UAE markets 01 Nov 2007

UAE market news & discussions for 01 November 2007 Another strong day on UAE markets today. Both indicies were up more than one per cent on strong volumes. On the DFM, the standout share was EMAAR rising 5.42% to 13.60 dirhams on more than 100 million shares traded. For the ADSM, Three shares ARKAN, DANA and RAKPROP all traded more than 250 million shares and all rose more than 5%. Third quarter earnings released or updated today. Aramex (ARMX) released full statements today after yesterday's press release, with nothing unusual apparent. Reasonable to good growth in revenues, gross profit and net profit. Their share price continued up another 4% today. Dubai Investments (DIC) had a net profit of just over AED 1 billion for the nine month period, and a solid increase of 44% from the previous year, due mostly to extraordinary items, in particular property sales and revaluation gains. Gross profit was almost unchanged, which is probably reflected in the lowish PE their shares are currently trading at. Similar comments apply to the third quarter earnings although net profit growth was somewhat less. Share price was up a marginal 0.2%. Emirates NBD (ENBD) released third quarter combined results from EBI and NBD. EBI total assets were up an astonishing 60% from Sep 2006, but so were liabilities. Net profits for M9 grew by a solid 30% to AED 1.78 billion, putting them on target to easily crack AED 2 billion for the year. NBD net profit growth was also decent at 30% to AED 974 million for a combined total of AED 2.75 billion for ENBD for M9. Fujairah Building Industries (FBICO) Q3 net profits were up by 25% to just over AED 10 million, M9 net profit up a more impressive 44% to AED 24m from good revenue growth. Shares look cheap on an earnings basis with an estimated 2007 PE of about 6-7. Tabreed (TABREED) profit growth was marginal at only 4-5% for both the third quarter and nine month periods, after allowance for minority interests. Leaving us at a loss to explain the high share valuations based on earnings with a PE in excess of 50. It appears to be difficult to make money cooling the desert.

• Market Watch
• TABREED 2007 Q3 profit AED 15m +5%, M9 49m +5% 01 Nov 2007
• Insider trades DFM November 2007
• DFM granted AED 280m land by Dubai Government 30 Oct 2007
• DIC 2007 Q3 profit AED 268m +34%, M9 1.07bn +44% 01 Nov 2007
• DFM companies off to New York in November - GN 27 Aug 2007
• 2007 Q3 results & forecasts
• 01 November 2007 UAE Dubai, Abu Dhabi business news
• Any stock picks at these high levels
• AGTHIA 2007 Q3 profit AED 9m +26%, M9 29m +22% 29 Oct 2007
• Dubai Ports IPO - Poll
• EMAAR to develop more land in Dubai - R 28 Oct 2007
• DU 2007 Q3 loss AED -242m -23%, M9 -739m -72% 31 Oct 2007
• 31 October 2007 UAE Dubai, Abu Dhabi business news
• DIB 2007 Q3 profit up to 390m, misses forecasts - R 30 Oct 2007
• ARTC 2007 Q3 profits blitz forecast, +270% to AED 170m - 29 Oct 2007
• AABAR 2007 Q3 profit AED 19m -30%, M9 44m -52% 30 Oct 2007
• Visa IPO
• Risky stocks
• MASQ 2007 Q3 profit AED 396m -13%, M9 1.35bn +21% 30 Oct 2007
• Emirates' IPO talk gathers pace
• 30 October 2007 shares and financial news for DFM and ADSM
• AGTHIA 2007 Q2 profit AED 11m +11%, H1 20m +21% - Jul 2007
• JULPHAR 2007 Q3 profit AED 43m +74%, M9 105m +90% 29 Oct 2007
• AHI 2007 Q3 profit AED 14m +98%, M9 37m +99% 29 Oct 2007

More UAE stock market news and discussions...

best stock rises symbol price change SALAM 20.80 +2.70 +14.9% IFA 13.30 +1.10 +9% DANA 2.01 +0.12 +6.3% TKFL 4.79 +0.27 +6% ARKAN 2.35 +0.13 +5.9%

worst stock falls symbol price change RAKCEC 5.26 -0.44 -7.7% ASMAK 5.56 -0.36 -6.1% RAPCO 3.66 -0.19 -4.9% UNION 2.15 -0.11 -4.9% FOODCO 4.58 -0.13 -2.8%

top volume symbol value (AED) price EMAAR 1,442,646,853 13.60 ARKAN 626,886,312 2.35 RAKPROP 550,880,941 2.05 DANA 530,387,728 2.01 SOROUH 475,943,424 6.45

Dubai Financial Market

The DFM index finished at 5,346 a gain of 1.28% from the previous close. 740 million shares traded worth 3.6 billion dirhams. Eleven shares advanced and twelve declined.
The top traded share was DEYAAR falling 0.44% to 2.23 dirhams on volume of 141 million shares traded.

Other shares to fall included: AIRARABIA 1.69 (1.16%), Amlak Finance (AMLAK) 4.70 (0.42%), DFM 5.12 (1.15%) and GULFNAV 1.46 (0.68%).

Shares to increase included: ARAMEX 3.20 (4.23%), Dubai Investments (DIC) 5.48 (0.18%), Emaar Properties (EMAAR) 13.60 (5.42%) and Tabreed (TABREED) 3.35 (0.90%).

Abu Dhabi Securities Market

The ADSM index finished at 4,341 a gain of 1.64% from the previous close. 1.1 billion shares traded worth 3.6 billion dirhams. Thirty one shares advanced and fourteen declined.

Three shares that finished in positive territory all trading more that 250 million shares included:
ARKAN 2.35 (5.86%), Dana Gas (DANA) 2.01 (6.35%) and RAK Properties (RAKPROP) 2.05 (8.76%).
Other shares to rise included: Aabar Petroleum (AABAR) 4.33 (1.88%), Aldar Properties (ALDAR) 9.97 (2.05%), AGTHIA 2.19 (5.29%), Sorouh Real Estate (SOROUH) 6.45 (2.87%) and Abu Dhabi National Energy (TAQA) 3.61 (1.69%)

Shares to fall included: BILDCO (BILDCO) 3.88 (0.51%) and Oasis Leasing (OILC) 2.89 (0.69%).

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