UAE markets 25 Dec 2007

UAE market news & discussions for 25 December 2007 The DFM advanced a generous 2.2% on abundant turnover with Du Telecom soaring almost 10% on heavy trading. The ADSM was also in the green with a smaller overall rise, although RAK Properties and Dana Gas stood out with big gains from considerable activity. Merry Christmas punters :). Mithaq Insurance, who announced an IPO last week, said they'd received approval from the Abu Dhabi Executive Council. The IPO is scheduled for January 2008. They allegedly received approval from ESCA last week but there's nothing obvious on ESCA's website to confirm that. Ironically, ESCA do have a document with corporate governance and transparency rules on their home page. Etisalat sounded like they were in a sulk over losing the bid for Qatar's mobile phone licence when they said they would not bid for Qatar's second landline licence. But they are considering a bid for a mobile licence in Lebanon. On a positive note for customers though, they said all calls would be at off-peak rates today for the festive season.

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More UAE stock market news and discussions...

best stock rises symbol price change FBICO 3.99 +0.36 +9.9% DRIVE 5.36 +0.48 +9.8% DU 7.08 +0.60 +9.3% ADSB 4.97 +0.32 +6.9% RAKPROP 2.40 +0.13 +5.7%

worst stock falls symbol price change QCEM 3.05 -0.19 -5.9% ADNH 9.41 -0.54 -5.4% AEIBANK 1157.20 -61.00 -5% UNION 2.95 -0.12 -3.9% ASMAK 6.29 -0.25 -3.8%

top volume symbol value (AED) price EMAAR 1,089,126,245 14.80 DU 792,729,844 7.08 AMLAK 663,079,178 5.12 RAKPROP 619,377,172 2.40 DFM 527,290,692 6.90

Dubai Financial Market

The DFMGI saw a substantial 2.2% gain to close just shy of 6000 points, at 5992. Turnover was booming with almost AED 5 billion worth of deals going over the counters.

Du Telecom (DU) rocked ahead an outstanding 9.3% from almost 800m dhs of turnover, closing at 7.08. Emaar Properties (EMAAR) cracked through a billion dhs worth of trades to top the traded value list, and rose 3.1% to 14.80. Amlak Finance (AMLAK) also stood out with a 4.5% rise to 5.12 and 663 million dhs turnover.

Other actively traded stocks up today were AMAN 3.8%, Emirates NBD (ENBD) 3.6%, Shuaa Capital (SHUAA) and Union Properties (UPP) 2.3%, ALMADINA 2%, and another 14 stocks up between 0-2%.

Only 2 stocks fell today, AEIBANK and NCC, on insignificant trading volumes.

Abu Dhabi Securities Market

The Abu Dhabi index rose 0.7%, not quite as outstanding as the DFMGI gain, but there was considerable activity and decent gains in the property sector. Total turnover was AED 2.4 billion and the index closed at 4632.

RAK Properties (RAKPROP) was the stock of the day with a 5.7% increase to 2.49 from top turnover of 619m dhs. Dana Gas (DANA) not far behind with a 5.1% increase to 2.31 and AED 342m of traded value. DRIVE deserves a mention for repeating yesterday's limit up trading, although turnover was limited to just AED 3.5 million. Their shares are up a mighty 76% this month.

Other worthy rises for AGTHIA up 4.8%, Aldar Properties (ALDAR) up 3.6%, RAK White Cement (RAKWCT) up 3.3%, ADAVIATION up 3.1%. Another 5 stocks rose 2-3%, and another 17 stocks rose 0-2%.

Ten stocks fell today, Finance House (FH) was the only one to fall more than 1% and see turnover greater than AED 1 million. It closed 2.25% down at 10.30. Etisalat (ETISALAT) fell 0.4% to 23.40.

QCEM had the biggest fall, of 5.9%, and the smallest traded value, 1 trade of 100 shares worth 305 dhs.

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