UAE markets 25 Oct 2007

UAE market news & discussions for 25 October 2007 The last day of trading this week saw a slight fall for the ADSM with ADIB the star of the day, rising on heavy trading. The DFM rose on over AED 4 billion of turnover for a second day, with Deyaar dominating trading after the news of their Jebel Ali development. Gulf Navigation and Union Properties also stood out with good increases from robust trading activity. DIFX saw just 1 trade today - for Hikma Pharmaceuticals. News today included Oasis Leasing considering a purchase of a stake in Bahrain's Addax Bank. Emirates NBD (ENBD) will release 2007 M9 results after trading on 31 October 2007. Etisalat denied this week's rumours that they would allow foreign ownership. Deyaar announced they would launch a AED 3 billion development in Downtown Jebel Ali. The DIFC and CNBC signed a 3 year deal to provide business news and information. Third quarter results are expected for Union Insurance on Saturday and Tabreed on Sunday. Quite a number of companies released results today and late yesterday (more details will be added to Dubai Share Talk later) ... Abu Dhabi National Hotels (ADNH) saw solid growth in 9 month profits with the help of some investment income but Q3 profits dipped slightly despite increased revenues. Their shares, although usually trading in low volumes, have risen by 50% this month, including almost 10% today bringing them up to levels a little higher than the market average based on PE. Aldar Properties (ALDAR) released limited information yesterday and with little in the way of revenue, still managed impressive profit growth simply by revaluing their land holdings. Again. Profit figure was below forecasts though and the market has gone soft on their shares after a solid run in the past month or so. Arab Orient Insurance (AOIC) saw solid growth in underwriting income of 50-60% which did not all filter down to the bottom line net profit. Q3 earnings were up only slightly from the previous year. M9 earnings were up a still decent 30%. No doubt their shares will look even cheaper now. But nobody wants to sell them. Bank of Sharjah (BOS) issued a press release with limited information saying they'd done very well. M9 profit was down 7% due to investment portfolio not performing well but operating revenue and profit was up. The market didn't smile with them, share price fell 3% on muted trading. Fujairah Cement Industries (FCI) results released, not reviewed. Global Investment House (GLOBAL) Q3 profit down due to increased expenses, however, for the first nine months, despite a significant increase in expenses, Global did show a profit increase over the previous year. With a PE of less than 10, current share price looks like it could be good value if Global can do something to turn costs around. National Industries Group (NIND) issued a summary statement with profits and EPS almost doubled from the same period last year making their shares look much cheaper than the market average. Oasis Leasing (OILC) had decent Q3 profit growth and much more impressive growth for the first nine months of 2007. Their share price has been on a rip this month but has turned the past couple of days although on much reduced volumes. PE has halved compared to last year but still looks pricey compared to other shares on the ADSM. RAK Bank (RAKBANK) had good growth in revenue, and even better growth in profits by keeping cost increases down. Profits rose about 50% for both Q3 and M9, but there was little reaction in the market with limited trading, as usual. Shares look cheaper than average based on PE, especially if profit growth continues, but a little expensive based on Price to Book Value (PBV). RAK Poultry (RAPCO) didn't even crack a million dhs profit for Q3. The first nine months were a different story due to them selling over 90m dhs worth of Commercial Bank (CBI) shares earlier this year but there was no trading in the chicken stock today. Salam International Investment (SALAM) had little change in M9 profits from the previous year, and a fall in Q3 profits due to increasing costs and revenue not increasing. Union Cement (UCC) profits fell on increasing costs and poor investment performance, despite more plant starting up production in the third quarter. Union National Bank (UNB) saw no change in their M9 profit but healthy growth in Q3 profits with shares looking cheaper than other banks if that quarterly growth can continue. The market was impressed with share price up 3% on solid volumes. Union Properties (UPP) had an excellent set of results especially for the third quarter with profits more than doubling as they appeared to keep costs under control. The market responded in fine fashion driving their share price up to a 12 month record and volume also at a 12 month high. United Insurance Company (UIC) results released, not reviewed.

