UAE markets 03 Jan 2008

UAE market news & discussions for 03 January 2008 A positive day for the UAE markets with a solid increase on both the DFM and ADSM, the ADSM standing out in particular with increased turnover. Standout stocks were Amlak Finance, Air Arabia, and Dubai Investments all showing sharp increases on heavy turnover in Dubai. Oasis Leasing and Dana Gas dominated trading in Abu Dhabi with good rises, while Taqa topped the gainers list on robust turnover. DP World fell 1 cent to $1.22 on the DIFX today. Trading volumes were the usual low levels. Goldfields saw a bit of excitement though, with a handful of trades. Only one went through at the days high, and close, of $15.80 - a 9.3% increase on whenever they last traded. Amlak said yesterday that they were in talks to sell part of their Egyptian unit to the International Finance Corporation (IFC), which should will no doubt boost profits nicely should it go ahead. Amlak share price fell 1.2% yesterday but shot up 4.5% today on heavy trading. Aldar's share conversion of the 30 million shares originally announced 17 December 2007 appears to be completed now. No doubt there will be more tranches to be converted though. Aldar share price was up 0.8% yesterday and fell 0.4% today. The Dubai Investments CEO and Chairman said 2007 profits might be 40% higher than 2006, prompting a 4% increase in share price today on increased volumes, even though it's about the same as what he said in April. Emaar said that the height of the Burj Dubai was up to almost 600m (it might be over 600m by the time you read this), which is just 30 m shy of the tallest man-made structure in the world - a TV mast in the USA. Emaar's share price rose 1% today. Julphar announced 2007 profits on Monday, reporting a 300% increase to AED 207 million, but operating profits were up by just 10%. After 2 days of almost limit up trading, their shares rose just 1.2% today. National Bank of Umm Al Quwain confirmed a newspaper report about their 2007 profits - net profit was up by almost 4 times to AED 334 million. Revenue more than doubled to AED 624 million indicating there is a substantial amount of profit from non-core earnings. NBQ shares didn't trade today, and haven't since 11 December 2007. Earlier this week the Doha Securities Market in Qatar was reported to be considering an IPO. If the DFM IPO is anything to go by, it could be a roaring success for DSM investors. Dubai Aerospace Enterprises (DAE) and Boeing concluded the 100-plane order announced at the 2007 Dubai Airshow, worth AED 40 billion ($11 billion) at book prices. The OMX board recommended that the Borse Dubai and Nasdaq takeover deal should go ahead. The Khaleej Times reported a Government Minister as saying that there won't be a third UAE Telecom operator for at least another 2 years, if at all, and the current operators should compete with market forces determining pricing. Sounds like a turnaround from comments that the telecom operators should compete on services, not price, when DU was launched last year.

• 03 January 2008 shares and financial news for DFM and ADSM
• ADIB to lend AED 100m to GAIAA - WAM 03 Jan 08
• ALDAR convertible sukuk & share capital increase - from 24 Oct 2007 on...
• ASNIC management changes 31 Dec 07
• DIC 2007 FY profit forecast AED 1.43 billion
• DPW shares January 2008
• EMAAR - New Year 2008 party in the Burj Dubai - AB 30 Jul 2007
• TAQA completes BRAE acquisition - 31 Dec 07
• Insider trades January 2008
• Tamweel in 2008 18 Dec 07
• 02 January 2007 shares and financial news for DFM and ADSM

More UAE stock market news and discussions...

best stock rises symbol price change TAQA 3.87 +0.26 +7.2% QCEM 3.25 +0.20 +6.6% ADNIC 8.62 +0.51 +6.3% FCI 4.72 +0.27 +6.1% RAKCC 2.31 +0.12 +5.5%

worst stock falls symbol price change MAZAYA 8.90 -1.35 -13.2% GLOBAL 13.70 -1.05 -7.1% AEIBANK 1155.00 -60.15 -5% OEIHC 33.25 -1.05 -3.1% GMPC 6.15 -0.13 -2.1%

top volume symbol value (AED) price OILC 705,146,210 2.82 AMLAK 676,290,699 5.52 DANA 633,845,903 2.42 AIRARABIA 602,064,083 2.07 RAKPROP 469,653,590 2.72

Dubai Financial Market

A solid 1.4% rise to 6089 points for the DFMGI with a steady increase in the index during the session to close at the high for the day. Turnover was a useful AED 3.3 billion.

Amlak Finance (AMLAK) stood out with top traded value of AED 676m and a 4.6% increase to 5.52. AIRARABIA was also busy with a 3% rise to 2.07 and the highest number of shares traded, while Dubai Investments (DIC) jumped 4% to 5.73. Other rises on active trading for Union Properties (UPP) up 2.3%, Shuaa Capital (SHUAA) up 2.1%, Tamweel (TAMWEEL) up 2%, Arabtec (ARTC) and GULFNAV up 1.8%, Emirates NBD (ENBD) up 1.7%, and another 8 stocks rising less than 1.5%.

A short list of 5 losers today with Du Telecom (DU) the only one trading in significant volumes, and falling 0.9% to 7.60.

Abu Dhabi Securities Market

The ADSM was busy today with AED 3.2 billion of turnover and a 0.95% increase in the index to 4671. Oasis Leasing (OILC) topped the traded value table with AED 705m worth and a 3.3% rise to 2.80, while Dana Gas (DANA) topped the volume table with 262m shares traded and a 4.8% increase to 2.41.

Abu Dhabi National Energy (TAQA) stood out with a big 7.2% jump to 3.97 from busy trading. RAK Cement (RAKCC) jumped 5.5% to 2.27 on its highest turnover for the day since June last year. Other notable gains for AGTHIA up 4.7% to 2.21, Aabar Petroleum (AABAR) up 4.2% to 3.91, RAK Properties (RAKPROP) up 3.8% to 2.67, Bank Of Sharjah (BOS) up 2.9% to 3.25, Union National Bank (UNB) up 1.7%, and the remaining gainers up less than 1.5% or on turnover of less than AED 1 million. Etisalat (ETISALAT) rose 0.4% to 23.55.

Only 11 losers today, and only ARKAN with a 1.02% fall to 3.89 traded more than AED 1 million on a greater than 1% fall.

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