UAE markets 16 Dec 2007

UAE market news & discussions for 16 December 2007 The ADSM rose slightly and the DFM fell marginally today. Tamweel saw trading volume of over 130m shares today - a record high for them this year. The big jump of 8.2% was prompted by news that its Sukuk was sold out within hours on Thursday, and conversion price of 18% to 23% above the 13 December 2007 close price. Arkan Building Materials announced a joint venture with a Korean company but said there was no capital increase planned, and they did not have any information to explain why their share price was increasing. Which seems very odd considering the JV news came from Arkan. Meanwhile, Finance House did their best to explain why their share price might have increased recently, in response to a query from the ADSM. They alluded to possibly a good profit figure for 2007 Q4 due to their stock market investments performing well. The possible Emirates Post IPO was in the news today. Perhaps the difference from previous reports was that they were definitely planning to have discussions about launching an IPO, as opposed to considering discussions about launching an IPO. The RAK Airways COO was also reported as talking about an IPO but it sounded like the same comments he made when they launched their first flight to Beirut but diverted it to Bangladesh earlier this month. Julphar and Global Investments announced a 900m dhs joint venture to develop a chain of pharmacies across the MENA region called Planet Pharmacies. The Amlak Chairman was interviewed by Emirates Business and told them that they were going to re-apply for a bank licence. Their shares fell 1 fil. Gulf Finance House announced a $10 billion development near Mumbai at the end of last week, and a $3 billion development in Tunisia - Tunis Financial Harbour. Their shares were up more than 6% on Thursday and down by the same amount today. Eid holidays for DFM and ADSM markets from Tue to Sat. Last trading day this week is tomorrow.

• 16 December 2007 financial and business news for the UAE
• Arkan Korea JV, shares double, Arkan denies knowing why - 15 Dec 07
• Abraaj sold their Arabtec stake - PR 11 Dec 07
• AMLAK Chairman interview EB 24/7 - 16 Dec 07
• AMLAK to renew bank license bid? - R 16 Dec 07
• DFM net foreign investment AED 730m week ending 13 Dec 07
• DU report EFG Hermes FV 7.00 dhs [ACC] - 13 Dec 07
• EMAAR report EFG Hermes FV 20.40 [BUY] 15 Dec 07
• Emirates Post IPO
• Empost planning AED 3 bn IPO ... 16 Dec 07
• FH explains sudden increase in share price 16 Dec 07
• GFH announces $10 bn development near Mumbai - PR 14 Dec 07
• GFH plans $3 bn Tunis Financial Harbour - PR 14 Dec 07
• Marketwatch UAE December 2007
• OILC bank loan AED 1.8 bn - 16 Dec 07
• Planet Pharmacies
• RAK Airways IPO
• TAMWEEL AED 1.1 bn convertible sukuk sold out - comments 15 Dec 07
• Who is importing Gas from Iran, TAQA or DANA ? 14 Dec 07
• UAE dirham revaluation for Eid?
• Revaluation still an option says UAE CB governor - R 15 Dec 07
• 15 December 2007 Dubai Abu Dhabi UAE financial news

More UAE stock market news and discussions...

best stock rises symbol price change ACICO 7.47 +0.97 +14.9% UIC 5.50 +0.50 +10% FH 8.82 +0.80 +10% OEIHC 35.05 +3.10 +9.7% NBF 4.30 +0.38 +9.7%

worst stock falls symbol price change QCEM 3.00 -0.20 -6.3% GFH 10.80 -0.70 -6.1% INVESTB 3.41 -0.19 -5.3% CBI 3.00 -0.09 -2.9% ADSB 4.60 -0.12 -2.5%

top volume symbol value (AED) price TAMWEEL 956,364,653 7.49 SOROUH 513,028,812 8.48 ALDAR 304,107,861 11.55 EMAAR 266,720,713 13.60 DEYAAR 190,999,665 2.95

Dubai Financial Market

The DFMGI fell just 0.11% to 5745 points from turnover of AED 2.25 billion. Tamweel (TAMWEEL), as mentioned, shot up by 8.2% to 7.49 from almost AED 1 billion of turnover. ALMADINA was the only other stock to rise more than 1% on turnover greater than AED 1m. It closed at 9.75, up 5.4% for the day. The big rise for ACICO came from just one traded of 1000 shares. Du Telecom (DU), DFM, Islamic Arab Insurance (IAIC), DEYAAR, and Arabtec (ARTC) were the other actively traded gainers today, all rising by 1% or less.

No significant losers today, the biggest fall, for GFH, came from a single trade of just 1000 shares. Aramex (ARMX) was the worst of the actively traded stocks, falling by 1.6% to 3.09. Dubai Investments (DIC) was down 1.3%, Union Properties (UPP) and GULFNAV down 1.2%, and the others falling by less than 1%. Emaar Properties (EMAAR) dropped by 0.4% to close at 13.60.

Abu Dhabi Securities Market

The ADSM index was up half a percent to 4543 from reasonable turnover of 1.5 billion. A third of that was from trading in Sorouh Real Estate (SOROUH) which rose 4.3% to 8.43. Aldar Properties (ALDAR) also had a good day with a 3.6% rise to 11.30.

Five stocks were 10% limit up, or close to it today, but from limited trading. UIC stood out as a rarely traded stock that saw 2.5m dhs worth of turnover, from just 2 trades, rising 10% to 5.50. Finance House (FH) saw just 6 trades worth 1.6 m dhs, and rose 10% to 8.82. DRIVE was another illiquid stock that had increased activity and a 7.1% rise to 4.16.

NBS was again very active and saw its price up 4% to 3.89. Other rises of note were Abu Dhabi National Energy (TAQA) up 2.9%, and RAK Properties (RAKPROP) up 1.9%. National Bank of Abu Dhabi (NBAD), Bank Of Sharjah (BOS), AGTHIA, and Dana Gas (DANA) all rose about 1%.

Of the losers, First Gulf Bank (FGB) stood out with a 2.4% fall to 21.95 from heavy trading. ARKAN dropped 1.2% to 4.03 and Etisalat (ETISALAT) fell 0.85% to 23.00.

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