UAE markets 29 May 2008

UAE market news & discussions for 29 May 2008 The ADX once again saw high trading levels with the cement companies soaring on heavy trading - RAK White Cement in particular with turnover far in excess of their usual daily volume. The DFM turned around and had a marginal increase, with Union Properties the most heavily traded stock by value but rising only 1%. On the DIFX at 4pm, DP World was up 2% to $0.98, and Depa was unchanged at $1.56. Other news ... Abu Dhabi Islamic Bank had a gathering at Jumeirah Beach Hotel and produced a press release that let us know they'd completed the purchase of a stake in Egypt's National Development Bank. ADIB shares fell slightly today. Agility (WARE) shares shot up 10% in Kuwait as a result of being awarded a supply contract for the US Military, but were untraded in Dubai (and haven't been for over a month). Amlak, ADIB, and the Arab Orient Insurance Company entered into a joint venture to establish Arab Orient Takaful Insurance in Egypt. ADIB fell, so did Amlak, and AOIC saw no trading (it never does). Aramex saw a slight gain after Shuaa rated them as undervalued in a new report. DGCX saw heavy trading of its new oil futures the first day earlier this week. DP World held its Annual General Meeting this morning, a 1.3 cent per share dividend had been proposed in an earlier disclosure Ekttitab, a Kuwait company, listed today on the DFM with shares rising the maximum daily limit of 15%. Gulf Petroleum Investment rights issue subscription period could be from 01-15 June 2008 TAQA CEO said they're not buying shares in Iberdrola (of Spain) as part of the JV announced earlier this week - a Spanish website said they might be buying 5%. But when asked if Taqa were buying shares independently of the JV, the Taqa CEO declined to comment. According to a Bloomberg report. Taqa shares rose marginally today. UAE semi-official inflation rate from the Abu Dhabi Chamber of Commerce and Industry was reported to be 14% for 2007 See also latest news and agenda for upcoming events Agenda for the coming week Thursday, 29 May 2008 ASNIC rights issue subscription period. ALMADINA bonus shares in shareholder accounts (DFM note) DPW AGM from 11am at Airport Expo Dubai EKTTITAB listing date on the DFM NRE ex-dividend date (DFM reminder) TAQA BOD meeting convertible bond, agenda not supplied Saturday, 31 May 2008 ASNIC rights issue subscription period. NRE dividend record date (based on DFM note 29 May 2008) Sunday, 01 June 2008 ASNIC rights issue subscription period. GPI rights issue / capital increase subscription period starts? Disclosure not clear. Monday, 02 June 2008 ASNIC rights issue subscription period. GPI rights issue / capital increase subscription period (unconfirmed). Tuesday, 03 June 2008 ASNIC rights issue subscription period. GPI rights issue / capital increase subscription period (unconfirmed). Wednesday, 04 June 2008 ASNIC rights issue subscription period. GPI rights issue / capital increase subscription period (unconfirmed). PALTEL BOD meeting, agenda includes 08Q1 statements, developments in Gaza Strip, and Paltel subsidiaries Thursday, 05 June 2008 Al Salam Bank Sudan listing date DFM ASNIC rights issue end date of subscription period CBI AGM (agenda not supplied - ADX note) GPI rights issue / capital increase subscription period (unconfirmed). DubaiShareTalk latest posts

• 29 May 2008 ADX DFM DIFX disclosures & news
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• Arab Orient Takaful Insurance Egypt
• DEYAAR Mirar at DuBiotech (sold out)
• DGCX first day oil futures heavy trading
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• DPW annual general meeting
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• TAQA Iberdrola contract
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More UAE stock market news and discussions...

best stock rises symbol price change FCI 6.05 +0.55 +10% OEIHC 4.95 +0.45 +10% UAB 6.83 +0.62 +10% AAAIC 125.70 +11.40 +10% RAKCC 3.24 +0.21 +6.9%

worst stock falls symbol price change UNION 3.33 -0.35 -9.5% ADSB 4.86 -0.29 -5.6% QTEL 180.60 -9.85 -5.2% NCC 10.35 -0.50 -4.6% ALFIRDOUS 2.60 -0.11 -4.1%

top volume symbol value (AED) price RAKCC 648,534,447 3.24 ARKAN 391,738,858 6.25 RAKWCT 310,066,387 2.76 OILC 222,989,030 2.60 RAKPROP 205,303,676 2.39

Dubai Financial Market

Turnover on the DFM improved to AED 1.14 billion today as it rose slightly by 0.17% to 5679 points. Union Properties (UPP) was the dominant share with a small 0.96% gain to 5.24, just ahead of Emaar Properties (EMAAR) (up 0.44% to 11.45) by traded value. Tamweel (TAMWEEL) also saw increased activity and gained 1.3% to 8.04, while Dubai Investments (DIC), the only other stock to trade more than AED 100m for the day, fell 2.1% to 3.72.

The newly listed Kuwait company, EKTITTAB, shot 15% limit up to 3.74 on relatively high volume for a secondary listing. SALAM_BAH rose 2.5% to 2.50, Aramex (ARMX) rose 1.6% to 2.59, and the remaining gainers were up less than 1% or on thin turnover.

The losers' list was topped by ALFIRDOUS with a 4.1% fall to 2.60, excluding falls on turnover of less than AED 1m. Apart from Dubai Investments, AMAN was the only other actively traded loser falling by more than 1% - with a 1.2% drop to 36.05.

Abu Dhabi Securities Market

The ADX continued to see a high level of activity with total value up to AED 2.6 billion and a 0.77% increase to 5038. Staggering turnover levels yet again for RAK Cement (RAKCC) up 6.9% to 3.33 and AED 650 million worth of trades, ARKAN up 3.0% to 6.23 and AED 391m worth, RAK White Cement (RAKWCT) up 5.3% to 2.83 and AED 310 million worth. Both RAK Cement and RAK White Cement daily volumes the highest seen for at least 12 months.

The top 4 gainers rose on less than AED 1 million turnover each, and DRIVE was up by 7.7% to 9.00. Other UAE cement companies also saw solid gains with Gulf Cement (GCEM) up 6.5% to 7.00, QCEM up 5.7% to 3.20, FCI up 10% to 6.05, but Sharjah Cement (SCIDC) didn't follow the trend, falling by 1.6% to 5.60.

Other gainers included RAK Ceramics (RAKCEC) up 4.2% to 4.13, RAK Properties (RAKPROP) up 3.5% to 2.36, Julphar (JULPHAR) up 2.2%, National Bank of Abu Dhabi (NBAD) up 2.1%, and another 14 stocks, including most of the more usually active stocks, rising by less than 2%. Etisalat (ETISALAT) was unchanged at 20.90.

Commercial Bank International (CBI) was at the top of the losers' list on turnover greater than AED 1 million, with a 2.8% fall to 2.76. Another 5 stocks had greater falls on thin trading.

RAK Poultry (RAPCO) dropped by 2.5% to 5.07, AKIC was dowwn 1.2%, and another 6 stocks fell less than 1%, including Sorouh Real Estate (SOROUH) and Abu Dhabi Islamic Bank (ADIB).

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