UAE markets 15 May 2008

UAE market news & discussions for 15 May 2008 Both Dubai and Abu Dhabi saw little movement overall, and total turnover was muted. Nothing of note on the Dubai bourse although Shuaa shares were up slightly ahead of their BOD meeting to discuss 2007 FY results. Some excitement in Abu Dhabi for some of the more obscure stocks with RAK Poultry going 10% limit up, and turnover for just today more than the total for the previous 12 months. Whoever said don't put all your eggs in one basket? Foodco holdings was also trading 10% limit but on subdued volumes, their 08Q1 results were released during the trading session. And of course, METHAQ finished off a good first week by trading limit up once again, at AED 3.55 per share. The unfortunate investor who bought the first shares at AED 10.00 on Sunday, might possibly break-even if this continues another couple of weeks. On the DIFX, Depa was up $0.01 and DP World down $0.01. No other stocks were traded. After a week of Aldar press releases announcing new property developments and awards for business segments we didn't know they were in, they forgot to send one out annoucing a new $1 billion property fund. Reuters let us know instead. Aldar shares fell 0.43% to 11.65. Amlak Finance appears to want to become 2 Islamic banks after a disclosure was sent to the DFM today saying that they had reapplied for a banking licence to the UAE Central Bank. Last year, news that the Central Bank had rejected their licence application was, we thought, debunked by Amlak saying they had received no official notification of the rejection. Which leaves the question of why they are reapplying if an application is still in process. Amlak shares rose 0.63% to 4.80. Dana reported a Dh 25 m profit for 08Q1 after making 10x that figure as revenue and then seeing almost all of it handed out again. After rounding, that leaves shareholders with Dh 0.00 earnings per share. Dana share price was unchanged at 2.04, and annualised PE is high enough to break the Sheikh Zayed Road speed limit - just. Emaar sent out a press release about a joint venture with Asmaran at the Bawadi tourism development. Emaar shares were unchanged. TNI released a report for Abu Dhabi National Energy (TAQA) giving their shares a target price of AED 4.50, 26% upside from today's close of AED 3.58 - unchanged from yesterday. Agenda for ADX DFX companies Thursday, 15 May 2008 ARIG 08Q1 reviewed financial statements and press release ASMAK 08Q1 financial results BOD report CBI (Egypt) 08Q1 financial statements DANA 08Q1 financial statements, BOD report, and press release DDC 08Q1 reviewed financial statements DRC 08Q1 reviewed financial statements FOODCO 08Q1 financial statements and BOD report GGICO 08Q1 reviewed financial statements GLOBAL OGM at 4:30pm to amend share premium for capital increase GULFA 08Q1 reviewed financial statements IAIC 08Q1 reviewed financial statements IIG BOD meeting to discuss 08Q1 results? Disclosure not clear. JEEMA 08Q1 reviewed financial statements SHUAA BOD meeting, to discuss 07FY results? Disclosure not clear. Friday, 16 May 2008 TAQA 10% cash dividend payment due by today Sunday, 18 May 2008 ADNIC foreign ownership limit raised to 25% from today ALLIANCE BOD meeting, no agenda supplied AKIC payment date for 10% cash dividend AMAN EGM for share split and foreign ownership GRAND BOD meeting (postponed from 15 May 2008) DubaiShareTalk latest posts

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More UAE stock market news and discussions...

best stock rises symbol price change RAPCO 6.16 +0.56 +10% FBICO 5.72 +0.52 +10% DRIVE 9.80 +0.89 +10% FOODCO 5.20 +0.47 +9.9% METHAQ 3.55 +0.32 +9.9%

worst stock falls symbol price change GMPC 3.93 -0.13 -3.2% FH 12.25 -0.30 -2.4% ADCB 5.69 -0.11 -1.9% ADAVIATION 5.93 -0.11 -1.8% INVESTB 3.40 -0.05 -1.4%

top volume symbol value (AED) price EMAAR 137,085,262 11.55 DFM 99,159,699 5.80 TAMWEEL 53,928,053 7.66 METHAQ 52,799,714 3.55 SOROUH 51,502,950 9.68

Dubai Financial Market

The DFM closed almost unchanged from yesterday at 5685 points, from modest turnover of AED 811 million. Emaar Properties (EMAAR) was at the top of the turnover table with AED 245m worth of deals but no movement in share price which closed at 11.55.

The top 4 gainers rose on total turnover of less than half a million dirhams. Shuaa Capital (SHUAA) was the best riser of note, with a 1.4% gain to close at 8.22. Tamweel (TAMWEEL) rose 1.3% to 7.63 and the other 6 gainers rose by less than 1%.

Of the 9 losers, only Du Telecom (DU) traded more than AED 1 million worth and moved by more than 1%, closing down by 1.5% at 5.95. Along with Emaar, another 6 stocks saw no change in price today.

Abu Dhabi Securities Market

The ADX also closed almost flat with just a 0.18% fall to 5017 points and turnover down to AED 602 million. ARKAN saw reduced volumes but still headed the traded value table with AED 94 million worth of transactions and a 0.7% fall to 5.44.

METHAQ continued its relentless pursuit of becoming the most expensive stock on the market with another limit up day today to 3.55 and still no sellers waiting in the queue. It's already ahead of the other 3 Islamic insurance companies based on some simple fundamental analysis of their own profit estimates.

ASMAK carried on with its scorching ride of the past 2 weeks with shares closing limit up yet again at 31.60 and no sellers waiting in line, while turnover jumped to a relatively massive AED 37m. However, lower intraday prices meant average increase for the day dropped to just 3% and average price of 29.60.

Anybody selling RAK Poultry yesterday was left with egg on their face as it clocked up another 9% to 6.16 today on high volumes with no willing sellers. DRIVE was ahead by 8.75% at 9.79 on moderate turnover, Foodco Holdings (FOODCO) jumped 10% to 5.20 - yet another stock with no one waiting to sell. AGTHIA had a solid 4.85% push to 2.19, AKIC was up 3% to 3.40 from unusually active trading, Gulf Cement (GCEM) was up 1.6% and the remaining gainers were up by less than 1% or on less than AED 1 m turnover.

Abu Dhabi Commercial Bank (ADCB) was the worst of the losers on more than AED 1 m of activity, with a 1.9% fall to 5.69. ADNH fell 1.6%, ADAVIATION 1.3% and another 9 stocks fell less than 1%. Etisalat (ETISALAT) was down by just 0.23% to 21.25.

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