AMLAK thumped - Wed 31 Jan 07

UAE market news & discussions for 31 January 2007 UAE companies list of 2006 final results and dividends NBD 2006 FY AED 1.1 bn almost same as 2005 - 31 Jan 2007 MASQ 2006 FY profit AED 1.6 bn -10% from 2005 - PR 31 Jan 2007 AMLAK 2006 FY profit AED 130m +23% on 2005, incomplete PR 30 Jan 2007 SHUAA 2006 M9 AED 155m profit -49% from 2005M9 - 31 Jan 2007 DU 2006 FY loss AED 755m, no results 2005 - 31 Jan 2006 TAMWEEL 2006 FY profit AED 852m +1918% on 2005 OILC 2006 FY AED 96m profit +240% from 2005, BOD meeting 30 Jan 2007 AGTHIA 2006 FY AED 29.1m up 1.5% from 2005 - 31 Jan 2007 AABAR 2006 FY profit AED 93m -85% from 2005 - BOD meeting 30 Jan 2007 All results from today, with comments, are after the market report.

Dubai and Abu Dhabi stock market report 31 January 2007

top stock rises symbol price change GFH 11.20 +1.32 +13.4% FOODCO 4.60 +0.12 +2.7% ADSB 2.92 +0.05 +1.7% GCEM 3.80 +0.06 +1.6% OILC 9.31 +0.11 +1.2%

top stock falls symbol price change AMAN 15.75 -2.60 -14.2% QCEM 1.83 -0.20 -9.9% UNION 1.90 -0.20 -9.5% CBI 2.62 -0.26 -9% AMLAK 4.72 -0.42 -8.2%

top volume symbol value (AED) price EMAAR 526,362,457 12.70 AMLAK 91,227,915 4.72 DIC 58,297,037 4.33 ALDAR 25,803,823 3.85 ADIB 24,633,837 52.45

Cheers all round for the UAE football team winning against Oman. The markets however were hardly cheery today with Amlak Finance Company (AMLAK) getting thumped to the tune of 8.4% on heavy volumes. Both DFM and ADSM fell more than 1%. And of course there was another flood of results today from companies trying to file them before the 31 January deadline. Tamweel PJSC (TAMWEEL) was the showoff with its 1800% profit growth, lets see how clever they feel in a years time trying to cover up a 50% or more decline in profits. ASMAK almost equalled Tamweel PJSC (TAMWEEL)'s effort, unfortunately it was a loss of 1800%, not a profit, for the tuna farm. But the big number of the day has to go to Aabar Petroleum Investments Company PJSC (AABAR) with its operational profit of 6500%. Enough of the silly numbers, on to something a bit more real.

Dubai Financial Market

DFM fell 1.7% to close at 4120 points with medium volume of 780m dhs - most of them from Emaar Properties PJSC (EMAAR) as usual, which fell "only" 1.2%. Amlak had the worst day but several other stocks must have felt like the ball in the football match last night.

Aramex PJSC (ARMX) down 6.5%, National General Cooling Company PJSC (TABREED) and Islamic Arab Insurance Company PSC (IAIC) down 6%, and AMAN a very nasty 15% fall after news of its 14m dhs loss for 2006. It would seem the spin doctors in the press release department haven't convinced the punters how good all their numbers are.

Only three shares rose. Arabtec Holding PJSC (ARTC) again against the trend, albeit by only 2 fils. National Bank of Dubai (NBD) up 0.5% on almost no volume on today's news of almost no change in profits. GFinance House PJSC (FH) had a mighty day with a 13% rise to 11.20, and even better, there was more than one trade executed.

Abu Dhabi Securities Market

ADSM fell 1.3% on volumes of 1223m dhs. Not a big fall but enough to drag the index below 3000 points again - it closed at 2980.

Aldar Properties PJSC (ALDAR) looked the worst off today with heavy trading and a 5% fall, it would seem their 8% dividend offer yesterday didn't impress the market. Abu Dhabi Islamic Bank (ADIB) also busy but falling only 0.4%. National Bank of Abu Dhabi (NBAD) fell 2.2% with 10m dhs traded. ARKAN dropped another 2.4%, Dana Gas PJSC (DANA) fell 2.8%, and Aabar Petroleum Investments Company PJSC (AABAR) a steeper fall of 3.6%.

Only six stocks rose, and the only rises of any significance were from Oasis International Leasing Company PJSC (OILC) up 1.2% after showing off with a 240% growth in profits, and Sudan Telecom Company Ltd (SUDATEL) creeping up another 0.5% on significant volume.

The big falls of 9-10% were on single small trades and nothing to get excited about.

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• More UAE stock market news and discussions...

