UAE markets 01 Jun 2008

UAE market news & discussions for 01 June 2008 Both the DFM and ADX saw gains on solid turnover today with Gulf Navigation rising high on heavy trading in Dubai, and RAK Cement continuing its bull run in Abu Dhabi. Abyaar Real Estate, a Kuwait company listed on the KSE, plans to list on the DFM later this year (which is much the same as what they said in March this year). No date was given. Amlak and Mazaya / Dubai First fired off letters claiming the other party had not fulfilled their obligations for an agreement under which Amlak was going to buy Sky Gardens at DIFC for AED 1.65 billion. Dubai First has AED 82 million from Amlak which they want to keep if the deal doesn't go through, but Amlak wants their deposit back. Amlak shares were up 2.9% to 4.96. Mazaya shares, as usual, didn't trade on the DFM. DP World completed the purchase of Chennai port in India but didn't tell shareholders how much it cost them. DP World shares were not traded today - the DIFX is closed on Saturdays and Sundays. Tabreed finally posted 2008 Q1 results with Net Profit down 50% from the same period in 2007. There was a report on Friday that Tabreed, along with several other companies, had been fined by ESCA for late or incomplete disclosures. Tabreed shares rose just a fil to 2.58. Tamweel announced the formation of a new subsidiary - Tamweel Properties. Perhaps they could offer to buy Sky Gardens from First Dubai and Amlak? Tamweel shares were up 2% to 8.20. Taqa postponed a decision on the converible bond until a later date. Agenda for this week Sunday, 01 June 2008 ASNIC rights issue subscription period. GPI rights issue / capital increase subscription period starts? Disclosure not clear. TABREED 08Q1 preliminary financial statements 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). Dubai Share Talk latest posts

• 30 May - 01 Jun 2008 ADSM DFM DIFX disclosures & news
• 2008 Q1 UAE financial results
• Abyaar listing on DFM
• ADX bargain stocks warning - EB 30 May 08
• Amar Holding Company
• Amlak - Mazaya Sky Gardens deal collapses
• DFM net foreign investment Dh280 last week
• DIFX minimum broker commission
• DP World completes Chennai purchase
• DPW annual general meeting
• Emaar MGF Boulder Hills
• Emaar MGF IPO again
• EMAAR shares - time to buy?
• Insider trades June 2008
• Marketwatch ADX DFM June 2008
• Silverjet flights suspended
• TABREED 2008 Q1 profit AED 10m -53% 01 Jun 2008
• Tamweel Properties

More UAE stock market news and discussions...

best stock rises symbol price change WARE 16.65 +2.10 +14.4% EKTTITAB 4.10 +0.36 +9.6% NMDC 11.35 +0.90 +8.6% RAKCC 3.44 +0.20 +6.2% GULFNAV 1.88 +0.09 +5%

worst stock falls symbol price change OEIHC 4.55 -0.40 -8.1% FH 11.55 -0.85 -6.9% NGI 9.74 -0.51 -5% FOODCO 4.86 -0.24 -4.7% RAKBANK 7.00 -0.30 -4.1%

top volume symbol value (AED) price RAKCC 497,317,972 3.44 GULFNAV 402,147,681 1.88 AMLAK 230,186,362 4.96 OILC 210,874,631 2.66 AIRARABIA 206,186,215 2.04

Dubai Financial Market

The DFMGI had an encouraging start to the week with substantially increased turnover at AED 1.7 billion and a 1.1% gain to 5741 points. GULFNAV was the shining stock today at the top of the traded value list with AED 402 million of turnover, while gaining a very respectable 5% to close at 1.88. The newly listed EKTITTAB saw a large 9.6% gain to 4.10 while trading relatively high volumes for a secondary listing.

Other notable gains for Amlak Finance (AMLAK) up 2.9% to 4.96, AIRARABIA up 2.5% to 2.04, and taking number 2 and 3 spots on the traded value list. SALAM_BAH rose 4% to 2.60, AMAN was up 2.5% to 36.95, Tamweel (TAMWEEL) was up 2% to 8.20, Aramex (ARMX) and Dubai Investments (DIC) 1.9%, DFM 1.4%, Emaar Properties (EMAAR) 1.3%, and the remainder less than 1% or on thin turnover. WARE was limit up from 2 small trades.

There were only 4 losers today, and only Union Properties (UPP) dropped more than 1% on turnover greater than AED 1 million - ending the day down by 1.3% at 5.17.

Abu Dhabi Securities Exchange

The ADX rose by 0.47% to 5062 with turnover down from last week, at AED 1.9 billion, but still ahead of the DFM. RAK Cement (RAKCC) dominated the trading floor again with just under AED 0.5 billion worth of deals and a big 6.2% jump to 3.44.

Union Cement (UCC) rose 4.8% to 5.00, ADAVIATION was up 4.05% to 5.95, and Commercial Bank International (CBI) by 3.6% to 2.75, QCEM by 2.5% to 3.20, all 4 stocks trading more than AED 1 million worth but not that much.

Much greater turnover seen for First Gulf Bank (FGB) rising 2.3% to 25.00, Oasis Leasing (OILC) up by 2.3% to 2.65, METHAQ up by 2.3% to 4.07, RAK White Cement (RAKWCT) up by 2.2% to 2.80, Aldar Properties (ALDAR) up by 1.6%. The remaining gainers were up by less than 1% or on thin turnover. Etisalat (ETISALAT) had a small 0.24% gain to 20.90 on low volumes.

The top 6 losers all fell on turnover of less than AED 1 million each. Then came AGTHIA with a 2.1% fall to 2.76, Julphar (JULPHAR) down by 1.8%, Abu Dhabi Commercial Bank (ADCB) 1.5%, RAK Poultry (RAPCO) 1.2%, and another 4 stocks falling less than 1%.

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.