UAE markets 10 Feb 2008

UAE market news & discussions for 10 February 2008 It was a grim day on the markets today as both bourses in Dubai and Abu Dhabi fell, with Emaar sinking a huge 6.6% after this weekend's news of the aborted Emaar MGF IPO in India. Two companies were reported to be launching IPOs. Manazel Real Estate, an Abu Dhabi company, perhaps sometime in 2008, and Aswaaq, a supermarket chain. Manazel could be one to watch, especially if IPO price is restricted to AED 1 dh per share, given that they said they'd made AED 1 billion profit in 2007 - which works out to 40 fils EPS if we have used the correct number of shares issued. Foreign buyers have returned to the DFM, with net share buying of almost 400m dhs, about 10% of the total traded by foreign investors last week. National Bank of Abu Dhabi said they would issue AED 2 billion of convertible bonds, the bonds to be listed on the London Stock Exchange (LSE). Currency peg related news included comments that OPEC might switch from the Dollar to the Euro, while Merril Lynch thinks the UAE and Qatar might revalue in the near term by 5%. While Morgan Stanley said likely currency union delays may mean GCC countries (the ones still committed to the union that is) could revalue. 2007 result updates Aldar Properties released full financial statements today Alliance Insurance preliminary accounts released today Aramex Net Profits grew 28% to AED 122 million which results in a 2007 PE of about 27 - a bit cheaper than they were but still expensive looking compared to market average of about 16. Fourth quarter earnings were about AED 32 million based on our calculations - better than Q3 but slightly lower than Q2. First Gulf Bank full 2007 FY results released Fujairah Trade Center (FTC) preliminary 2007 FY results released. Mashreq Net Profits increased only 21% to 1.9 billion, despite Customer Deposits increasing almost 40%. Shuaa Capital full Q3 financial statements released today Sorouh Real Estate full accounts released today TAIB Bank 2007 FY profits of AED 62m, mostly from Fees, Commission, and Trading income. TAIB is a Bahrain bank scheduled for listing in the UAE. One day. Umm Al Quwain Cement (QCEM) 2007 FY results released Upcoming dates announced today Al Khazna Insurance BOD meeting 11 Feb 2008 at 12pm Du Telecom BOD meeting 13 Feb 2008 Qatar Telecom BOD meeting 21 Feb 2008 RAK National Insurance AGM RAK Properties BOD meeting 13 Feb 2008 at 4pm RAK White Cement Company BOD meeting 28 Feb 2008 Umm Al Quwain Cement AGM 12 Mar 2008 at 6:30 pm TAIB Bank AGM 30 Mar 2008 (5% stock dividend proposed) Dubai stock forum updates

• 10 February 2008 shares and financial news for DFM and ADSM
• Abyaar listing on DFM
• ALDAR 2007 FY profit +55% to AED 1.9 bn, misses forecasts - 22 Jan 08
• Aswaaq IPO
• Aswaaq supermarket formation - GN 10 Feb 08
• CBDFS Wrong buying in my account
• Emaar MGF IPO binned - 08 Feb 08
• GULFNAV 2007 FY profit AED 120m +121% 07 Feb 2008
• Manazel IPO
• Problem with broker 07 Feb 08
• Qatar report from GCG - Jan 2008
• SHUAA 2007 Q3 profit up to AED 213m - R 06 Feb 08
• What to trade for Feb 08? 01 Feb 08
• Where is EMAAR price heading to?
• UAE online trading questions
• 09 February 2008 UAE Dubai, Abu Dhabi business news
• 08 January 2008 shares and financial news for DFM and ADSM
• 07 February 2008 financial and business news for the UAE

More UAE stock market news and discussions...

best stock rises symbol price change DRIVE 5.60 +0.48 +9.4% GULFA 2.31 +0.11 +5% GGICO 13.10 +0.60 +4.8% SCIDC 5.79 +0.25 +4.5% ALMADINA 10.35 +0.30 +3%

worst stock falls symbol price change ADSB 4.26 -0.44 -9.4% OEIHC 35.00 -3.00 -7.9% INVESTB 3.66 -0.30 -7.6% AWNIC 5.60 -0.40 -6.7% EMAAR 11.35 -0.80 -6.6%

top volume symbol value (AED) price EMAAR 768,223,583 11.35 DFM 188,774,270 5.58 AMLAK 110,812,621 4.63 DEYAAR 102,905,756 2.49 SOROUH 82,331,755 9.08

Dubai Financial Market

The DFMGI tanked by a very unpleasant 3.1% to just below 5600 points today, closing at 5599 from moderate turnover of 1.67 billion dhs. Emaar Properties (EMAAR) got all the raspberries today - biggest fall, of 6.6% to 11.25, highest turnover of 770m dhs, highest volume of 66m shares, and highest number of deals at 2,659.

GGICO shone with heavy trading and a 4.8% rise to 13.10, the other 4 gainers rose on thin volumes.

The long and bloody losers' list, apart from Emaar, had nasty falls for Islamic Arab Insurance (IAIC) down 5.7% to 3.45, Union Properties (UPP) down 4.8% to 4.57, Amlak Finance (AMLAK) down 4.7% to 4.63, AMAN down 4.1% to 27.00, DFM down 3.5% to 5.58 and the remaining actively traded stocks falling less than 3.5%.

Abu Dhabi Securities Market

The ADSM index was slightly less turbulent than in Dubai, but still shed an unpleasant 1.75% to close at 4694 from a modest 479 million dhs of turnover. There were no gainers of any note - the 6 stocks that did rise, did so on a total of less than 0.5 million dhs of turnover.

In the actively traded losers list, Aldar Properties (ALDAR) and RAK Properties (RAKPROP) got the biggest whack, with 3.1% falls to 10.60, and 2.46 respectively. Abu Dhabi National Energy (TAQA) and Oasis Leasing (OILC) fell 2.7%, Dana Gas (DANA) 2.6%, Abu Dhabi Islamic Bank (ADIB) 2.3%, and Etisalat (ETISALAT) was down by 2% to 24.25. The remainder fell less than 2%, or on low volumes.

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