List of Company Results Today ADSM

• AABAR 2006 final results - profit AED 93m -85% down from 2005 - BOD meeting 30 Jan 2007. Another 2005 IPO making 2006 profits look bad. Outrageous growth in Operating Profits of 6550% is not a realistic representation of how they're doing either.
• ADNIC 2006 final results - AED 300m profit -9.9% from 2005 - 31 Jan 2007 - insurance company, profits down, revenue up. No doubt stocks will be part of that equation.
• ADNH 2006 final results - AED 293m profit -12% from 2005 - 31 Jan 2007... "decline is mainly due to the performance of the Company Investments in local Bank Securities fund." Their words (partial review).
• ADSB 2006 final results - ADSB 2006 FY profit AED 47m +2% on 2005 - Bank of Sharjah BOS meeting 13 Feb 2007, no dividend information. Results show no growth and significant drops in Shareholders Equity and Profit from Operations.
• AGTHIA final results 2006 AED 29.1m up 1.5% from 2005 - 31 Jan 2007 Increasing costs knocked profit margins back.
• ASMAK 2006 final results - ASMAK 2006 FY loss AED 17m -1853% from 2005 (partial review)
• BOS 2005 final results profit AED 320m -47% on 2005, 20% cash div, AGM 10 Feb 2007. An exceptionally clever press release turns a profit tumble into a profit increase by ignoring exceptional profits in 2005 (partial review).
• DRIVE 2006 final results. BOD meeting 01 Feb 2007 12pm
• FCI proposes 25% dividend - no results seen yet?
• Invest Bank 2006 final results INVESTB 2006 FY profit 176m -46% from 2005, 15% div? BOD met 24 Jan 07 Not clear if Operating Profits are up or down, but everything else, except for liabilities, is down. A lot.
• Oasis Leasing 2006 final results AED profit up 240% but Operating Profit up by a huge 770% from only a 64% increase in revenues. What are they leasing exactly?.
• Umm Al Quwain Cement 2006 final results - QCEM 2006 FY loss AED 11.2m -106% from 2005 - 31 Jan 2007. Same story, different name. They watched an AED 80m investment portfolio become -90m dhs (partial review).
• RAKNIC 2006 financial results profit AED 233m -8.8% from 2005, 10% div - BOD 30 Jan 07 - profits down 10% is not as bad as many other insurance companies (partial review). 10% cash div and capital increase announced.
• RAPCO final results (posted previously) - BOD meeting 04 Feb 2007.
• SCIDC 2006 Final Results AED 231m profit -31% from 2005 - 31 Jan 2006. Yet again, another cement company bites the dust with investment losses.
• TAQA final results 2006 - TAQA 2006 FY profit AED 455m -46% from 2005 - 31 Jan 2007 - profit margins down by a third (even after allowing for distortions from IPO income) could be a concern.
• TKFL 2006 final results - TKFL 2006 FY profit AED 8.0m -67% from 2005 BOD 12 Feb 2007 5pm. Investment losses amounted to 73% while Profits from Operations tripled (partial review).

List of Company Results Today DFM

• AEIBANK board meeting - Cash Dividend 15% recommended.
• AMLAK Board Meeting - to be on 26 Feb 2007
• AOIC 2006 FY results
• DU results for 2006 - not much to review while still in launch phase.
• JEEMA 2006 financial results FY profit AED 4.25m +27% from 2005 - 31 Jan 2007
• Mashreq Bank MASQ 2006 final results - profit AED 1.6 bn -10% from 2005 - PR 31 Jan 2007. Assets up 20%, everything else down 10% (partial review).
• National Bank of Dubai NBD 2006 final results - AED 1.1 bn almost same as 2005 - 31 Jan 2007. Big increase and assets and revenue, no increase in profit means declining rates of return on Assets, Equity and Sales.
• SHUAA Capital 9M 2006 profit AED 155m -49% from 9M2005 (financial year runs Apr to Mar) - looks weak but a significant improvement from previous quarter (partial review).
• TAMWEEL 2006 FY profit AED 852m +1918% - this apparently backs up their growth strategy but there's no mention of 700m dhs from IPO income.
• UFC - United Foods Company 2006 final results - not reviewed yet

Results and markets down 30 Jan 07

UAE market news & discussions for 30 January 2007 UAE companies list of 2006 final results and dividends ARKAN 2006 FY profit 176m +33% from 132m in 2005 30 Jan 2007 SOROUH 2006 FY profit 976m, includes IPO income? - BOD meeting 29 Jan 07 DHAFRA 2006 FY profit AED 42m -53% on 2005 - 30 Jan 2007 AMLAK 2006 FY profit AED 130m +23% on 2005, incomplete PR 30 Jan 2007 EMAAR 2006 FY profit AED 6.37 bn +35% on 2005 - PR 29 Jan 2007 ALDAR 2006 FY profit AED 1.25 bn +120% on 2005, cash div 8% - 17 Jan 07 DANA 2006 FY profit less than AED 821m (includes IPO income?) - 30 Jan 07 ARMX 2005 FY profit AED 95m +28% on 2005 but someone can't count? FOODCO 2006 FY profit AED 60m -55% from 2005 - 30 Jan 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 30 January 2007

top stock rises symbol price change AKIC 1.87 +0.17 +10% NBF 4.29 +0.29 +7.3% FH 8.84 +0.55 +6.6% ADSB 2.87 +0.15 +5.5% ADAVIATION 2.15 +0.10 +4.9%

top stock falls symbol price change ASMAK 2.93 -0.26 -8.2% DNIR 3.10 -0.16 -4.9% NCC 11.90 -0.60 -4.8% OILC 9.20 -0.37 -3.9% INVESTB 2.54 -0.10 -3.8%

top volume symbol value (AED) price EMAAR 672,641,922 12.90 DIC 57,231,432 4.40 ALDAR 21,615,750 4.05 AMLAK 18,940,958 5.04 DIB 16,719,862 8.49

Both markets fell today, 0.8% for DFM on 818m dhs of trading - about half of yesterday's total - and 0.5% for ADSM with volumes up a little to 120m dhs. As the 31 January 2007 deadline approaches for filing reports, the trickle from the past 3 weeks has turned into a bit of a deluge.

• Al Dhafra Insurance continued in the same vein as other insurance and cement companies - increase revenue and decrease profit through investment losses.
• Amlak Finance disclosed their "preliminary financial results" but didn't really. Profit growth commendable but still doesn't justify high share price yet with a PE over 50.
• Arkan Building Company profits were up due to IPO income but operational profits couldn't keep up with revenues.
• Aramex profits confused by using different figures for 2005 revenues after company buyout.
• Dana Gas made 812m dhs profit by cleverly adding a month to the year and including IPO income but excluding any comment about the Iranian gas supply.
• Foodco got their revenue up and cut their profits in half. Blame the stockmarket again...
• Sorouh almost made a billion dhs to show us an unbelievable 150% profit margin. We'll have to wait for the full accounts to see how much they really made after taking away the IPO income.
• Several cement companies yesterday all did much the same thing. Revenues up and Profits down - Union Cement, Gulf Cement, RAK Cement, RAK White Cement. Blame the stockmarket and worry how they'd perform if the UAE wasn't in the middle of a construction boom.