• 25 Oct 2007 financial and business news for the UAE
• AGTHIA signs MOU to acquire Ice Crystal - PR 24 Oct 2007
• ALDAR 2007 Q3 profit AED 506m misses forecast - 24 Oct 2007
• ALDAR convertible sukuk & share capital increase - 24 Oct 2007
• ALFIRDOUS Manasek new listing
• GLOBAL clarification of Kuwait news report (Arabic) - DFM 24 Oct 2007
• GLOBAL funds buy large stake in India's Reach Ltd - PR 23 Oct 2007
• OILC to acquire stake in ADDAX bank - 25 Oct 2007
• OILC 2007 Q3 profit AED 30m +20%, 2007 M9 profit AED 91m +83%
• QTEL 2007 Q3 profits expected to increase, due 11 Nov 2007
• RAPCO 2007 Q3 profit AED 1m -56%, 2007 M9 profit AED 59m +1,183%
• TAQA joint venture with Al Zamil & El Seif in Saudi - 24 Oct 2007
• TAQA to spend up to 184 bn in the next 5 years - GN 24 Oct 2007
• TAQA prices $2 bn senior notes, and payment dates - 24 Oct 2007
• UCC 2007 Q3 profit AED 31m -77%, 2007 M9 profit AED 149m -19%
• UNB 2007 Q3 profit AED 295m +43%, 2007 M9 profit AED 833m 0%
• UPP 2007 Q3 profit AED 177m +134% M9 AED 472m +52% - 24 Oct 07
• WARE Agility incorrect news in Al Rai newspaper - DFM 24 Oct 2007

More UAE stock market news and discussions...

best stock rises symbol price change WARE 26.95 +3.45 +14.7% EIC 9.52 +0.86 +9.9% NBQ 6.91 +0.60 +9.5% ADNH 9.05 +0.76 +9.2% NMDC 5.99 +0.35 +6.2%

worst stock falls symbol price change SHUAA 6.29 -0.41 -6.1% UAB 7.04 -0.37 -5% JULPHAR 2.01 -0.08 -3.8% ASMAK 5.90 -0.23 -3.8% FH 6.85 -0.26 -3.7%

top volume symbol value (AED) price DEYAAR 1,488,739,562 2.12 GULFNAV 526,701,500 1.43 UPP 494,815,301 4.33 DIC 339,817,048 5.17 ADIB 283,867,187 64.95

Dubai Financial Market

The DFMGI rose 0.51% to 4970 after briefly breaking through 5000 points today. An encouraging end to the week. Turnover was a mighty AED 4.2 billion with DEYAAR getting through almost AED 1.5 billion worth and rising a very solid 5.5% to 2.12 - its highest level since listing in September 2007. It also took top spot in the gainers list (ignoring the 2 small trades in WARE).

Other big moves on heavy trading for Union Properties (UPP) up 3.1% to 4.33 and half a billion dhs of turnover, after impressive Q3 results came out. GULFNAV rose 3.6% to 1.43 from just over 500 m dhs of turnover, Tamweel (TAMWEEL) up 2% to 5.56, and AMAN up 4.9% to 29.80.

Losers included an unpleasant 6.1% fall to 6.29 for Shuaa Capital (SHUAA), while Emaar Properties (EMAAR), Dubai Investments (DIC), Islamic Arab Insurance (IAIC), Du Telecom (DU) and Aramex (ARMX) all fell less than 1%.

Abu Dhabi Securities Market

The ADSM index started off with a nasty fall but then rose steadily to close at 4269 points, just 0.04%, or less than 2 points, off yesterday's close. Abu Dhabi Islamic Bank (ADIB) led the way onwards and upwards with a solid 4.25% rise to 65.70 from an unusually high 284m dhs worth of turnover putting it at the top of the traded value list.

Other good performances on active trading for NBQ going 10% limit up to 6.94, with turnover limited due to no sellers in the queue, ADNH up 9.2% to 9.04 after announcing results today, Union National Bank (UNB) up 2.9% to 9.21 also releasing results today, Aldar Properties (ALDAR) up 2% to 8.95, and Sorouh Real Estate (SOROUH) up 1.7% to 5.92.

Stocks falling on greater than 1m dhs of activity today included AGTHIA down 2.8% to 2.06, First Gulf Bank (FGB) also down 2.8% to 19.50, Abu Dhabi National Energy (TAQA) and NBS down 2.5%, Gulf Cement (GCEM) down 2.2%, Aabar Petroleum (AABAR) down 2.1%, and the remainder falling less than 2% or on turnover of less than AED 1m dhs.

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