UAE markets 25 Mar 2008

UAE market news & discussions for 25 March 2008 After a wobbly start, the DFM finally surged ahead in late trading today. The ADSM took off a little earlier and peaked in the first hour but remained reasonably steady after that. Both indexes ended the day ahead with Dubai Islamic Bank dragging the Dubai market up, and Etisalat doing the same in Abu Dhabi. Arabtec shareholders approved a 50% cash dividend in the AGM yesterday. The Arabtec CEO also said he expected revenues to grow by 40% in 2008. Etisalat shareholders approved a 20% share dividend and 35% cash dividend (to be added to the 25% cash dividend for 2007 H1) in their AGM yesterday. The foreign ownership issue was also raised, it continues to be under review by the relevant authorities, which is what's been said for about 2 years now. TNI issued a report update for Tabreed shares, rating them as undervalued. Al Salam Bank (Bahrain) lists on the DFM tomorrow. Tomorrow is also the last trading day for Sorouh shares to be eligible for dividends Arakan Building Materials has their AGM tomorrow - a 10% cash dividend is proposed. See the ShareWadi calendar for more AGM and dividend dates tomorrow. Latest updates on DubaiShareTalk...

• 25 March 2008 ADSM DFM DIFX disclosures & news
• AEIBANK 2007 FY profit AED 26m -26% Q4 13m +944% - 31 Jan 2008
• Al Salam Bank Bahrain DFM listing
• ARTC 2007 FY profit +128% to AED 494m - 19 Jan 2008
• ARTC 2008 FY revenue up 40% - R 25 Mar 08
• DFM - Bahrain Stock Exchange MoU - PR 24 Mar 08
• DIC 2007 FY profit AED 1.5bn +52% 29 Jan 2008
• Dow & Nasdaq turn up the volume
• EMAAR - accumulate?
• EMAAR 2007 FY profit AED 6.57 bn +3.1% 16 Jan 2008
• ENBD 2007 FY profit +35% to 3.95 bn - 13 Feb 08
• ENBD 2008 FY profit forecast +30% to AED 5.1 bn
• ETISALAT 2007 FY profit +25% to Dh7.3 bn misses forecasts 28 Jan 08
• Etisalat to allow foreign ownership of shares... 30 Mar 2006
• Insider trades March 2008
• Marketwatch DFM March 2008
• NBF 2007 FY profits +36% to AED 324m - 28 Jan 2008
• Sorouh to issue AED 3.7 bn bond - R 24 Mar 08
• Tabreed TNI report 24 Mar 08
• Tamweel ready to repeat 2007 performance
• 24 March 2008 ADSM DFM DIFX disclosures & news

More UAE stock market news and discussions...

best stock rises symbol price change AKIC 1.82 +0.11 +6.4% ASMAK 7.40 +0.41 +5.9% DEYAAR 2.41 +0.13 +5.7% DRIVE 6.86 +0.36 +5.5% DIB 9.70 +0.48 +5.2%

worst stock falls symbol price change GMPC 7.65 -0.85 -10% NMDC 9.91 -1.09 -9.9% FCI 6.30 -0.57 -8.3% OEIHC 5.52 -0.43 -7.2% UNION 3.20 -0.24 -7%

top volume symbol value (AED) price EMAAR 210,463,476 11.40 AIRARABIA 208,950,056 1.91 DFM 203,424,081 5.50 DIC 155,944,888 5.30 DIB 147,539,643 9.70

Dubai Financial Market

The DFMGI ended the day at 5468 points, a rise of 1.27%, and turnover was a more healthy looking AED 1.4 billion. Emaar Properties (EMAAR), AIRARABIA, and DFM all saw turnover of about AED 200 million with Air Arabia rising a decent 3.2% to 1.91, while Emaar was up 1.3% to 11.40.

Top gainers were DEYAAR up 5.7% to 2.41, Dubai Islamic Bank (DIB) up 5.2% to 9.70, and GULFNAV up 4% to 1.57. Arabtec (ARTC) was up 2.7%, Tamweel (TAMWEEL) up 2.6% and the remaining gainers were up by less than 2% or on thin trading.

Only Dubai Investments (DIC) stood out in the loser's list with a 1.85% fall to 5.30. The other 7 stocks to fall were down by less than 1% or on turnover of less than AED 1 million.

Abu Dhabi Securities Market

The ADSM index was up 0.73% to 4606 points with turnover also looking better at AED 618m. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) topped the traded value list with more than AED 100m dhs worth for each of them. Aldar rose 1.5% but Sorouh fell an alarming 4.1%, perhaps on news of a Sukuk issue. Tomorrow is the last trading day to buy Sorouh shares and still be eligible for dividends.

AKIC topped the gainers list with a 6.4% rise to 1.88 and unusually high turnover for them. ASMAK also saw a bit more activity than usual and a 5.9% gain to 6.50. Etisalat (ETISALAT) had a solid 3.8% increase to 24.25 and relatively heavy trading. Abu Dhabi Commercial Bank (ADCB) rose 2.2% to 6.52 and the remaining gainers rose less than 2% or on low trading volumes.

FCI stood out in the losers list with an 8.3% plummet to 6.30 from only 2 trades but AED 3.2m of turnover. NBS was next in the list on greater than AED 1m of turnover, with a 4.45% fall to 2.37. Aabar Petroleum (AABAR) had yet another down day, ending at 3.31 after a 3.3% fall. AGTHIA dropped by 2.6% and the remaining losers fell less than 2% or on light turnover.

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