Also releasing results today were Al Ain Ahlia Insurance Company (AAAIC), Al Buhaira National Insurance Company (ABNIC), Dubai Insurance Company (DIN), Dubai Islamic Insurance & Reinsurance (AMAN), National Corporation of Tourism (NCTH), Oman Insurance Company (OIC), Salam International Investment Limited (SALAM), Sharjah Insurance Company (SICO), Kuwait Commercial Markets Complex (SHOP).

Dubai Financial Market

On DFM, Emaar Properties PJSC (EMAAR) led the way down with over 80% of the total volume traded once again, falling 1.2% to 12.80. Their results don't appear to have given the market the boost it was looking for. Will we be stuck at these levels for another quarter?

Dubai Investments PJSC (DIC) still trading heavily with 57m dhs worth on a 0.9% fall. One paper reported that Dubai Investments PJSC (DIC) deciding not to pay a dividend resulting in unhappy shareholders. If that's correct, then like Emaar shareholders, they'll be less happy if stock prices stay in the dumps because growth companies have to borrow money after giving it all away in dividends.

Shuaa Capital PJSC (SHUAA) bucked the downwards trend with a 1.8% rise to 4.62 - the highest rise of the day on DFM and one of only three stocks to move up. Arabtec Holding PJSC (ARTC) up a fraction by 0.2% and GGICO up 1.1% on only 4 trades.

Aramex PJSC (ARMX) had the biggest fall (2%) of the actively traded stocks on the day of their profit news, while Amlak Finance Company (AMLAK), also releasing profit news, was not far behind with a 1.5% drop. Biggest falls overall from NCC and Dubai National Insurance & Reinsurance Co. (DNIR) on only 6 trades in total.

Abu Dhabi Securities Market

A fairly even split between winners and losers on ADSM with 23 stocks rising and 17 falling. Aldar Properties PJSC (ALDAR) with news of a possible 8% dividend was up 1% and the most heavily traded stock on ADSM with 22m dhs worth of transactions.

Other big volumes from Abu Dhabi Islamic Bank (ADIB) as usual, falling by 0.6%, and First Gulf Bank (FGB), not so usual and rising by 0.8%. Union National Bank (UNB) another bank going up with a 1.4% increase on greater than average trading.

Big trading and a 3.9% drop for Oasis International Leasing Company PJSC (OILC) on the day of their board meeting. Unpleasant results announcement coming perhaps? Sorouh Real Estate (SOROUH) also falling 0.8% as results released today. ARKAN fell another 1.6% today on its way down to par value, another company with results out today.

AKIC behaved as normal and had the largest rise of 10% from a few trades, while ASMAK had the biggest fall from just one trade. They'll probably swap places tomorrow.

• Discuss and read UAE company news at Dubai Share Talk.

EMAAR results at last 29 Jan 2007

UAE market news & discussions for 29 January 2007 EMAAR 2006 FY profit AED 6.37 bn +35% on 2005 - PR 29 Jan 2007 - market doesn't seem to like it with a 4% fall on heavy trading. UAE companies list of 2006 final results and dividends Several other companies released results today - Emirates Telecommunications Company (ETISALAT), ALLIANCE, Arab Orient Insurance Company PSC (AOIC), Arab Insurance Group (ARIG), ASNIC, AWNIC, Dubai National Insurance & Reinsurance Co. (DNIR), GGICO, NBQ, NBS, GMPC, Union Cement Company (UCC), Gulf Pharmaceutical Industries (JULPHAR), UAB, GCC, SICO, EIC, Ras Al Khaimah Ceramics (RAKCEC), DRIVE, UIC, Ras Al Khaimah White Cement Company (RAKWCT). Discussion forum will be updated with comments later. More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 29 January 2007

top stock rises symbol price change QCEM 2.03 +0.13 +6.8% SCIDC 3.90 +0.19 +5.1% FOODCO 4.56 +0.20 +4.6% CBI 2.86 +0.11 +4% INVESTB 2.64 +0.09 +3.5%

top stock falls symbol price change AKIC 1.70 -0.10 -5.6% ADSB 2.72 -0.16 -5.6% NBF 4.00 -0.23 -5.4% DIC 4.51 -0.21 -4.4% GGICO 8.41 -0.38 -4.3%

top volume symbol value (AED) price EMAAR 1,416,393,715 13.35 DIC 97,488,090 4.51 DIB 43,442,119 8.57 DU 34,475,186 6.30 ALDAR 33,543,674 4.01

Big news today was Emaar's results out at last with the market reacting negatively on DFM, the index falling just over 2% to 4226. ADSM was also down but only by a fraction of that - a 0.2% fall to 3034.

Dubai Financial Market

Emaar Properties PJSC (EMAAR) dominated DFM overwhelmingly, its 1.4 bn dhs of trading making up almost 85% of the total of 1.68 bn dhs on DFM today - a big volume day. The price rose early to peak at 13.70 but then fell away to close a hefty 3.7% down at 12.95 by the time trading closed.

Dubai Investments PJSC (DIC) was another one with that had a nasty day, falling almost 5% and 100m dhs of trading, and Arabtec Holding PJSC (ARTC) had a 3.3% knockback. Most other stocks fell 1-2% while of the fours stocks that rose, Arab Insurance Group (ARIG) was the only one that had more than a single trade.

