UAE markets 07 Nov 2007

UAE market news & discussions for 07 November 2007 A brutal day on UAE markets today as investors gave back some of the gains of the past week on some of the most popular stocks. The DFM index closed at 5,443 a fall of 4.94% and the ADSM index fell 2.73% to close at 4,318. If you dare see the full extent of the carnage in the market report below. Beware many stocks recorded falls greater than 5%. Did anyone say buying opportunity? Deyaar will release their Q3 results tomorrow. Their shares were 15% limit up yesterday with almost a billion shares traded but fell 6% today on similar volumes. Air Arabia said they would double their leased fleet size to 22 by 2010, which means they could be up to AED 2.7 billion annual profit from 70 planes by 2016. Except that half of them might be empty based on their passenger traffic forecasts for the Middle East region. Arabtec was given a fair value of 10.10 dhs (BUY) in an HC Securities report. Aramex received a fair value rating of 3.72 dhs (ACCUMULATE) in a report from EFG-Hermes, who lowered their forecast for 2007 earnings. Bayan Investments released limited information about Q3 results yesterday with earnings volatility making it difficult to know if their shares are cheap at a PE of 5 for the quarter, or expensive at a PE of over 100 for the 9 month period. Union Properties full results yesterday revealed their generous interest free credit could be costing them up to 15% of net profits for the year, which might explain why their share price yesterday didn't follow the rest of the market upwards. Falcon Financial Services, a broker, was reported to be closing.

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More UAE stock market news and discussions...

best stock rises symbol price change SALAM 21.20 +2.70 +14.6% FBICO 2.22 +0.20 +9.9% OEIHC 33.25 +2.95 +9.7% RAPCO 4.29 +0.30 +7.5% CBI 2.90 +0.10 +3.6%

worst stock falls symbol price change IFA 10.90 -1.90 -14.8% GULFNAV 1.56 -0.24 -13.3% IAIC 3.57 -0.47 -11.6% EIC 9.77 -1.08 -10% ARMX 3.03 -0.32 -9.6%

top volume symbol value (AED) price DEYAAR 2,711,402,242 2.62 OILC 1,174,224,657 2.95 EMAAR 994,651,088 13.75 TAMWEEL 826,078,553 6.80 DFM 820,540,630 5.80

Dubai Financial Market

The DFM index closed at 5,443 a fall of 4.94% from the previous close. 2.5 billion shares traded worth 8.9 billion dirhams down from yesterdays effort of over 10 billion dirhams. Five shares advanced and twenty four declined.
The top traded shares were DEYAAR falling 5.75% to 2.62 dirhams on turnover of 967 million shares traded. AIRARABIA fell 8.24% to 1.78 dirhams on turnover of 432 million shares traded and GULFNAV fell 13.33% to 1.56 dirhams on turnover of 399 million shares traded.

Other shares to fall included: Amlak Finance (AMLAK) 4.59 (8.20%), ARABTEC 7.79 (7.26%), ARAMEX 3.03 (9.57%), DFM 5.80 (6.36%), Dubai Investments (DIC) 5.60 (5.72%), Tamweel (TAMWEEL) 6.80 (3.95%) Tabreed (TABREED) 3.27 (5.76%) and Islamic Arab Insurance (IAIC) 3.57 (11.63%).

Shares to rise on small volumes included: MASQ 275 (1.28%), Arab Insurance Group (ARIG) 3.75 (1.35%), Commercial Bank of Dubai (CBD) 10.10 (1.00%) and SALAM 21.20 rising 14.59% on one trade of 5000 shares.

Abu Dhabi Securities Market

The ADSM index closed at 4,318 a fall of 2.73% from the previous close. 773 million shares traded worth 2.6 billion dirhams. Ten shares advanced and thirty two declined.
The top traded share was Oasis Leasing (OILC) rising 1.03% to 2.95 dirhams on turnover of 398 million shares traded.

Other shares to rise included: Finance House (FH) 7.10 (3.76%), Invest Bank (INVESTB) 3.70 (2.78%), Commercial Bank International (CBI) 2.90 (3.57%) and RAK Poultry (RAPCO) 4.29 rose 7.52% on one trade of 300 shares.

Shares to fall included: Aabar Petroleum (AABAR) 4.24 (4.93%), Aldar Properties (ALDAR) 10.40 (5.45%), ARKAN 3.05 (1.61%), Dana Gas (DANA) 2.23 (1.33%) and AGTHIA 2.15 (6.52%)

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