UAE markets 24 Jan 2008

UAE market news & discussions for 24 January 2008 A split days trading on UAE Markets today. DFM gave up some of its gains from yesterday and the ADSM finished virtually unchanged on the back of a rise in ETISALAT. The DFM index finished 2.66% lower at 5,602. The top traded share was DFM rising 3.97% to 5.23 dirhams on volume of 165 million shares. The ADSM index finished 0.14% higher at 4,581. The top traded share was ARKAN falling 1.08% to 3.54 dirhams on volume of 59 million shares. Global markets continued to be volatile with share prices continuing to rise in Asia but generally lower in Europe. Speculation continues that the Fed will cut rates by a further 50 basis points next Tuesday, as concern shifts from sub prime to bond insurers. Reacting to growing concensus about a recession in the USA oil dropped to below $88. Saudia Arabia plans to start its first sovereign wealth fund worth about $6 billion. With a predicted capital surplus of $150 billion in 2008 the fund has considerable scope to grow. Announcements: TAMWEEL: closing of its exchangeable Sukuk. EIB: BOD meeting to be held 29/01/2008. AMLAK: BOD meeting to be held 28/01/2008.

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best stock rises symbol price change NBF 5.23 +0.47 +9.9% ASMAK 6.24 +0.53 +9.3% OEIHC 37.80 +2.85 +8.2% ALMADINA 9.90 +0.60 +6.5% NCTH 8.98 +0.49 +5.8%

worst stock falls symbol price change DU 5.61 -0.50 -8.2% RAKCEC 4.57 -0.33 -6.7% AMAN 26.00 -1.45 -5.3% TAMWEEL 6.70 -0.36 -5.1% DRIVE 5.05 -0.27 -5.1%

top volume symbol value (AED) price EMAAR 988,942,790 13.00 DFM 926,957,174 5.23 DEYAAR 438,599,620 2.61 AIRARABIA 305,346,299 1.97 ALDAR 230,822,882 10.25

Dubai Financial Market

The DFM index closed at 5,602 a fall of 2.66% from the previous close. 798 million shares traded worth 3.7 billion dirhams. Five shares advanced and nineteen declined.
The top traded share was DFM rising 3.97% to 5.23 dirhams on volume of 175 million shares.

Tamweel (TAMWEEL) 6.70 fell by 5% and Du Telecom (DU) 5.61 by a massive 8%.
ARABTEC 10.70, DEYAAR 2.61, Dubai Islamic Bank (DIB) 10.80, Emaar Properties (EMAAR) 13.00, and Tamweel (TAMWEEL) 6.70 all fell by more than 4%.
AIRARABIA 1.97 and Amlak Finance (AMLAK) 4.59 fell by more than 3%.

GGICO 10.00 (3.51%) and DFM 5.23 (3.97%) both finished ahead.

Abu Dhabi Securities Market

The ADSM index closed at 4,581 a rise of 0.14% from the previous close. 260 million shares traded worth 1.1 billion dirhams. Sixteen shares advanced and twenty seven declined.
The top traded share was ARKAN falling 1.08% to 3.54 dirhams on volume of 59 million shares.

Other shares to fall included: Oasis Leasing (OILC) 2.56 (1.87%), Aldar Properties (ALDAR) 10.10 (1.44%), RAK Properties (RAKPROP) 2.54 (0.39%), Aabar Petroleum (AABAR) 4.36 (2.65%), Dana Gas (DANA) 2.24 (0.44%).

Shares to rise included: First Gulf Bank (FGB) 23.50 (1.13%), Etisalat (ETISALAT) 23.70 (1.08%) and Abu Dhabi ShipBuilding (ADSB) 4.81 (2.51%).

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