UAE markets 29 Apr 2008

UAE market news & discussions for 29 April 2008 The DFM headed up today with almost a 1% jump in the last few minutes of trading - mostly from a handful of trades in Emirates NBD at about 5% up for the session. The ADSM closed down slightly, although once again, turnover was higher than on the DFM - Arkan Building Materials having yet another busy day but with little change in share price after releasing 08Q1 results that didn't look inspiring. Union Insurance was the day's big star though, after releasing 08Q1 results, with limit up trading and greater volume than seen at any time in the past 12 months. On the DIFX, Depa Limited headed further south by another 3%, while DP World lost another cent. Aabar's AGM yesterday approved the proposed 10% cash dividend. Their shares rose slightly today - by 0.6% to 3.28. Abu Dhabi Commercial Bank said they were borrowing AED 1.5 billion for general financing purposes. Their shares rose marginally by 0.6% to 7.04, and go ex-dividend tomorrow. Abu Dhabi National Energy (TAQA) are due to release their Q1 results tomorrow morning before trading starts. Dubai Investment shares - last day for rights issue subscription tomorrow, and also last trading day before shares go ex-dividend Etisalat were reported to be considering moving into India telecoms with up to AED 15 billion to spend. But maybe only AED 4 billion. The chairman was reported as saying "that depends". Etisalat shares edged down by 0.7% to 21.75 today. Union Properties shares - tomorrow is the last trading day before shares go ex-dividend. 2008 first quarter results ARKAN 2008 Q1 profit AED 17m -54% 29 Apr 2008 - shares continue to trade heavily on a rising price, leaving anyone looking at fundamentals, completely bemused. DIB 2008 Q1 profit AED 560m +31% 29 Apr 2008 - limited information from Dubai Islamic Bank leaving us to wonder what their investor relations policy really is. GLOBAL 2008 Q1 profit AED 480m +54% 29 Apr 2008 - massive gains from investments but also a solid increase in real money from fees and commissions. If they can keep that up, their shares might look like they're priced attractively at the moment. They went untraded on the DFM today. RAKPROP 2008 Q1 profit AED 110m +11% 28 Apr 2008 (PM) - the press release sounded as though they were surprised at the excellent growth in earnings, but it looked like just another scheduled revaluation of land on their roadmap. UNION 2008 Q1 profit AED 36m +117% 29 Apr 2008 - something must look good in their accounts, shares were up by 9.7% to 3.40 on very heavy trading today. On the DIFX, 2007 FY annual reports were available for Al Baraka Banking Group, DP World, Fortune Management, and Unigold. Upcoming events tomorrow (see the DFM & ADSM calendar for more) ADNH last trading day before shares ex-dividend DIC last trading day before shares ex-dividend DIC rights issue phase II last day of subscription DRC AGM at Palace Hotel, Old Town, Dubai. 20% dividend proposed FPI Future Pipe IPO pricing and share allotments GULFNAV EGM deferred from 30 Mar 2008 TAQA 08Q1 financial results due (AM) TAQA conference call at 4:30pm for 08Q1 financial results NMDC record date 18.34% share & 15% cash dividend (disclosure not clear)? UPP last trading day before shares ex-dividend Latest stock forum topics

• 29 April 2008 ADSM DFM DIFX disclosures & news
• AABAR 2007 FY profit AED 290m +212% 30 Jan 2008
• Abu Dhabi Securities Market vs. New York Stock Exchange
• ADAVIATION 2008 Q1 profit AED 8.9m +40% 28 Apr 2008
• ARKAN 2008 Q1 profit AED 17m -54% 29 Apr 2008
• Deyaar CEO in jail - 17 Apr 08
• DIB 2008 Q1 profit AED 560m +31% 29 Apr 2008
• EIC 2008 Q1 profit AED 66m +75% 28 Apr 2008
• Future Pipe IPO
• GLOBAL 2008 Q1 profit AED 480m +54% 29 Apr 2008
• Is it really possible to make a living as a day trader at DFM/ADSM?
• Kuwait Stock Exchange
• MAZAYA 2008 Q1 profit AED 190m +300% 28 Apr 2008
• RAKPROP 2008 Q1 profit AED 110m +11% 28 Apr 2008
• RAPCO 2008 Q1 profit AED 42m +21% 28 Apr 2008
• UNION 2008 Q1 profit AED 36m +117% 29 Apr 2008

More UAE stock market news and discussions...

best stock rises symbol price change FCI 5.64 +0.51 +9.9% UNION 3.40 +0.30 +9.7% RAPCO 4.20 +0.33 +8.5% QCEM 3.09 +0.19 +6.6% ARIG 3.43 +0.19 +5.9%

worst stock falls symbol price change NMDC 10.05 -1.06 -9.5% GMPC 4.13 -0.33 -7.4% ADAVIATION 4.78 -0.27 -5.3% ADSB 4.53 -0.22 -4.6% JULPHAR 2.28 -0.10 -4.2%

top volume symbol value (AED) price ARKAN 333,717,534 4.76 ALDAR 312,956,338 11.70 EMAAR 218,069,351 11.50 DFM 103,266,524 5.96 TAMWEEL 79,994,618 7.85

Dubai Financial Market

The DFMGI rose 0.65% to 5752 points in the last few minutes of the trading session. Total turnover was AED 820 million, but 7 trades in Emirates NBD (ENBD), worth about AED 2 million, five minutes before the market closed, were likely to be responsible (because of its market cap) for dragging it 40 points up from ending slightly in the red. Overall, Emirates NBD rose 4.2% to close at 12.35, and stood out as the best gainer (ignoring those stocks trading low volumes).

AMAN rose 3.1% to 31.95, Amlak Finance (AMLAK) rose 1.5%, Dubai Investments (DIC) and Union Properties (UPP) were up 1.2%, Dubai Islamic Bank (DIB) was up 1.1%, and another 8 stocks rose less than 1% or on thin trading.

Arabtec (ARTC) stood out in the loser's list with a 3.45% fall to 15.40 - it's been a while since we've seen Arabtec as one of the laggards. GULFNAV fell 1.3%, Aramex (ARMX) and Islamic Arab Insurance (IAIC) by 1.15%, and another 5 losers fell by less than 1%.

Abu Dhabi Securities Market

The ADSM index dipped slightly by just 0.14% to close at 4991 with turnover of AED 1.1 billion. ARKAN yet again dominated the floor with AED 333m worth of turnover but a rise of just 0.63% to 4.80. Aldar Properties (ALDAR) was almost as active based on traded value, and rose 1.3% to 11.70.

But it was UNION that was storming ahead, as previously mentioned. However, there were only a handful of very large trades in their shares. Nothing else in the gainers list stood out except for some stocks jumping up on very low turnover. RAK White Cement (RAKWCT), Abu Dhabi National Energy (TAQA), and First Gulf Bank (FGB) all rose between 1% and 1.5%, the remainder were up by less than 1%.

In the loser's list, Finance House (FH) stood out with a 4.1% dive to 12.85 on heavy turnover, otherwise there was little of note. Dana Gas (DANA) and Abu Dhabi Islamic Bank (ADIB) fell between 1% and 1.5%, the remaining losers were down less than 1% or on turnover of less than AED 1 million.

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