Abu Dhabi Securities Market

ADSM had a far less exciting day with small falls from most of the active shares, total volume a normal enough 111m dhs. Aldar Properties PJSC (ALDAR) the heavyweight of the day with 33m dhs worth traded on a small fall of 0.5%. ARKAN followed with 12m dhs of trading with a 1.6% fall to 1.27. You wonder how close to par value their shares will go. No other volumes above 10m dhs and small movements from the actively traded shares.

Foodco Holdings PJSC (FOODCO) the only one with a big rise on reasonable volumes. Big falls were from stocks trading very few shares.

• Discuss and read UAE company news at Dubai Share Talk.

DIC uninspiring results 28 Jan 2007

UAE market results out 28 January 2007 AEIBANK - good profit growth but does the big fall in assets mean they're selling up? AHI - best set of preliminary results seen today (even this week) but good luck trying to buy their shares. DIC - assets and equity doubled, but profit didn't so returns on equity and assets fell. GFH - profit up 51% but press release lacking in information. NBAD - profits fall due to stockmarket blues for the largest UAE bank. NGI - healthy growth in operating profits and lost it all in investments. RAKBANK - preliminary results look excellent with commendable growth in all areas. RAKCC - 5% growth in profits is the best they could manage in a construction boom? Will the 7% dividend yield placate shareholders? RAPCO - numbers need to be verified but it appears to be a bad year for our favorite chicken stock. UIC - profits down by an outstanding ... er ... astounding 89% for 2006. UAE market news & discussions for 28 January 2007 UAE companies list of 2006 final results and dividends Prince Al Waleed bets Saudi crash over, buys SR 5 bn of shares - R 29 Jan 07 Arab Securities Markets in 12 countries to form union - GN 29 Jan 2007 DIC 2006 FY profit AED 990m up 45% from 2005 - 28 Jan 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 28 January 2007

top stock rises symbol price change ADSB 2.88 +0.14 +5.1% RAKWCT 1.68 +0.07 +4.3% GGICO 8.64 +0.33 +4% ALDAR 4.03 +0.11 +2.8% AGTHIA 1.24 +0.03 +2.5%

top stock falls symbol price change NBF 4.23 -0.42 -9% QCEM 1.90 -0.12 -5.9% GLOBAL 12.00 -0.65 -5.1% SCIDC 3.71 -0.19 -4.9% FH 8.23 -0.41 -4.7%

top volume symbol value (AED) price EMAAR 982,621,852 13.35 DIC 128,024,607 4.68 TAMWEEL 45,187,851 4.19 DIB 40,214,066 8.64 AMLAK 26,385,376 5.17

DFM hesitantly moving upwards today while waiting for Emaar's results to appear. ADSM hesitantly moving downwards while insurance and industrial companies hesitantly release their embarrassing profit slides.

Dubai Financial Market

DFM was up 0.7% on substantial volumes - most of from trading in Emaar Properties PJSC (EMAAR) shares, which, with its almost 2% rise to 13.45 dhs and just under 1 billion dhs of trades, rose more than any other stock on DFM (except for a trivial 3 trades in GGICO). Dubai Islamic Bank (DIB) not far behind with a 1.5% rise. Dubai Investments PJSC (DIC) had a notable fall of 1.9% on sizeable volume (128m dhs) after their less than exciting results were released, although they do look cheap on a PE basis. Global Investment House (GLOBAL) had a 5% fall from 4 trades and most other active share rose slightly.

Abu Dhabi Securities Market

ADSM trading a moderate 88m dhs worth with Aldar Properties PJSC (ALDAR) and Sudan Telecom Company Ltd (SUDATEL) the big players today - large volumes and healthy 3% rises. Emirates Telecommunications Company (ETISALAT) also busy but with a moderate 0.3% rise. QCEM had an unpleasant 6% fall to 1.90 from a relatively high 3m dhs worth of trading. No other significant movements except for a handful of stocks trading thinly as usual. Of the companies releasing results today, only Ras Al Khaimah Cement Company (RAKCC) reacted with a 1.5% rise. Interestingly, National Bank of Abu Dhabi (NBAD) after a busy week last week had exactly zero trades today with the release of their somewhat feeble results.

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EMAAR big day 25 Jan 2007

UAE market news & discussions for 25 January 2007 UAE 2006 final results and dividends companies list CBI 2006 FY profit 8.6m down 96% from 2005 - BOD meeting 22 Jan 2007 UAB 2006 FY profit AED 158m +2% on 2005, Share div 12%, Cash 8% EMAAR 2006 FY results (not yet) but soon? Market excited... 25 Jan 2007 NBQ signs MoU with National Commercial Bank in Saudi - 24 Jan 2007 Saudi Arabia 2006 final results and dividends for Tadawul listed shares ARTC 2006 FY profit AED 217m up 30% from 2005 - GN 22 Jan 2007 AABAR - Pearl Oil begins production at Jasmine B platform - PR 24 Jan 2007 ADCB 2006 FY profits AED 2.1 bn up 12% from 2005 - GN 22 Jan 2007 Sahab Tower in Sharjah & Modern Home Real Estate bust - GN 25 Jan 2007 EMAAR II and Damas launch AED 1 bn jewellery shop - KT 25 Jan 2007 Sharjah GDP for 2006 AED 42.5 bn, up 19% from 2005 - GN 25 Jan 2007 Emirates Post 2006 FY profit AED 161m +19% from 2005 - PR 24 Jan 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 25 January 2007

top stock rises symbol price change UAB 7.15 +0.65 +10% FOODCO 4.36 +0.38 +9.5% QCEM 2.02 +0.17 +9.2% UCC 4.24 +0.19 +4.7% SICO 4.70 +0.20 +4.4%

top stock falls symbol price change CBI 2.75 -0.30 -9.8% NBQ 5.00 -0.44 -8.1% AKIC 1.80 -0.11 -5.8% NCC 12.50 -0.50 -3.8% NMDC 3.73 -0.13 -3.4%

top volume symbol value (AED) price EMAAR 1,037,423,454 13.00 DIC 236,776,068 4.71 DIB 93,957,806 8.55 AMLAK 31,483,100 5.15 ADCB 30,851,374 6.16

A surge of confidence at DFM today with almost AED 1.5 billion of shares traded - 50% up on yesterday's volume- and a 1.5% increase. 85% of the total value came from just two stocks, Emaar Properties and Dubai Investments, but no final result news from either company so far today (and even Emaar's Investor Relations Department doesn't know when). DFM closed at 4284 points, a healthy 1.5% up from yesterday.

