UAE markets 15 Jan 2008

UAE market news & discussions for 15 January 2008 The rain came down in the UAE but that didn't dampen the fired up market in Dubai which raged ahead by almost 3% from massive trading volumes. Top stocks today were Arabtec trading almost 15% limit up, and Dubai Islamic bank with a big rise and top turnover. ADSM was also green but a less exciting day for them. Commercial Bank International and Gulf Cement stood out with big rises on heavy trading. On the DIFX, DP World fell 2.6% to $1.12 from the usual low levels of trading, and Goldfields was the only other stock traded, falling 1% to $17.44. EFG Hermes forecasted some full year earnings, suggesting a slight drop for Emaar, huge growth for Arabtec, modest growth for Union Properties, little, if any, growth for Dubai Islamic Bank, solid growth for Commercial Bank of Dubai, steady growth for Etisalat, and reduced losses for Du Telecom. Aabar Petroleum confirmed they had received a 3.2 billion dirham offer for 90% of their Pearl Energy subsidiary. Which makes for a handy 83% gain on what they paid less than 2 years ago, less whatever it cost to finance the original purchase. The deal still has to go for shareholder approval. Agility Logistics of Kuwait (listed as WARE on the DFM), yesterday announced revenue of $6 billion for the year but didn't say how much profit they made, which one would think was a bad sign. Their shares have not traded since 07 Jan 2008 on the Dubai market. Agility were also reported to have agreed to buy Starfreight Logistics of Kenya, but in keeping with Agility's new non-disclosure policy, the value of the deal was not given. Agthia announced they had bought Al Ain Vegetable Processing and Canning Factory in Al Ain so they could sell more tomato paste. Their shares appropriately, saw red but only marginally with a fall of 1 fil to 2.34. Aldar Properties announced a deal with Intercontinental Hotels Group to build hotels on Yas Island, Al Raha Beach, and in Abu Dhabi. Aldar plans to develop about 30 hotels in Abu Dhabi by 2015. Arabtec share price shot up 15% on the news they had been awarded a 152 million dh contract in Syria, which seems an overaction to a deal that is likely to only add a couple fils to their annual earnings per share over the next 2 years - we would have expected an increase of about 3-4%. The positive EFG profit forecasts may have influenced the market also. The Dubai Gold and Commodities Exchange was reported to have signed an agreement with the Malaysian stock exchange operator, Bursa Malaysia, to develop derivatives markets in Malaysia and the UAE. Dana Gas will be cleaning up their act after Dubai Multi Commodities Centre (DMCC) and EcoSecurities announced today an agreement with DANA and Crescent Petroleum to reduce greenhouse emissions from oil & gas projects in the region, in accordance with Kyoto Protocols. Dana Gas shares fell 1%. DEWA was reported to be considering an Islamic loan of 3.7 billion dhs, after giving up on their bond issue. And if they don't go ahead with that, could that mean a possible IPO on the cards? Speaking of IPOs, Drake & Scull were reported to be planning one for 55% of their capital, or 20 million shares, in Q1 2008. They provide MEP (Mechanical, Electric, and Plumbing) services and facilities management services. ESCA apparently has given regulatory approval but there's nothing obvious on their website to confirm that. Global Investment House (listed on DFM but primary listing in Kuwait) and Al Qudra Holding (apparently an IPO coming Q1 2008) said they were setting up a joint venture investment bank in Abu Dhabi. GLOBAL shares shot up 10% on the DFM today, but from thin (although more than the usual nil) trading. Sorouh and Tabreed announced a joint venture company (with the inspired name of S & T Cool District Cooling Company) to supply district cooling to a couple of sectors in Sorouh's Shams Abu Dhabi project on Reem Island. Sorouh shares fell marginally but Tabreed jumped 5% today. Tamweel has launched a 48 hour mortage approval process (is that the same as actually getting the funds?), which they claim is the fastest in the industry, and they'll pay the applicant 1000 dhs per day over the 48 hr limit if the application isn't processed. We're reminded of the time when MacDonalds promised you your hamburger order within 1 minute, or it would be free. MacTamweel shares rose about 4% today indicating the market was impressed with that clever bit of marketing. Warid Telecom of the UAE (not a listed company) launched services in the Republic of Congo - an African country which might be one of the few that Etisalat doesn't have a presence in.

• 15 January 2008 Dubai Abu Dhabi UAE financial news
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• Deyaar in 2008 13 Jan 08
• Drake & Scull IPO
• Dow Jones MSM Index launched 14 Jan 08
• DPW to announce 2007 results on Sunday 13th January
• Emaar in 2008 13 Jan 08
• Emirates International Securities - Sharjah branch?
• Reliance IPO this week
• TAMWEEL CEO resignation effective 15 Jan 2008?
• Tamweel in 2008 18 Dec 07
• Top stock picks January 2008
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• 14 January 2008 financial and business news for the UAE

More UAE stock market news and discussions...

best stock rises symbol price change NIND 19.10 +2.45 +14.7% ARTC 11.40 +1.45 +14.6% GLOBAL 15.50 +1.50 +10.7% GMPC 7.30 +0.66 +9.9% DHAFRA 6.87 +0.62 +9.9%

worst stock falls symbol price change TKFL 5.99 -0.30 -4.8% ASCANA 2.20 -0.07 -3.1% OEIHC 33.90 -0.95 -2.7% BOS 3.75 -0.10 -2.6% UNION 3.39 -0.09 -2.6%

top volume symbol value (AED) price DIB 1,106,867,395 12.00 AIRARABIA 784,420,812 2.21 DIC 684,231,164 6.15 EMAAR 488,115,921 15.30 TAMWEEL 373,892,425 7.26

Dubai Financial Market

A great day for DFM investors with the index up 3% to almost 6300 points - it was 6292 at close. Arabtec (ARTC) jumped a massive 14.6% to close at 11.40 from solid volumes. Dubai Islamic Bank (DIB) traded over a billion dhs worth and rose 5.7% to 12.00.

Other big rises for Tabreed (TABREED) up 5.1% to 3.70, Dubai Investments (DIC) up 4.2% to 6.15, Tamweel (TAMWEEL) up 3.9% to 7.26, AIRARABIA up 3.8% to 2.21, Commercial Bank of Dubai (CBD) up 3.5% to 11.80, and Emirates NBD (ENBD) up 3.05 to 15.20. Most other stocks rose between 0-3%. Emaar Properties (EMAAR) rose 2% to 15.30. Apart from Arabtec, the other top 3 stocks rose on low volumes.

Only 3 stocks fell today, none that were actively traded.

Abu Dhabi Securities Market

The ADSM gained another 0.8% to close at 4930 points with turnover a moderate AED 1.7 billion. Commercial Bank International (CBI) was up 9.5% to 3.60 and Gulf Cement (GCEM) up 7.1% to 7.12, both trading much greater volume than usual.

BILDCO (BILDCO) rose 2.8%, National Bank of Abu Dhabi (NBAD) up 2.6%, Union National Bank (UNB) 2.4% and First Gulf Bank (FGB) up 2.2% making it another good day for the Abu Dhabi banks. Ther remaining risers were up less than 2% except for the top 2 which rose on a total of 3 small trades. Etisalat (ETISALAT) was up 1.25% to 24.50 on relatively sizeable turnover.

Bank Of Sharjah (BOS) down 2.6% to 3.75 and Aldar Properties (ALDAR) down 2.1% to 11.95, were the only losers of significance. Ther remainder falling less than 2% or on less than 100,000 dhs of turnover.

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