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Wednesday, January 23, 2008

UAE markets 23 Jan 2008

UAE market news & discussions for 23 January 2008

If you're still reeling from the roller coaster ride on the markets this week, it probably isn't finished yet. Both the DFM and ADSM had a scorching day with many stocks closing limit up (15% in Dubai, 10% in Abu Dhabi) after last night's announcement of a 0.75% cut in interest rates in the USA - with the UAE Central Bank announcing the same today.

DP World was the only stock traded on the DIFX today, and recovered by 7.3% to close at $1.03.

US markets did not bleed as much as was expected after seeing big falls around the world yesterday, but opened sharply lower today, while European stocks opened higher this morning but had plummeted 4% by mid-afternoon.

Saudi's Tadawul, which stays open until 5pm, gave up almost all its initial gains to close just 0.23% ahead of yesterday's close. That does not bode well for the UAE markets tomorrow.

Some good news in a report from the Kuwait Financial Center, or Markaz, who forecast inflation rates in the GCC to be high, companies' profit growth to be higher at 20% or more, and stock prices to grow even more with UAE indexes to end the year up by 40% or more.

The large cut in interest rates by the US Federal Reserve on Tuesday, prompted business leaders at the World Economic Forum meeting in Davos to interrupt their skiing schedule and express reservations. They said we are facing a serious financial crisis which could be alleviated by stronger global leadership. Which leaves us a little nonplussed. Aren't business leaders supposed to provide, not ask for, leadership?

A Dubai Investments subsidiary was reported to be planning AED 20 billion of real estate developments in the next 5 years, half of that for a mixed use project on Emirates Road in Ajman.

Emirates Airlines was reported as looking at an IPO within the next couple of years, for 20%-30% of its share capital. Which sounds about the same as the last EK IPO report a month or two ago.

Big number of the day award goes to Metito, a water treatment and desalination systems supplier, who said at the World Future Energy Summit in Abu Dhabi, that $35 trillion (AED 128 trillion) is needed for spending on electricity and water infrastructure around the world, to keep the lights on and the toilets flushed until 2030. If every resident in the UAE handed over 30 million dhs (each), that should take care of the bill.

2007 results released today

  • Arab Heavy Industries board meeting today, results not seen yet
  • Deyaar Development 2007 FY profit AED 535 m profit, an increase of 30% from 2006, with most of the profit generated in the second half after their May 2007 IPO.
  • Gulf Medical Projects preliminary results released
  • Invest Bank board meeting today, results not seen yet
  • Union Properties 2007 FY profit of AED 684m, up 11% from 2006. EPS of 0.25 makes their shares look more expensive than the market average based on PE, but remember their accounting policy means there's going to be substantial increases in reported profits from past sales within the next 2 or 3 years.
  • United Arab Bank 2007 FY profits AED 211 million. Board recommended 12% cash dividend and 11% share dividend.

Calendar items for tomorrow

  • Fujairah Cement Industries (FCI) board meeting

2007 result and meeting dates announced today

  • Al Dhafra Insurance preliminary 2007 financial results on 30 Jan 2008
  • Fujairah Building Industries preliminary results 31 Jan 2008
  • First Gulf Bank board meeting 28 January 2008
  • Gulf Finance House board meeting 29 January 2008
  • Paltel board meeting 12 February 2008
  • Sharjah Islamic Bank (NBS) AGM mid February 2008
  • United Arab Bank AGM 24 February 2007

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Dubai Financial Market and Abu Dhabi Securities Market index for 23 January 2008

More UAE stock market news and discussions...

best stock rises
symbol price change
AMLAK 4.77 +0.62 +14.9%
MAZAYA 8.85 +1.15 +14.9%
DIC 5.47 +0.71 +14.9%
UPP 4.78 +0.62 +14.9%
AMAN 27.45 +3.55 +14.9%
worst stock falls
symbol price change
NBF 4.76 -0.52 -9.8%
AWNIC 6.30 -0.65 -9.4%
UNION 2.95 -0.28 -8.7%
GRAND 4.60 -0.29 -5.9%
AKIC 1.63 -0.04 -2.4%
top volume
symbol value (AED) price
EMAAR1,873,587,53313.55
DFM705,447,0535.03
DEYAAR697,895,5372.73
AIRARABIA690,982,7782.04
TAMWEEL532,678,8127.06

Dubai Financial Market

The DFMGI came back from yesterday's hammering with an astounding 10.5% rise to 5755 points, and turnover a colossal AED 6.3 billion. Emaar Properties (EMAAR) reigned over the trading floor with close to AED 2 billion of traded value, and a rise of 11.1% to 13.55.

An astonishing thirteen stocks traded limit up, or close to it, with all of them except for Aramex (ARMX) seeing no sellers in the queue at the end of the day. DFM, DEYAAR, and AIRARABIA in that list, lined up behind Emaar on the top stocks by turnover.

Only 2 stocks fell today, Arab Insurance Group (ARIG) by 0.3% and GRAND by 5.9%, on insignificant levels of trading.

Abu Dhabi Securities Market

ADSM also had a robust rebound with a 6.3% rise to 4575 points but on less exciting turnover of AED 1.86 bn.

Nine stocks were trading limit up, or close to it, and eight of them with no sellers in the queue at the end of the session. Aldar Properties (ALDAR), First Gulf Bank (FGB), Dana Gas (DANA), and AGTHIA stood out in that list on high turnover. All the usually actively traded stocks were up between 5%-10%. UAB stood out on very heavy turnover after announcing results, but was up by just 2.4% to 7.20. Etisalat (ETISALAT) had a busy day with a 6.7% rise to 23.40.

The list of losers had 7 stocks, none of which traded more than 100,000 dhs worth today.

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