UAE markets 05 Nov 2007

UAE market news & discussions for 05 November 2007 Defying the sub prime credit crisis UAE markets continued to climb today. The DFM index closed at 5,528 a rise of 2.29%. The ADSM index closed 0.97% higher at 4,424. Trading volumes are at record highs and stocks are making new highs on increasing volumes. All of these bullish signs indicate the UAE markets are starting to emerge from a two year period of very sluggish performance. AIRARABIA celebrated its results: 2007 Q3 profit AED 170m +244% by rising 4.76% to 1.76 dirhams. In other news: Al Firdous (ALFIRDOUS), previously known as Manasek, was a new listing on the DFM today, with shares rising a splendid looking 250% from par value. We don't expect today's fine performance, or trading levels to be repeated. Aldar Properties announced a further 176m shares would be converted from their Sukuk, the news appearing on the same day that their shares rose almost limit up on high volumes. It seems odd that the dilution would prompt such a reaction. Dana Gas shares continued their solid run, apparently due to a Sukuk listing in London which was known last month. But there was a comment from their Crescent Petroleum affiliate earlier this week that the gas pipeline to Iran was complete. The DFM chairman forecast 2007 profits up to 1.2 billion yesterday, an unusual comment given that the DFM rapped Amlak's knuckles for making a profit forecast last month. Nevertheless, it prompted a 10% rally in DFM's price yesterday and another 4% today on high trading volumes. Market cap is now enough to buy the Nasdaq, LSE and OMX, and still have change. Emaar shares may have been sluggish due to the news that their associate company in Saudi Arabia, Emaar the Economic City, made a small loss for 2007 Q3. Initial review of the DP World prospectus appears to indicate shares a little pricey at $1 with a 2007 PE estimate of around 50. Third quarter results reviewed for Abu Dhabi Building Materials (a dismal performance) and Dubai Insurance (whose profits were almost sure to rise after the large loss this time last year). Oman Insurance and Alliance Insurance released Q3 results yesterday, Agility said they would have a board meeting on 07 Nov to discuss Q3 results. International Fish Farming and Palestine Telecom results are expected later this week.

• DP World IPO opens today - expensive shares at $1? 04 Nov 2007
• GRAND signs a contract with NBD - DFM (Arabic) 05 Nov 2007
• Any stock picks at these high levels
• Emaar Economic City loses SR 3.5 million in 2007 Q3 - BB 04 Nov 2007
• Air-Arabia Q3 results - confusing !
• DANA up on heavy trading - Sukuk listing or pipeline complete? 04 Nov 07
• Market Watch November 2007
• BILDCO 2007 Q3 profit AED 1.2m -92%, M9 32m -59% 04 Nov 2007
• AIRARABIA to buy another 50 planes - 04 Nov 2007
• ALFIRDOUS Manasek new listing
• DFM 2007 FY profit forecast AED 820-1200m [Poll]
• 05 Nov 2007 financial and business news for the UAE
• DP World prospectus
• Dubai Ports IPO - Poll
• SOROUH 2007 Q3 profit AED 220m +39%, M9 770m +370% 30 Oct 2007
• DIC 2007 Q3 profit AED 268m +34%, M9 1.07bn +44% 01 Nov 2007
• DFM foreign investment tripled in week ending 01 Nov 2007
• 04 Nov 2007 shares and financial news for DFM and ADSM
• DANA - Iran pipe complete? Iraq plans - ANI 03 Nov 2007
• ETISALAT to borrow AED 2.9 bn to finance Egypt unit - R 03 Nov 2007
• Imp, Sunday Arabtec may be open for buyers - foreigners!
• A Bigger picture - R 31 Oct 2007
• ENBD 2007 M9 profit AED 2.52bn 01 Nov 2007
• ENBD- Is it a value stock ?
• 03 November 2007 UAE Dubai, Abu Dhabi business news

More UAE stock market news and discussions...

best stock rises symbol price change GRAND 5.29 +0.69 +15% RAKBANK 8.37 +0.76 +10% OEIHC 27.75 +2.50 +9.9% ARKAN 2.82 +0.25 +9.7% FBICO 1.99 +0.17 +9.3%

worst stock falls symbol price change IIG 4.70 -0.60 -11.3% UNION 2.25 -0.09 -3.8% PALTEL 29.00 -1.00 -3.3% BOS 3.28 -0.08 -2.4% ENBD 15.30 -0.35 -2.2%

top volume symbol value (AED) price DEYAAR 1,560,128,939 2.42 DFM 921,069,521 5.86 SOROUH 779,181,843 6.76 OILC 647,746,352 2.90 GULFNAV 643,377,855 1.62

Dubai Financial Market

the DFM index closed at 5,528 today an increase of 2.29% from the previous close. 1.9 billion shares traded worth 6.4 billion dirhams. Twenty shares advanced and 6 declined.
The top traded share was DEYAAR rising 5.67% to 2.42 dirhams on turnover of 655 million shares traded. This was followed by AIRARABIA rising 4.76% to 1.76 dirhams on turnover of 318 million shares.

Other shares to rise included: Amlak Finance (AMLAK) 4.80 (3.00%), ARABTEC 8.33 (0.96%), DFM 5.86 (3.71%), Dubai Investments (DIC) 5.80 (4.50%), Emaar Properties (EMAAR) 13.80 (1.47%), GULFNAV 1.62 (6.57%) and Tamweel (TAMWEEL) 6.16 (7.31%).

Shares to fall included: ARAMEX 3.15 (0.31%) and Shuaa Capital (SHUAA) 6.65 (0.74%).

Abu Dhabi Securities Market

The ADSM index closed at 4,424 today an increase of 0.97% from the previous close. 1 billion shares traded worth 3.8 billion dirhams. Thirty shares advanced and seventeen declined.
The top traded share was RAK Properties (RAKPROP) rising 4.11% to 2.28 dirhams on turnover of 229 million shares traded. This was closely followed by Oasis Leasing (OILC) rising 1.40% to 2.90 dirhams on turnover of 223 million shares traded.

Other shares to rise included: Aabar Petroleum (AABAR) 4.61 (2.67%), Aldar Properties (ALDAR) 10.75 (6.82%), ARKAN 2.82 (9.73%), Dana Gas (DANA) 2.33 (6.88%), Sorouh Real Estate (SOROUH) 6.76 (4.64%) and Abu Dhabi National Energy (TAQA) 3.91 (1.82%).

Shares to fall included: ADNH 8.68 (1.36%), Etisalat (ETISALAT) 21.80 (0.68%) and First Gulf Bank (FGB) 20.90 (0.24%).

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