UAE markets 08 Nov 2007

UAE market news & discussions for 08 November 2007 The markets ended the week on a sour note after a solid beginning with the ADSM dropping by 2.4%, and the most heavily traded stock, Oasis Leasing, suffering a gut-wrenching 8% fall today. The DFM plummeted 200 points in early trading after almost reaching 4500 points, but recovered somewhat to close the day fractionally down from yesterday, with Tamweel ending up ahead by 7.5%. Deyaar released full financial statements this morning, for the period since inception on 10 July 2007, revealing that of the impressive AED 200m profit announcement yesterday, only a third came from ongoing operations. Other third quarter statements (new or updated) were released from Gulf Navigation (GULFNAV) Al Mazaya Holding Company (MAZAYA), National Marine Dredging Company (NMDC), Agility (WARE), Bayan Investments (BAYAN) and Arab Emirates Investment Bank (AEIBANK). Moody's issued a special comment explaining why GCC countries did not merit a triple A rating from them despite having several economic indicators better than countries with AAA ratings. Emaar Malls was reported to be considering seeking finance to fund an 11-fold increase in retail space throughout the Middle East. And its parent company, Emaar Properties was reported to be sealing a deal within the next 3 months to build a residential and industrial zone in Libya. Emirates Airlines reported half-year profits of AED 2.4 billion - double what they were for the same period last year. They also received their 100th passenger aircraft this month. Air Arabia said they would develop a second hub in Morocco for flights to Europe. Gulf Finance House (GFH) shares received a favorable rating from a Merrill Lynch report. Shuaa Capital signed an agreement with Dubai Banking Group (DBG) to receive AED 1.7 billion of finance as convertible bonds, which will mean DBG ends up with a 32% stake of Shuaa in October 2008. Union National Bank were reported to be setting up a real estate finance and management company by April 2008, with AED 1 billion as an initial investment.

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best stock rises symbol price change TAMWEEL 7.31 +0.51 +7.5% GLOBAL 11.50 +0.50 +4.5% ALFIRDOUS 3.00 +0.13 +4.5% GGICO 8.90 +0.35 +4.1% DEYAAR 2.72 +0.10 +3.8%

worst stock falls symbol price change EIC 8.80 -0.97 -9.9% QCEM 3.03 -0.27 -8.2% OILC 2.71 -0.24 -8.1% FCI 4.90 -0.40 -7.5% TAQA 3.39 -0.25 -6.9%

top volume symbol value (AED) price DEYAAR 356,154,196 2.72 GULFNAV 196,348,023 1.60 OILC 140,609,993 2.71 AIRARABIA 137,846,057 1.81 ARKAN 108,985,361 3.12

Dubai Financial Market

The DFMGI closed just 0.07% down at 5440 points with turnover down to a still substantial AED 4 billion worth. DEYAAR was the most heavily traded with a little under AED 1 billion of trading and a decent 3.8% rise to 2.72. Emaar Properties (EMAAR) and Tamweel (TAMWEEL) were at number 2 and 3 spots on the traded value table, with a slight fall of 1.5% to 13.55 for Emaar and a very solid 7.5% increase to 7.31 for Tamweel.

Other rises included ALFIRDOUS up 4.5% to 3.00, GULFNAV up 2.5% to 1.60, Du Telecom (DU) and MASQ both up 1.8%, AIRARBIA up 1.7%, and Dubai Investments (DIC) up 1.3%.

Most of the actively traded stocks fell however, with the worst drops for Dubai Islamic Bank (DIB) down 2.8%, Arabtec (ARTC) down 2.7%, Emirates NBD (ENBD) down 2.6%, Tabreed (TABREED) down 2.5%, and AMAN skipping a point in the pattern to fall 2.3%. Islamic Arab Insurance (IAIC) was down by 1.7% while Aramex (ARMX), Union Properties (UPP), and Shuaa Capital (SHUAA) all fell less than 1%.

Abu Dhabi Securities Market

The ADSM was less friendly than the DFM today with a 2.4% fall, led downwards by Oasis Leasing (OILC) with an 8.1% drop to 2.66 and top position on the turnover list, trading 380m dhs worth of shares. ARKAN, at second spot on turnover with 341m dhs worth of trades, bucked the downwards trend and saw a reasonable 2.3% rise to 3.09.

A short list of only 5 gainers today, NBQ at the top of the list with surprisingly high turnover, although mostly from 2 large trades, and 3.8% increase to 8.00 - a 12 month high for them. ADNH was the only other rising stock to trade more than AED 1 million worth, up by just 0.5% to 8.30.

In the losers list we had Abu Dhabi National Energy (TAQA), Dana Gas (DANA), Sorouh Real Estate (SOROUH) all falling 6-7%, RAK Properties (RAKPROP) down almost 6%, Aabar Petroleum (AABAR) down 5.2%, Aldar Properties (ALDAR) and RAK Cement (RAKCC) down 4.5%, Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB), Gulf Cement (GCEM), and AGTHIA all dropping about 4%, Abu Dhabi Islamic Bank (ADIB) down 2.4%, and the remainder down less than 3% or on low turnover. Etisalat (ETISALAT) had the smallest fall of just 0.24% to close at 21.35.

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