properties PJSC (RAKPROP), ARKAN, First Gulf Bank (FGB) and Qatar Telecom (QTEL) all rose between 1.8% & 1.9%. Gulf Cement Company (GCEM) was up 1.6%, Emirates Telecommunications Company (ETISALAT) rose 1.4% to 18.05, Abu Dhabi Commercial Bank (ADCB), AGTHIA, and Ras Al Khaimah Cement Company (RAKCC) all up about 1%.

A short list of losers with Finance House PJSC (FH) at the top from just one trade. More significant falls for Sorouh Real Estate (SOROUH) down 1.3%, Aldar Properties PJSC (ALDAR) and Abu Dhabi National Energy Company (TAQA) down 1.1%, and Bank Of Sharjah (BOS) down 1%.

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