Saudi's Tadawul had a miserable day yesterday with a 2.3% fall to below 7000 points. Encouraging to see that didn't drag the DFM down for a change.

2006 Results Announcements Today

• United Arab Bank (UAB) with a satisfactory performance at best.
• Commercial Bank International (CBI) with a dreadful 96% fall in profits.
• Bank Of Sharjah (BOS) results not found but they announced a 20% cash dividend.

Dubai Financial Market

Emaar Properties PJSC (EMAAR) stormed away with over 1 billion dhs of trading (almost 70% of the total for DFM) and a 4% increase to 13.20. Dubai Investments PJSC (DIC) continuing its strong upwards trend with a 1.7% rise to 4.72 from 237m dhs of trading. Dubai Islamic Bank (DIB) fairly busy too with almost 100m dhs worth of deals.

Shuaa Capital PJSC (SHUAA) and National General Cooling Company PJSC (TABREED) flat, other active stocks up by less than a percent on moderate trading. Biggest rise was Commercial Bank of Dubai (CBD) from one small trade. Only three stocks fell on a trivial number of trades although National Bank of Dubai (NBD) volume was still significant. Biggest fall of 3.8% from National Cement Company.

Abu Dhabi Securities Market

ADSM out of the limelight today with a lower 121m dhs worth of trading and a slight fall of 0.5% to 3046 points. 23 stocks fell, 14 rose and 4 remained the same.

Abu Dhabi Commercial Bank (ADCB) the popular one today with over 30m dhs worth of trading and a small rise of 0.65%. Unclear why since their results were out a few days ago now. National Bank of Abu Dhabi (NBAD) looking strong also with 20m dhs worth traded and a 1.2% rise. Ras Al Khaimah Cement Company (RAKCC) and Sudan Telecom Company Ltd (SUDATEL) the only other active stocks showing a small increase. Ras Al Khaimah Properties PJSC (RAKPROP) and Abu Dhabi National Energy Company (TAQA) didn't change.

Abu Dhabi Islamic Bank (ADIB) took a bit of a hit falling 2.5%. ARKAN joining in with a 2.3% fall. Bank Of Sharjah (BOS) announced a 20% cash dividend (no sign of results as this goes out) and went down 3%. Other actively traded shares were down 0-2%.

Big rises from UAB (surprisingly after their mediocre results, but it was only 3 trades), Foodco Holdings PJSC (FOODCO) almost exactly reversing yesterday's hammering, and QCEM. Biggest falls from Commercial Bank International (CBI) (only 1 trade so it's hardly a sell-off) and NBQ.

• Discuss and read UAE company news at Dubai Share Talk.

ADSM up DFM down 24 Jan 2007

UAE market news & discussions for 24 January 2007 UAE 2006 final results and dividends companies list UNIKAI 2006 FY profit AED 12.3m for 2006 H2 - 24 Jan 2007 ADIB 2006 FY profit AED 572m +66% from 2005 - 24 Jan 2007 ARTC 2006 FY profit AED 217m up 30% from 2005 - GN 22 Jan 2007 CBD 2006 FY profit AED 601m, up 9.2% from 2005 - 17 Jan 2007 EBI 2006 FY profit AED 1.9 bn +12% on 2005 - BOD meeting on 24 Jan 2007 ADCB 2006 FY profits AED 2.1 bn up 12% from 2005 - GN 22 Jan 2007 EIB 2006 FY profit AED 117m +129% in 2005, BOD meeting on 23 Jan 2007 FGB 2006 FY profit AED 1.5 bn +45% from 2005, 70% cash div - 23 Jan 2007 NBF 2006 FY profit AED 348m +35% on 2005, BOD meeting 22 Jan 2007 Dana and Crescent problems with Iran - Mar 2006 to... Deyaar IPO possible in 2007 (DIB subsidiary) - GN 24 Jan 2007 DU launch date approaches - 08 Feb 2007 is not it though - GN 24 Jan 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 24 January 2007

New today - Technical Analysis for Dubai Financial Market (after market report).

top stock rises symbol price change ASMAK 3.22 +0.29 +9.9% QCEM 1.85 +0.15 +8.8% CBI 3.05 +0.19 +6.6% NMDC 3.86 +0.23 +6.3% NBF 4.65 +0.20 +4.5%

top stock falls symbol price change FOODCO 4.02 -0.38 -8.6% SCIDC 3.90 -0.24 -5.8% FH 8.98 -0.42 -4.5% RAKWCT 1.65 -0.08 -4.6% UPP 3.21 -0.12 -3.6%

top volume symbol value (AED) price EMAAR 649,584,950 12.80 DIC 241,703,557 4.67 DIB 76,316,361 8.62 AMLAK 44,882,183 5.18 TAMWEEL 37,152,572 4.23

A good day for ADSM, trading heavily again and rising another 1.2% to close at 3063 with 171m dhs worth of trading, 27 stocks rising and 11 falling. DFM was less promising though. Although volume cracked the billion mark with AED 1.2 billion of trading, the index fell marginally by 0.3% and only 5 stocks rose out of 20 traded.

