UAE markets 24 Oct 2007

UAE market news & discussions for 24 October 2007 Another solid performance on both UAE markets today with the DFM reaching a day high just a couple of points short of the 5000 level on very high trading volumes, and a solid 3% rise for the ADSM with Etisalat powering ahead by another 6.5% and putting in a rare appearance at the top of the traded value chart. DIFX quiet as usual with just 2 trades in Hikma Pharmaceuticals so far today. Third quarter results released late yesterday and so far today include First Gulf Bank (excellent), National Bank of Abu Dhabi (good), Union Properties (profits more than doubled from 2006 Q3), Gulf Finance House (excellent), Gulf Medical Projects (excellent), RAK Bank (good growth in 9M profits), and Emirates Insurance Company. More details and summaries will be available on ShareWadi.com later today. Taqa, Qatar Telecom, Palestine Telecoms, National Industries Group, United Insurance, and National Bank of Fujairah announced disclosure dates for Q3 results. Aldar Properties issued a notification of a share capital increase from their convertible sukuk. Borse Dubai were granteed an extension to file their OMX bid documents, and the OMX announced Q3 profits beating expectations. Air Arabia celebrated flying 5 million passengers. Etisalat were given sole control of Benin's mobile phone licence, and announced a 10% increase in basic salary for all employees (which we guess was not related to the news from Benin). Taqa said they were looking to spend up to AED 38 billion on more acquisitions in 2008. NBAD will lend AED 1.1 billion to Developers LLC to build the Dalma Mall in Mussafah. And a chilling statement from Agthia that they would acquire ICE Crystal. DFM announcements included the listing of the Al Mal Equity Fund today, and the listing of Manasek (ALFIRDOUS) next week.

• 24 Oct 2007 shares and financial news for DFM and ADSM
• ALFIRDOUS Manasek new listing
• DP World to retain A1 credit rating after IPO announcement - 22 Oct 2007
• DP World IPO dates and conditions - PR 21 Oct 2007
• FGB 2007 Q3 profit forecast AED 323m -18%
• GFH 2007 Q3 results - meeting 22 Oct 2007
• Insider trades ADSM DFM October 2007
• NBAD 2007 Q3 profit AED 576m +14% - 23 Oct 2007
• NBF 2007 Q3 results - BOD meeting date 29 Oct 2007
• NIND 2007 Q3 results - board meeting date 24 Oct 2007
• PALTEL 2007 Q3 results - BOD meeting 21 October 2007
• TAQA 2007 Q3 results due 31 Oct 2007 am
• UIC 2007 Q3 results - BOD meeting 24 Oct 2007
• Unigold lists on DIFX
• UPP establishes new company - DFM (Arabic) 24 Oct 2007
• 23 Oct 2007 UAE Dubai, Abu Dhabi business news

More UAE stock market news and discussions...

best stock rises symbol price change EIC 8.66 +0.84 +10.7% NBQ 6.31 +0.43 +7.3% GFH 9.80 +0.60 +6.5% NBF 4.10 +0.25 +6.5% ETISALAT 23.05 +1.40 +6.5%

worst stock falls symbol price change FCI 4.67 -0.33 -6.6% AMAN 28.40 -1.50 -5% RAKBANK 7.00 -0.20 -2.8% NMDC 5.64 -0.16 -2.8% TKFL 4.57 -0.11 -2.4%

top volume symbol value (AED) price AMLAK 815,578,272 4.42 DIC 804,734,708 5.20 EMAAR 391,127,378 12.00 TAMWEEL 371,707,483 5.45 UPP 321,992,810 4.20

Dubai Financial Market

The DFMGI was up by just in the end but there was massivive trading of 4. billion dhs worth, and the day's high of 4998 points was just shy of the 5000 points we haven't seen for a good while.

Amlak Finance (AMLAK) up 4% to 4.42 from 816m dhs of turnover, Dubai Investments (DIC) up just 0.8% to 5.20 but a massive 805m dhs of turnover, Union Properties (UPP) up 5% to 4.20, Tamweel (TAMWEEL) up 6.5% to 5.45, GGICO up 4.3% to 8.34. Emaar Properties (EMAAR) managed to lift itself by just 0.84% to close at 12.00 dhs.

AMAN had the biggest fall of 5% to 28.40. Other less worrying falls of 1.6% for Arabtec (ARTC), 1.4% for DIB, 1.2% for Tabreed (TABREED) and 1% for Shuaa Capital (SHUAA) and Emirates NBD (ENBD).

Abu Dhabi Securities Market

The ADSM was up 3.05% to 4271 from a decent 1.2 billion dhs worth of traded value. Etisalat (ETISALAT) was the star performer rising 6.5% to 23.60, with an intra day high of 23.60 also a 12 month high. Their African adventures in Benin and Tanzania, and foreign ownership of shares rumours probably helping the price along.

Other good rises for NBQ up 7.3% to 6.46, ADNH up 6.2% to 8.50, QCEM up 6% to 3.37, First Gulf Bank (FGB) up 5.3% to 19.70, Union National Bank (UNB) up 3.3% to 8.95 with all of them also reaching 12 month highs during the day. ABNIC was up 5.7% to 8.00 from a single large trade, National Bank of Abu Dhabi (NBAD) up 4.4% to 23.80, BILDCO (BILDCO) up 2.6% to 3.91, AGTHIA up 4.9% to 2.09. Remaining rises on less than 1m dhs of turnover or less than 2%.

Losers included RAK Bank (RAKBANK) down 2.8%, Aldar Properties (ALDAR) dropping 2.1% to 8.84, Aabar Petroleum (AABAR) down 2.3%, Abu Dhabi National Energy (TAQA) down 1.9%, Union Cement (UCC) down 1.7% and Sorouh Real Estate (SOROUH) down 1.3%, and Oasis Leasing (OILC) down just 0.4%.

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