UAE markets 27 Dec 2007

UAE market news & discussions for 27 December 2007 Solid trading volumes once again on the DFM but the index fell to just above 6000 points, with DFM's own shares taking a hard knock, while DU stood out with a big jump today. Abu Dhabi also had a modest fall on reduced trading levels, although DRIVE continued its astonishing performance with yet another limit up day today, and increased turnover. We've yet to see an explanation, or even the question being asked by ADSM, for the sharp rise. DPW on the DIFX had another wobble today, falling 2.6% to $1.14 on modest turnover. No other stocks were traded. Aldar Properties issued a correction to an earlier statement on share conversion this week. The increase should only have been 16 million, not 30 million shares due to foreign ownership now at the 40% maximum of total capital. There was a report that a UAE based bank was buying a 60% stake in Commercial Bank of Kuwait, but the bank was not identified. The UAE Central Bank Governor said that UAE bank profits would rise 25%, and also indicated regulations would be reviewed to allow more banks to operate in the UAE. Didn't someone say the UAE was over-banked? Benazir Bhutto was assassinated after an election rally this afternoon. World stock markets appear to be somewhat rattled.

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• AMLAK 2007 FY profit AED 285m reported 26 Dec 2007
• Marketwatch UAE December 2007
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More UAE stock market news and discussions...

best stock rises symbol price change MAZAYA 9.25 +0.75 +8.8% DRIVE 6.33 +0.49 +8.4% DU 7.89 +0.55 +7.5% ARIG 3.55 +0.21 +6.3% NMDC 7.10 +0.36 +5.3%

worst stock falls symbol price change ACICO 6.35 -1.12 -15% RAPCO 3.56 -0.34 -8.7% QTEL 221.10 -19.00 -7.9% JULPHAR 2.25 -0.19 -7.8% TKFL 5.62 -0.38 -6.3%

top volume symbol value (AED) price EMAAR 1,079,422,527 15.20 AIRARABIA 872,235,020 2.00 DU 705,187,754 7.89 AMLAK 560,156,721 5.18 DEYAAR 475,411,988 2.94

Dubai Financial Market

The DFMGI had a 0.4% fall to close just above 6000 points - at 6003, with turnover still robust at AED 4.8 billion. Du Telecom (DU) soared 7.5% to 7.89 with turnover at AED 705m not quite the highest amount. That position was for Emaar Properties (EMAAR) with just over AED 1 billion worth of trading and a small 0.66% rise to 15.20. AIRARABIA saw the second highest turnover with 870m dhs worth and a 0.5% rise to 2.00. Only 2 other rises on more than AED 1m turnover, 3% for Commercial Bank of Dubai (CBD) and 1% for Emirates NBD (ENBD).

DFM shares saw the biggest fall from the actively traded list, down by 4.7% to 6.33 and robust turnover of AED 424m dhs. Shuaa Capital (SHUAA) fell 4.3% to 6.39 on light volumes, and Tabreed (TABREED) dropped 4.2% to 3.42. Amlak Finance (AMLAK) fell 3.5%, Union Properties (UPP) 3.2%, and AMAN 3.05%. Tamweel (TAMWEEL), Islamic Arab Insurance (IAIC), and Dubai Investments (DIC) lost 2-3% and another 7 stocks fell by less than 2%. The worst 3 losers fell on just 1 trade each.

Abu Dhabi Securities Market

The ADSM index had a slightly bigger fall than in Dubai, down by 0.7% to 4604 points but turnover fell to just over AED 1 billion. Very few gainers traded in any significant quantities. DRIVE saw relatively high turnover and an 8.4% rise to 6.00, topping the gainers table. ADAVIATION was up 3.1% to 3.52, UNION rose 1.7%, SCIDI 1.1%, Union Cement (UCC) up 0.5%, and Etisalat (ETISALAT) just 0.4% to 23.35.Another 6 stocks rose on less than AED 1m turnover.

Aldar Properties (ALDAR) and Oasis Leasing (OILC) were the most heavily traded shares, losing 3.6% to 12.25 and 1.8% to 2.72 respectively. RAK White Cement (RAKWCT) plummeted 7.2% to 2.18 but on lower turnover than yesterday. Finance House (FH) lost 3.7% to close at 10.80, RAK Properties (RAKPROP) was down 3.6% to 2.39, AGTHIA 3.3% to 2.06, RAK Cement (RAKCC) 3.15% to 2.11, and Dana Gas (DANA) 3.1% to 2.15. Another 20 stocks fell between 0-3%.

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