UAE markets 13 Jan 2008

UAE market news & discussions for 13 January 2008 A public holiday has been declared tomorrow (14 January 2008) which presumably includes the stock markets, although they haven't specifically issued a disclosure yet. A couple of major roads (including Sheikh Zayed Road) and bridges will be closed. There's some dude from Texas in town. The ADSM steamed ahead by almost 2% with on reasonable turnover. It was the day of the banks today. Sharjah Islamic Bank had a ripper with shares trading 10% limit up on heavy trading. Abu Dhabi Commercial Bank, National Bank of Abu Dhabi, and Bank of Sharjah all stood out with big increases on high volume trading. The DFM had a more modest rise with Arabtec standing out on the gainers list and Amlak the highest traded stock by value. Aabar Petroleum supplied details of their Dalma Energy sale, saying they'd made a profit of AED 350 m, an astounding decrease from the AED 1 billion "net gain" the CEO said they'd made in August last year. Aabar also said they'd received an offer from Mubadala to buy 90% of their Pearl Energy unit. If sold, that should shore up their 2008 earnings nicely but how will they make money if they sell all their assets? Air Arabia announced a tie up with the worryingly named Yeti Airlines of Nepal to set up a hub there, with first flights scheduled to launch later this month. Has anyone ever seen a Yeti? Air Arabia shares rose 1%. Aldar share capital increased by another 14m shares today. Share price increased 2.5% to 12.00 dhs. Amlak announced record profits of AED 301 million, an increase of 131% from 2006, and AED 16 million more than the amount the CEO said they had made at the end of December 2007. Revenue was up 82% indicating profit margins had increased, but further financial details to explain that were not obvious in their press release. The Chairman did say that they were focusing more "on real estate financing and investing as our core business". Their shares rose almost 2% to 5.66 on heavy trading, which, although it still looks quite expensive on a PE basis, is much lower than indicated by the triple figure PEs they had last year. Taqa confirmed the report last week that they had taken on an 11.4 billion line of credit. DFM released final results, profit of AED 1.4 billion surpassing all forecasts but their shares still look like one of the more expensive stocks on the market, especially when you discount the effects of their IPO income. DFM share price fell a couple of fils today. Global Investment House (listed in Kuwait, Bahrain, and Dubai) said they would issue another 300 million shares - a 35% increase in capital. Their shares rose 4% off one small trade in Dubai. RAK Properties apparently clarified a news report about $10 billion dhs worth of developments, saying it should have been AED 10 billion. But we're still wondering what they were talking about. Shares were unchanged at 2.82 but there was heavy-ish trading. The DIFC received an ISO award for service excellence. And Dubai Islamic Bank opened 4 new branches.

• Holiday declared in Dubai on 14 Jan 2008 - KT
• AABAR to sell Pearl Energy? R 13 Jan 08
• AABAR profit from Dalma sale falls from AED 1 bn to 350m? - 13 Jan 08
• AIRARABIA new Nepal hub, JV with Yeti Airlines - PR 13 Jan 08
• Air Arabia in 2008 13 Jan 08
• AMLAK 2007 FY profit AED 301m 12 Jan 2008
• Deyaar in 2008 13 Jan 08
• DFM and ADSM crosslistings - Julphar CEO - 09 Jan 08
• DFM profit 2007 AED 1.4 bn +76% - PR 13 Jan 2007
• DFM net foreign investment down to AED 359m last week - PR 12 Jan 08
• Emaar in 2008 13 Jan 08
• GLOBAL - AED 3.6 bn share issue R - 13 Jan 08
• JULPHAR 2007 FY profit AED 207m +309% - 31 Dec 07
• Julphar expansion plans and profit forecasts - KT 11 Jan 2008
• JULPHAR rights issue 2008-2010 - EB 09 Jan 08
• Marketwatch DFM ADSM DIFX January 2008
• RAKPROP clarifies $10 bn project news? 13 Jan 2008
• Tamweel in 2008 18 Dec 07
• TAQA arranging AED 11.4 bn loan - R 10 Jan 08
• Top stock picks January 2008
• UPP in 2008 13 Jan 08
• 13 January 2008 shares and financial news for DFM and ADSM
• 12 January 2008 shares and financial news for DFM and ADSM

More UAE stock market news and discussions...

best stock rises symbol price change GMPC 6.38 +0.58 +10% UNION 3.20 +0.29 +10% NBS 4.49 +0.38 +9.2% ADNIC 10.50 +0.85 +8.8% OEIHC 32.15 +2.15 +7.2%

worst stock falls symbol price change NMDC 7.51 -0.68 -8.3% DRIVE 5.25 -0.35 -6.3% FCI 5.10 -0.30 -5.6% DRC 15.00 -0.75 -4.8% ADSB 4.61 -0.17 -3.6%

top volume symbol value (AED) price AMLAK 445,672,960 5.60 DIB 390,303,002 11.35 AABAR 368,701,488 4.66 ALDAR 292,408,371 11.95 EMAAR 291,783,021 15.00

Dubai Financial Market

The DFM index rose a modest 0.46% to 6110 points from reasonable turnover of AED 2.37 billion. Amlak Finance (AMLAK) was the top traded stock with AED 446m dhs of turnover and a 1.6% rise to 5.60. Dubai Islamic Bank (DIB) stood out with a 3.2% rise to 11.35 from almost AED 400m of turnover.

The top 3 gainers rose on thin trading, Arabtec (ARTC) was the best of the more active shares with a 3.3% rise to 9.95. AMAN rose 1.2%, Dubai Investments (DIC), Tamweel (TAMWEEL) and AIRARABIA rose 1%, and DEYAAR and Shuaa Capital (SHUAA) rose less than 0.5%.

DRC stood out on the losers chart, a very rarely traded stock but saw 2 trades worth a million dhs today and a 4.8% fall to 15.00. Islamic Arab Insurance (IAIC) fell 2.4%, Tabreed (TABREED) 2.2%, Du Telecom (DU) 1.3%, and Aramex (ARMX) 1.2%. Emaar Properties (EMAAR) dropped by just 0.7% to 15.00 from a relatively light AED 292m worth of deals.

Abu Dhabi Securities Market

The ADSM index was up 1.95% to 4808 from a steady AED 1.75 billion of turnover. Top stock of the day was NBS with an average increase of 9.25% to close at 4.52 and a sizeable 42m dhs worth of trades.

Other increases of note for UNION up 10% to 3.20 and ADNIC up 8.8% to 10.55, both on moderate volume; Abu Dhabi Commercial Bank (ADCB) up 6% to 7.13, National Bank of Abu Dhabi (NBAD) up 5.15% to 25.00, Bank Of Sharjah (BOS) up 4.2%, all three banks seeing much greater than usual turnover. ADAVIATION rose 4.2%, Aldar Properties (ALDAR) up 2.6%, and First Gulf Bank (FGB) up 2.5%, another bank trading heavily today. Etisalat (ETISALAT) rose 1.9% to 23.90.

Apart from the top 5 losers falling on less than AED 1m turnover each, ARKAN and Aabar Petroleum (AABAR) stood out amongst the red arrows, falling 1.5% to 3.95 and 4.58 respectively. Another 9 stocks fell less than 1%.

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