2006 Results Today

• First Gulf Bank with a nice 70% cash dividend but not explaining where all their profits have gone.
• Abu Dhabi Islamic Bank with the best bank performance yet and on the face of it, efficient use of shareholder funds.
• Emirates Bank International with a 12% profit increase looking very weak after an 87% revenue increase.
• Emirates Islamic Bank with a spectacular 129% increase in profit but from what?
• Commercial Bank of Dubai another one that takes massive revenue growth and turns it into a miserable 5% growth in Earnings Per Share.
• And finally, United Kaipara Dairies - a company no one outside New Zealand has heard of, releasing results that no one can understand.

Dubai Financial Market

Dubai Investments PJSC (DIC) still very active with 241m dhs worth and a slight 0.9% rise. Emaar Properties PJSC (EMAAR) behaving normally, 650m dhs worth and a 0.4% drop, almost mirroring the DFM index. Biggest rise was from National Bank of Dubai (NBD) of 3.2% and yet again, curiously high volumes of 15.7m dhs worth of trading.

Union Properties PJSC (UPP) suffered the biggest fall on DFM, of 3.7% on heavyish trading of 23m dhs worth. Investors perhaps realising their results are not so good after all. All other actively traded shares fell 1-2% except for Dubai Islamic Bank (DIB) which remained flat.

Abu Dhabi Securities Market

Heaviest trading was in First Gulf Bank (FGB) but a bit directionless with its 0.4% rise to 12.90 from 37m dhs worth. Like their results, it's not quite clear what to make of it. Emirates Telecommunications Company (ETISALAT) still popular with 27m dhs worth and a reasonable 1.8% rise to 16.55. Abu Dhabi Islamic Bank (ADIB) also busy with a 1.3% rise from 17m dhs worth of trading.

Most of the more active shares rose 1-2% with only ARKAN, Abu Dhabi Commercial Bank (ADCB), Oasis International Leasing Company PJSC (OILC), and Ras Al Khaimah Cement Company (RAKCC) falling less than 1% each (from the active list that is). Foodco Holdings PJSC (FOODCO) took an 8.6% beating from higher than normal volumes, that was also the biggest drop of the day.

Extreme rises from ASMAK up 9.9% and QCEM up 8.8%. A total of an insignificant three trades between them.

Technical Analysis for DFM

The market closed down today not following through with the momentum of yesterday. From a technical point of view the 3 day Moving Average (3MA) has crossed the 12 day moving average (12MA) which is a positive sign towards the upside. However the Directional Movement System (DMS) indicator is showing a market that is moving sideways and is not trending upwards. The Relative Strength Indicator (RSI) confirms this. Accordingly, from a technical point of view the market is still range bound and is not signaling a trend upwards.

Fundamentally the market is good value. A summary of the main fundamental indicators for the market as a whole return the following values:

• Return on Assets (ROA) 6.44%
• Price to Book Value (P/BV) 2.79
• Price to Earnings (PE) 12.11

Conclusion

Taken together this analysis indicates the market is still relatively directionless but represents good value at these prices. Long term investors could buy while traders could wait to see how the market travels over the short term. ADSM tomorrow.

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Good day for UAE stocks 23 Jan 07

UAE market news & discussions for 23 January 2007 Air Arabia plans IPO for first quarter 2007 - PR 22 Jan 2007 ARKAN signs deal with Saudi's Construction Production Company 22 Jan 2007 ARTC AED 2 bn contract with SOROUH to build Sky Towers - 21 Jan 2007 BP - BP PLC (NYSE:BP) discussion and information EZW - Economic Zones World established Jan 2007 FGB 2006 FY profits (not yet), BOD meeting 23 Jan 2007 NBAD five-year expansion program, 25 more branches in 2007 - GN 23 Jan 2007 NBF 2006 FY profit AED 348m +35% on 2005, BOD meeting 22 Jan 2007 FH 2006 FY profit AED 160m +19%* from 2005, 50% cash div 23 Jan 2007 Saudi Arabia 2006 final results and dividends for Tadawul listed shares Saudi to expand oil production by almost 40% by 2009 - SEB 21 Jan 2007 UAE markets - strong recovery in 2007 says Shuaa report - KT 20 Jan 2007 UPP 2006 FY profit AED 614m +5% from 2005, BOD meeting on 22 Jan 2007 72,000 new property units in Dubai 2007 - Shuaa/Colliers - GN 22 Jan 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 23 January 2007

top stock rises symbol price change NBQ 5.44 +0.49 +9.9% NBF 4.45 +0.40 +9.9% UPP 3.18 +0.20 +6.7% SCIDC 4.14 +0.25 +6.4% GGICO 8.59 +0.37 +4.5%

top stock falls symbol price change FH 8.66 -0.44 -4.8% ADSB 2.70 -0.06 -2.2% GCEM 3.93 -0.07 -1.8% FGB 12.85 -0.15 -1.2% AKIC 1.88 -0.02 -1.1%

top volume symbol value (AED) price EMAAR 370,638,611 12.65 DIC 147,707,226 4.53 ADIB 87,478,431 54.40 DU 76,916,722 6.32 ETISALAT 67,265,379 16.35

A considerably more promising day on the markets. Both DFM and ADSM rose steadily on increased volumes, one of the better days we've seen for a few weeks, with only 2 stocks falling on DFM and 10 on ADSM. DFM up 1.7% on a solid 810m dhs worth of trading, led by Dubai Investments PJSC (DIC) and Union Properties PJSC (UPP) despite weak results today from Union Properties indicating possible cashflow issues. ADSM traded a very robust 311m dhs worth with Emirates Telecommunications Company (ETISALAT), Sorouh Real Estate (SOROUH) and Abu Dhabi Islamic Bank (ADIB) the stars today. As usual, we see the big moves before the news.

