UAE markets 08 Jan 2008

UAE market news & discussions for 08 January 2008 As the weather in the UAE cools down (11 C expected tonight), the stockmarkets slow down a little. DFM rose very slightly today while ADSM fell. Aman had a busy day and topped the gainer's charts, while another insurance company, Salama (IAIC), was also performing well on busy trading. In Abu Dhabi, Oasis Leasing was at the top of the traded value chart with a decent enough rise, while Aabar saw a big jump in share price from solid activity. Shuaa Capital issued a research report this week for DP World, giving them a fair value of $1.47. DPW shares did not listen though, and fell 1.7% to $1.16. Goldfields was the only other stock traded on the DIFX today, and rose 4.3% to $16.76. Aldar Properties are issuing another 76.5m shares from their convertible sukuk, which will be gradually converted depending on the foreign ownership limit of 40% (if we've understood the latest disclosures correctly). That's a further dilution of 3.6%. Aldar's share price fell 1.3% today. Aldar also announced a joint venture with Besix of Belgium to form a management contractor to ensure on-time delivery of Aldar's developments. An Arabtec subsidiary, Arabtec Engineering Services, received a 12 month, AED 54.5 million contract from Dubai Municipality for drainage work in Al Nahda 1 and Al Mamzar. ARTC shares fell 1.2% to 9.80 dhs today. Emaar MGF in India will start marketing its $1.5 billion (AED 5.5 bn) IPO with a roadshow starting later this month on 18 January 2008. Emirates Bank, part of Emirates NBD, and JP Morgan are reported to be lending almost 1.5 billion to Axiom Telecom for expansion. Which could be enough for Axiom to buy 10 million phones if they went to Carrefour. Tabreed signed three 20-year service contracts for buildings in Abu Dhabi and Dubai with a total of 7150 tons of refrigeration per year. The contracts will start at different dates from December 2007 to March 2010. Tabreed share price fell slightly today, by 0.3% to 3.50. The World Gold Council (WGC) said that a gold exchange traded fund (ETF) would be launched in 2008, with a listing on the DFM or DIFX. Bahrain will decide on issuing a third mobile licence by March 2008, which might give Etisalat a chance to make up for missing out in Qatar recently. Dubai Infinity Holdings (not a listed company) announced plans to develop Isla Moda, an island to be a dedicated follower of fashion in Nakheel's The World project. Might the opening ceremony prompt a reunion of The Kinks? Or perhaps David Bowie could perform?

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More UAE stock market news and discussions...

best stock rises symbol price change RAPCO 3.58 +0.32 +9.8% AWNIC 7.67 +0.67 +9.6% AMAN 31.50 +2.40 +8.2% AABAR 4.60 +0.29 +6.7% IAIC 4.28 +0.23 +5.7%

worst stock falls symbol price change FOODCO 4.54 -0.25 -5.2% AEIBANK 1042.20 -54.95 -5% GLOBAL 13.05 -0.65 -4.7% UAB 7.00 -0.32 -4.4% INVESTB 3.87 -0.11 -2.8%

top volume symbol value (AED) price DEYAAR 953,748,740 2.96 AIRARABIA 733,344,627 2.10 OILC 714,734,440 2.90 EMAAR 474,306,717 15.45 AABAR 420,083,867 4.60

Dubai Financial Market

The DFMGI rose just under 10 points, or 0.16%, to close at 6155 from a solid AED 3.7 billion worth of trading today. AMAN was looking good with an increase of 8.25% to 31.50 and a big increase in turnover. Islamic Arab Insurance (IAIC) was up 5.7% to 4.28 on solid trading, while AIRARABIA had a handy 2.4% rise to 2.10 and was also very busy. Top share on turnover was DEYAAR with almost AED 1 billion of shares traded and a 1% rise to 2.96. GULFNAV was the only other notable rise - up by 1.8% to 1.73.

Du Telecom (DU) had the biggest fall of the actively traded stocks, down by 2.3% to 7.32. Amlak Finance (AMLAK) was down 1.4%, and Arabtec (ARTC) by 1.2%. Emaar Properties (EMAAR) dropped just 0.3% to 15.45.

Abu Dhabi Securities Market

The ADSMI fell a modest 0.39% to 4747 from a solid AED 3 billion of turnover. Oasis Leasing (OILC) dominated the trading floor with AED 715m of turnover from 246m shares, while Aabar Petroleum (AABAR) had an impressive 6.7% jump to 4.57 and second highest turnover of AED 420m from 91m shares.

AWNIC stood out with a limit up day to 7.00 and greater than usual volumes, Qatar Telecom (QTEL) had a 5.3% rise to 284.50, ADAVIATION was up 5.3%, Bank Of Sharjah (BOS) 4.1%, ARKAN 2%, and the remaining gainers up less than 2% or on low volumes.

FCI stood out in the losers table with a 2.3% fall to 5.56, Etisalat (ETISALAT) fell 1.5% to 23.55, Aldar Properties (ALDAR) dropped 1.25%, Sorouh Real Estate (SOROUH) 1% and the remaining losers fell less than 1% or on turnover of less than AED 1 million.

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