UAE markets 08 Jun 2008

UAE market news & discussions for 08 June 2008 Both markets sank somewhat today with reduced turnover, except for a great deal of interest in Dubai Investments which saw a solid gain, and continuing heavy trading in RAK Cement and Sharjah Islamic Bank. June kicks off with as flurry of dollar-dirham peg comments, just in case you thought it was safe to go back to the money changers. There was a report of a 33% chance that the UAE dirham would revalue against the dollar peg, according to the chief economist at Standard Chartered. That sounds sounds like an interesting interpretation of comments from the UAE Central Bank Governor last week, who said there were no plans to revalue. Sheikh Mohammed, the ruler of Dubai, also joined in and said the dirham should stay pegged to the dollar as long as it was in the best interests of the UAE. Aramex shares were given a valuation of AED 3.13 in a report from Kuwait's Global Investment House. Aramex shares fell 1.8% to 2.74 on modest turnover. Abu Dhabi Commercial Bank's CEO appears to be no longer wanted by Interpol. ADCB shares fell slightly to AED 5.31 on thin trading today. Al Khazna Insurance (AKIC) allowed foreigners to own their shares from today. Shares rose slightly to AED 3.22 on greater than usual turnover. Arabtec was awarded an AED 3 billion contract by Nakheel for the Al Furjan development. ARTC shares rose slightly to AED 16.70 indicating the additional 2 dhs per share that the contract could be worth, had already been priced in. Commercial Bank International (CBI) announced a new CEO, Mr Douwe Oppedijk, who started working there almost a month ago. CBI shares fell 4.1% to 2.75 on the usual low level of trading. Sunday, 08 June 2008 AKIC foreign ownership to 25% allowed from today GPI rights issue / capital increase subscription period (unconfirmed)? NRE 10% bonus shares in shareholder accounts QTEL rights issue subscription period starts Monday, 09 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period TAQA BOD meeting at 2:30 pm to discuss convertible bonds Tuesday, 10 June 2008 AABAR Sukuk last day to submit Voluntary Early Redemption Notice (before 14:00 GMT) GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period SHUAA EGM - delist from KSE, & give GCC nationals same share ownership rights as UAE nationals UCC BOD meeting at 10 am Wednesday, 11 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period Thursday, 12 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? GRAND AGM & EGM 25% share & 10% cash dividend proposed? Disclosure unclear NRE EGM (deferred from 28 May 2008) QTEL rights issue subscription period DubaiShareTalk latest posts

• 06-08 Jun 2008 ADSM DFM DIFX disclosures & news
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• Aldar dirham Sukuk
• AKIC foreign ownership
• Arabtec Nakheel AED 3bn contract
• Arabtec Zabeel Brad Pitt hotel deal
• CBI new CEO
• Damac Kurdistan AED 55 bn investment
• DFM net foreign investment Dh230 m last week
• DIB ex-VP arrested
• Insider trades June 2008
• Mithaq foreign ownership
• QTEL - Asiacell to spend AED 3.7 bn in Iraq
• Silverjet possibly buyers
• TABREED Masdar carbon credits
• Ummar Bank IPO
• WARE Agility Cosa Freight deal

More UAE stock market news and discussions...

best stock rises symbol price change NBQ 5.94 +0.54 +10% SICO 5.74 +0.52 +10% UNION 3.85 +0.34 +9.7% DIC 4.24 +0.20 +5% DRC 16.00 +0.50 +3.2%

worst stock falls symbol price change TKFL 7.50 -0.83 -10% ALMADINA 7.25 -0.55 -7.1% ADAVIATION 5.34 -0.36 -6.3% ARIG 3.40 -0.20 -5.6% CBI 2.76 -0.12 -4.2%

top volume symbol value (AED) price DIC 892,415,419 4.24 RAKCC 212,019,707 3.78 EMAAR 168,410,592 11.60 NBS 150,792,665 3.17 DFM 137,008,392 5.76

Dubai Financial Market

The DFMGI fell by 0.5% to 5793 with turnover at AED 1.8 billion, although half of that was from trading in Dubai Investments (DIC) shares, which rose a solid 5% to 4.24, and hit an intra-day high of just over 4.50. No news was seen to explain the sudden interest.

Only SALAM_BAH rising 1.5%, and AMAN rising 1.4% were the other gainers of note today, out of a list of 10. The others with small rises or thin trading.

Almost all the more actively traded stocks fell 1-2% today, with Tabreed (TABREED) the worst at 2.55 after a 2.3% drop. Not far behind was GULFNAV down by 2.2% to to 1.81, and Shuaa Capital (SHUAA) down by 2.1% to 8.46. Emaar Properties (EMAAR) fell 1.3% to 11.60. The two biggest losers fell on turnover of much less than AED 1 million.

Abu Dhabi Securities Market

A less hectic day at the ADX today, with the index dropping by 0.75% to 5112 on turnover of just under AED 1 billion. RAK Cement (RAKCC) continues to dominate the floor with AED 212m worth of deals and a small 0.3% gain to 3.77. The busy stock from Thursday, NBS (or SIB), was active again with AED 151 worth of turnover and a 1.3% rise to 3.11. Still no apparent reason for the heightened activity in either stock.

NBQ had a big 10% limit up day to 5.94 from a single million share trade. SICO and UNION also saw a handful of limit up trades. No other big rises. ADNH was up 2.6% to 7.87 on greater activity than usual. RAK Poultry (RAPCO) rose 2.5% to 5.30, and the remaining gainers were up less than 1% or on thin trading.

At the top of the long list of losers was ADAVIATION with a 6.3% plummet to 5.25 (ignoring the solitary trade for TKFL). Commercial Bank International (CBI) fell 4.2% to 2.75, AGTHIA was down 2.9% to 2.70, Aldar Properties (ALDAR) dropped 2.8% to 12.35, RAK White Cement (RAKWCT) fell 2.6% to 2.62, First Gulf Bank (FGB) 2.25% to 25.90 on solid trading, QCEM 2.2% to 3.05, and the rest fell less than 2% apart from a couple of other losers trading less than AED 1 million worth.

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