Other results released were National Bank of Fujairah with solid growth but rather high PE, and Finance House with their questionable claim of 19% growth in profits.

Dubai Financial Market

DFM started at about 4164 points and levelled off at 4200 for a while before a strong climb to 4237 towards the end of trading. A huge 148m dhs worth of trading in Dubai Investments PJSC (DIC) shares with a 3.8% rise to 4.60 - perhaps good financial news is imminent? Emaar Properties PJSC (EMAAR) still the gorilla with 371m dhs worth and a 2% rise to 12.75. Union Properties PJSC (UPP) with an impressive 6.5% rise to 3.26, perhaps because of the proposed 25% share dividend. The results themselves weren't that exciting.

Other solid increases on decent volumes for Arabtec Holding PJSC (ARTC) up 3%, Emirates Integrated Telecommunications Company (DU) up 2.25%, and Islamic Arab Insurance Company PSC (IAIC) up 2.5%. Only two small falls today from NCC and National Bank of Dubai (NBD), although National Bank of Dubai once again conspicous with 20m dhs worth of trading.

Abu Dhabi Securities Market

There'll be relief amongst the punters to see the ADSM index break through 3000 points so decisively after languishing below that level for a week or two. Stock of the day award goes to Emirates Telecommunications Company (ETISALAT) with a strong 3.2% rise to 16.35 from an impressive 67m dhs of trading - almost 10 times yesterday's volume. Abu Dhabi Islamic Bank (ADIB) also performed well with a 3.3% rise to 54.40 from 87m dhs worth of trading, as did Sorouh Real Estate (SOROUH) with a 4% rise to 2.37.

National Bank of Abu Dhabi (NBAD) deserves mention for volume of 23m dhs although the rise was only 0.8%. Abu Dhabi Commercial Bank (ADCB) another popular bank share with a small rise of 0.3% from 18m dhs worth. Speaking of banks, First Gulf Bank (FGB) went the other way and fell 1.1% on 21m dhs worth, while Finance House PJSC (FH) fell 2.5% on unusually high (for them) volume of 4.9m dhs despite the promise of a 50% cash dividend. It appears the punters were unimpressed by their profit claims yesterday.

Other shares trading significant volumes were Aldar Properties PJSC (ALDAR), Dana Gas PJSC (DANA) and Ras Al Khaimah Properties PJSC (RAKPROP) which all remained unchanged in price. Emirates Insurance Company rose 1.9% (they rarely trade), Sudan Telecom Company Ltd (SUDATEL) rose 1.2%, and Aabar Petroleum Investments Company PJSC (AABAR) with a 0.5% fall.

Largest movements up for NBQ and NBF from single trades of just 1000 shares each, and down from Finance House and Abu Dhabi Ship Building (ADSB).

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DIB ARTC ADCB RAKPROP results

UAE market news & discussions for Mon 22 January 2007 EBI director steals AED millions from customers? - 7 Days 22 Jan 2007 ADAVIATION 2006 FY results AED 51m profit -48% from 2005 - 22 Jan 2007 ADCB 2006 FY profits AED 2.1 bn up 12% from 2005 - GN 22 Jan 2007 ALDAR 2006 FY results released - a mighty 120% profit growth - 17 Jan 2007 ARTC 2006 FY profit AED 217m up 30% from 2005 - GN 22 Jan 2007 AWNIC 2006 FY profit AED 41m down 32% from 2005 - 22 Jan 2007 DIB 2006 FY profit up 47% to AED 1.56 bn - PR 21 Jan 2007 FGB 2006 FY profits (not yet), BOD meeting 23 Jan 2007 NGI 2006 FY profits (unknown), BOD meeting 21 Jan 2007 RAKPROP 2006 FY profit AED 405m +243% from 2005 - 22 Jan 2007 Chinese stock rally a 'rational bubble' - Reuters 20 Jan 2007 UAE stock markets 2007 - what do you think will happen? Which shares are cheaper? Emaar or Amlak? More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report Mon 22 January 2007

top stock rises symbol price change FH 8.88 +0.72 +8.8% INVESTB 2.55 +0.15 +6.3% ARIG 2.58 +0.15 +6.2% ARKAN 1.32 +0.06 +4.8% UNB 7.22 +0.20 +2.8%

top stock falls symbol price change ASMAK 2.93 -0.24 -7.6% NMDC 3.60 -0.22 -5.8% NCTH 4.29 -0.22 -4.9% ADSB 2.76 -0.14 -4.8% NCC 13.05 -0.65 -4.7%

top volume symbol value (AED) price EMAAR 216,866,139 12.45 ADIB 72,864,769 52.65 DIB 64,890,628 8.48 DIC 58,421,756 4.40 ARKAN 24,850,423 1.32

A good few companies released 2006 final results yesterday and today, notably Abu Dhabi Commercial Bank (ADCB), Arabtec Holding PJSC (ARTC), Dubai Islamic Bank (DIB), and Ras Al Khaimah Properties PJSC (RAKPROP). Both ADSM and DFM were up a little today, but less than 1%. ADSM volume up substantially to AED 188m with not quite half of that from trading in Abu Dhabi Islamic Bank (ADIB) shares. DFM relatively quieter with AED 452m dhs worth of trading and a 0.7% rise to 4160.

