UAE markets 18 Oct 2007

UAE market news & discussions for 18 October 2007 The week finished on a high note with gains of more than 2% on solid trading for both markets today, surprising pundits who expected some fallout from the market heavyweight, Emaar, results coming in below expectations yesterday. Perhaps Emaar is losing its dominant position on the trading floor. The oil price rising to almost $90 this week has probably helped market sentiment locally, along with buy ratings for several stocks from HSBC and NBAD. The newly listed Emirates NBD continued to rocket ahead with another limit up trading day. Tabreed and Dubai Islamic Bank shone, and in Abu Dhabi, Etisalat shares had a big rise, perhaps due to news they were interested in a stake in Oman Telecom. Third quarter results updates and summaries today ADCB - good growth in core profit shaking off the reliance on IPO income, shares look reasonably priced if growth continues. Arkan Building Materials - Q3 profit down due to big increase in costs, M9 profit up helped by big increase in Finance Income. Commercial Bank of Dubai - impressive profit growth, especially from core revenue, making their shares look cheap compared to the rest of the bank sector. Emirates Islamic Bank - net profit almost doubled. Invest Bank - a drop in profit avoided by selling a plot of land. RAK Cement - profits dropping fast as increasing energy costs continue to hurt. RAK Properties - profits down but sales are up, however no revenue from sales is booked yet. Shares may be good value but difficult to asses due to profit figures dependent on extraordinary items. RAK White Cement - results released today, not yet reviewed. Tamweel should release results on Sunday next week. Other news included a joint venture announcement between Taqa and Kuwait Energy. Taqa North's bond issue received ratings from Moody's and S&P. IPO possibilities for Al Qudra Holding (expected early 2008), Depa, and Abraaj Capital. Amlak bought phase I of Meydan Business Park for AED 2.6 billion. The Tamweel CEO forecast continuing housing shortages in Dubai.

• 18 Oct 2007 financial and business news for the UAE
• Abraaj Capital IPO
• Abraaj Capital 2nd closing of IBCF fund at AED 4.4 bn - PR 16 Oct 2007
• ADCB 2007 Q3 profit AED 566m +38% M9 1.51bn -3% 17 Oct 2007
• Al Qudra IPO
• AMLAK buys Meydan Business Park phase I for AED 2.6 bn - PR 17 Oct 07
• ARKAN 2007 Q3 profit AED 57m -5% M9 144m +11%
• Depa IPO
• EMAAR 2007 Q3 profit AED 1.55bn -3%, M9 4.82bn +4% - 17 Oct 2007
• ENBD Emirates NBD shares list on DFM - 16 Oct 2007
• INVESTB 2007 Q3 profit AED 78m +23% M9 200m +15%
• Market Watch
• NBAD rates UAE and Gulf stocks as good buys - R 16 Oct 2007
• Q Hydra established by Al Qudra & Hydra International - PR 17 Oct 2007
• RAKCC 2007 Q3 profit AED 5m -86% M9 47m -55% - 18 Oct 2007
• RAKPROP 2007 Q3 profit AED 27m +30% M9 302m -20% - 17 Oct 2007
• RAKPROP to issue AED 7.34 bn Sukuk - R 17 Oct 2007
• Ratings for ADCB FGB NBAD from HSBC - 16 Oct 2007
• SALAM 2007 Q3 results - BOD meeting 25 Oct 2007
• SOROUH Al Ghadeer project
• TAQA and Kuwait Energy in joint venture - R 17 Oct 2007
• TAQA plans US bond to pay for acquisitions - R 16 Oct 2007

More UAE stock market news and discussions...

best stock rises symbol price change ENBD 13.55 +1.75 +14.8% NCTH 5.55 +0.50 +9.9% RAPCO 3.71 +0.33 +9.8% TABREED 3.04 +0.27 +9.7% DIB 10.70 +0.71 +7.1%

worst stock falls symbol price change NBF 3.92 -0.43 -9.9% FBICO 1.81 -0.14 -7.2% OEIHC 21.65 -1.20 -5.3% OIC 8.98 -0.47 -5% RAKCEC 5.90 -0.30 -4.8%

top volume symbol value (AED) price DFM 496,400,657 4.20 EMAAR 447,019,743 11.60 OILC 296,155,432 2.68 SOROUH 291,953,445 6.05 ALDAR 268,956,828 9.26

Dubai Financial Market

The DFMGI shrugged off the disappointing results from Emaar and gained a solid 2.3% to close at 4744 points from a meaty 2.8 billion dhs of turnover. Total gain for the week an impressive 5.3%.

Emirates NBD (ENBD) took top honors yet again with limit up trading of 15% to close at 13.55. Some other sterling gains for Tabreed (TABREED) up 10% to 3.04, Dubai Islamic Bank (DIB) up 7.1% to 10.70, Aramex (ARMX) up 5.9% to 2.89, and MASQ making a rare appearance on the charts with a 5% rise to 210.00.

AMAN was up 4.7% to 27.00, Du Telecom (DU) saw a 4.4% rise to 5.04, and DFM shares saw the most activity with a 2.7% rise to 4.20 and almost half a billion dhs of traded value.

Emaar Properties (EMAAR) was the only actively traded stock to show a loss, down by 1.3% to 11.60. You could almost say it was a good day for them considering how much of a knock they took 3 months ago when Q2 earnings came in below expectations.

Abu Dhabi Securities Market

The ADSM stormed up another 2.5% to crack the 4000 point level, closing at 4031 from a huge 2 billion dhs of turnover. A good week in Abu Dhabi with a total increase in the index of just under 7%. Etisalat (ETISALAT) stood out with a big jump of 6.5% to 21.00 and a heavier than usual 104m dhs worth of deals.

Oasis Leasing (OILC) and Sorouh Real Estate (SOROUH) topped the traded value table, both with just under 300m dhs worth of trades and rises of 2.7% to 2.71, and 3.8% to 6.04 respectively. Other solid increases on more than 1m dhs of turnover for Sudan Telecom (SUDATEL) up 4.1%, Abu Dhabi Islamic Bank (ADIB) up 3.6%, First Gulf Bank (FGB) up 3.4%, Abu Dhabi National Energy (TAQA) up 2.8%, National Bank of Abu Dhabi (NBAD) up 2.5% and FCI up 2.1%.

Despite the good day overall, there were still 18 stocks that fell with the most notable losses for RAK Properties (RAKPROP) down 2.6% to 1.89, RAK Cement (RAKCC) down 2.2% and ARKAN down 1%.

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