Dubai Financial Market

The market reacted favorably to Dubai Islamic Bank's 50% growth in profits for 2006, with a 2.5% rise to 8.49 dhs from a solid 65m dhs worth of trading - beaten on volume only by Abu Dhabi Islamic Bank (ADIB) and Emaar Properties PJSC (EMAAR). Dubai Investments PJSC (DIC) was also trading heavily yet again although share price was up only 1%. Arabtec released reasonable looking results prompting a 1.5% increase to 5.34. Emaar Properties PJSC (EMAAR) managed a paltry 0.8% rise from half the total DFM volume, and apart from Arab Insurance Group (ARIG) and the two losers, other traded shares rose less than 1%. Arab Insurance Group rose 5.6% from trading of just 50,000 shares. NCC fell 4.7% from a mere 2,000 shares and Shuaa Capital PJSC (SHUAA) the only one of the active stocks to fall with a 0.9% drop.

Abu Dhabi Securities Market

Abu Dhabi Islamic Bank (ADIB) easily the busiest share by value on ADSM today with 73m dhs worth of trading, no clear direction though - a rise of just 0.7% to 52.65. ARKAN finally stopped their slide with a 4.8% rise to 1.32 on 25m dhs worth of trading. Number of shares was 19m which was higher than even Emaar Properties PJSC (EMAAR)'s total for the day. Abu Dhabi Commercial Bank (ADCB) was up 1.3% to 6.11 and solid volume after release of not very positive results for 2006. Ras Al Khaimah Properties PJSC (RAKPROP) also released results today but trading was lacklustre with a 0.7% drop from low volumes. Al Wathba Insurance released weak figures and nobody traded any of their shares, Abu Dhabi Aviation with a disappointing fall in profits saw only 4 deals go through. First Gulf Bank (FGB) saw an increase in activity with 20m dhs of trading but no change in price in advance of BOD meeting tomorrow and final results. Sudan Telecom Company Ltd (SUDATEL) rose a decent 2.6% from 9m dhs of trading. No other unusual volumes traded. Emirates Telecommunications Company (ETISALAT) with only 7m dhs worth and a fall of 0.3% was relatively subdued. Biggest price movements were from Finance House PJSC (FH) from just 2 trades and ASMAK (International Fish Farming) from just one trade.

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DFM up ADSM down 18 Jan 2007

UAE market news & discussions for Thursday 18 January 2007 CBD 2006 FY profit AED 601m, up 9.2% from 2005 - 17 Jan 2007 ARTC buys 55% stake in Emirates Falcon Electromechanical - PR 18 Jan 2007 Al Jaber Group may list subsidiary GPS in UAE - GN 18 Jan 2007 AFHC - Al Futtaim HC Securities - new broker - PR 17 Jan 2007 Dubai Holding management restructuring "to spur growth" - 17 Jan 2007 IFA Securities for brokerage activities in Dubai More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report Thursday 18 January 2007

top stock rises symbol price change EIC 13.00 +0.70 +5.7% BOS 2.89 +0.15 +5.5% CBD 7.35 +0.35 +5% EBI 13.30 +0.60 +4.7% ADAVIATION 2.11 +0.08 +3.9%

top stock falls symbol price change NBF 4.05 -0.45 -10% UAB 6.50 -0.70 -9.7% ASMAK 3.17 -0.33 -9.4% FH 8.16 -0.58 -6.6% ARKAN 1.26 -0.04 -3.1%

top volume symbol value (AED) price EMAAR 186,954,941 12.40 ALDAR 43,044,472 3.93 DIB 32,974,360 8.23 ADIB 21,194,614 52.30 DIC 16,210,851 4.38

DFM was up 1% today to finish the week at just under 4140 points. Just about right where it started on Sunday. ADSM was down 0.4% to 2972, struggling to crack through the 3000 level this week. Volumes down to a trifling 288m dhs for DFM but up substantially for ADSM at 141m dhs. Commercial Bank of Dubai (CBD) was the only company to announce profits today. Tadawul finished the week yesterday at about 7215 points, not very encouraging.

Dubai Financial Market

DFM trading started off around the 4100 level and drifted for most of the day, it was only in the last 20 minutes or so of trading that it shot up 40 points with more stocks rising than falling. Union Properties PJSC (UPP) the star of the day with a 2.7% rise to 3.06 while Dubai Islamic Bank (DIB) also put in a good show with a 1.6% rise to 8.28 from 33m dhs of trading. Emaar Properties PJSC (EMAAR) with its 187m worth only rising 0.8%. Maximum rise was from Commercial Bank of Dubai (CBD) at 5% but only 3 small trades went through. So 3 people were interested in their profit figures and 45% dividend news then. Arabtec Holding PJSC (ARTC), Islamic Arab Insurance Company PSC (IAIC), Shuaa Capital PJSC (SHUAA) and AMAN all fell less than 1%. The remainder were flat or rose marginally

Abu Dhabi Securities Market

ADSM busy today with a third of the value traded in Aldar Properties PJSC (ALDAR) shares which rose just 0.7% to 3.93. 10 stocks rose while 18 fell and 7 remained unchanged. UAB the most outstanding deal of the day with almost a 10% fall to 6.50 from just one deal. But that deal of 1 million shares accounted for 5% of the total ADSM volume for the day (UAB shares are rarely traded). There's another million shares waiting in the sell queue. Any takers? Sorouh Real Estate (SOROUH) the highest riser of the active stocks with a healthy 2.8% gain to 2.24. Abu Dhabi National Energy Company (TAQA), First Gulf Bank (FGB), and Gulf Cement Company (GCEM) all rose on about 1% or less on volumes worth taking notice of. Ras Al Khaimah Properties PJSC (RAKPROP), Abu Dhabi Commercial Bank (ADCB), and Abu Dhabi Islamic Bank (ADIB) all remained the same - Abu Dhabi Islamic Bank in second place on volume with 21m dhs of deals. ARKAN the notable loser of the day, falling another 3% to 1.26 - they've fallen every day since listing and are getting closer to par value. Dana Gas PJSC (DANA) fell 1.3% and the reminaing active shares fell less than 1%. Other big losers were NBF and ASMAK with about 10% drops from a single trade each.

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