UAE markets 19 Jun 2008

UAE market news & discussions for 19 June 2008 A strange sort of week on the UAE markets with plenty of confusion to keep punters interested. Perhaps the story of most relevance is that the MSCI Emerging Markets Index will include that UAE (reportedly confirmed this afternoon). Shuaa Capital said some time ago if that happened, it could bring in close to AED 200 billion of foreign investment into the local markets. But foreigners may not be so impressed with the quality of disclosures this week if they were paying attention, despite the Diamond Disclosure award handed out (to Finance House). Nevertheless, despite that good news, both markets fell. Methaq Insurance, shares which have been soaring close to 10% almost every day this week, denied any knowledge of news that might affect share price, and then a couple of days later held a board meeting after which it was reported that they may be considering expanding into the Saudi Arabia market. Taqa shares were suspended at the start of the week due to lack of clarification on their Sukuk issue. A couple of disclosures didn't clarify anything but their shares were trading again, however they plummeted in the past two days as they adjusted to a diluted value. Presumably. Green Crescent Insurance launched an IPO at the start of the week according to their website, but launched it yesterday according to the press release. ADX says they will not become a PJSC - which presumably means no IPO, as was rumoured for a short time last year. Al Jazeera Steel, an Oman company, may have a secondary listing in Dubai. Aman will allow foreigners to start trading their shares from Sunday. Ajman Bank lists on Sunday on the DFM - perhaps partly explaining why the DFM fell today, as punters pull cash out to pile in to the new company. EMAAR said they had an international project delivery pipeline worth Dh370 Etisalat was reported to be a target for DoCoMo to buy a stake in Gulf Navigation CEO resigned due to family reasons" TABREED gave a 2008 FY forecast of 13% profit growth which would mean earnings of AED 85m, and a PE still way in excess of most other UAE companies. Tethys Oil which was expected to list on the DIFX last week, said it would be delayed Agenda today and coming week Thursday, 19 June 2008 DANA share price conversion cut-off Green Crescent Insurance IPO subscription period QTEL rights issue subscription period ends Sunday, 22 June 2008 Ajman Bank (AJMANBANK) listing date on the DFM AMAN - foreigners can start trading their shares from today BOS BOD meeting at 11:00am, agenda includes discussion of Emirates Lebanon Bank acquisition Green Crescent Insurance IPO subscription period Monday, 23 June 2008 Green Crescent Insurance IPO subscription period ends SHUAA last trading date for dividend eligibility Wednesday, 25 June 2008 SHUAA dividend record date (if approved at AGM) Thursday, 26 June 2008 NRE EGM (deferred from 28 May & 12 Jun 08)

• 19 Jun 2008 ADSM DFM DIFX disclosures & news
• Aldar report EFG Hermes FV Dh44.90
• Al Jazeera Steel Dubai listing
• ADSM IPO
• AMAN EGM foreign ownership & share split
• Damas IPO
• Damas analysis
• DoCoMo buying Etisalat?
• EMAAR MGF Leighton deal problem
• EMAAR international projects Dh370 billion
• Green Crescent IPO
• Marketwatch ADX DFM June 2008
• Methaq Shares UP
• MSCI UAE Emerging Markets
• TABREED 2008 FY forecast +13% to AED 85m
• TAQA convertible bond AED 4.15 bn
• Tethys Oil DIFX listing
• GULFNAV CEO resigns
• 18 Jun 2008 ADSM DFM DIFX disclosures & news

More UAE stock market news and discussions...

best stock rises symbol price change ADSB 5.25 +0.40 +8.2% AMAN 3.70 +0.25 +7.2% JULPHAR 2.62 +0.14 +5.6% DRIVE 8.37 +0.32 +4% BILDCO 3.88 +0.11 +2.9%

worst stock falls symbol price change ALSALAMSUDAN 7.28 -1.17 -13.8% NMDC 10.95 -1.10 -9.1% AKIC 2.62 -0.19 -6.8% OEIHC 4.23 -0.27 -6% UCC 5.00 -0.29 -5.5%

top volume symbol value (AED) price METHAQ 1,291,865,995 5.48 EMAAR 225,362,486 11.10 ALDAR 116,151,633 13.25 DIB 99,297,613 8.15 FGB 86,148,131 25.90

Dubai Financial Market

The DFMGI fell 0.7% to 5558 with turnover low at just AED 659m. Emaar Properties (EMAAR) was the only share to see more than AED 100 m worth of trading and fell 1.8% to 11.10 despite promising sounding news of their international projects this morning.

AMAN, at the top of the gainers list, rose a splendid 7.25% to 3.70 from greater than usual trading, Arabtec (ARTC) was up 2.5% to 16.45, two more stocks rose less than 1%, and another six stocks were unchanged.

NCC stood out in the losers list with more than AED 1 million of trading and a 4.5% fall to 9.35. The two new Salam Bank stocks fell on thin trading, DFM was down 1.8%, Du Telecom (DU) 1.7%, Tabreed (TABREED) 1.2%, GULFNAV 1.1%, Amlak Finance (AMLAK) 1.05%, Dubai Investments (DIC) 1.0%, and another 5 stocks fell less than 1%.

Abu Dhabi Securities Market

The ADX fell slightly by 0.14% to 5056 with turnover almost at AED 2 billion - more than 3x the level in Dubai. Over half of that was from massive trading in METHAQ, the unstoppable insurance company that saw limit up trading almost every day this week, however the roller coaster seemed to be at the top with shares rising by only 1.7% to 5.87.

Aldar Properties (ALDAR) was the only other stock to see more than AED 100 million worth of trading, as it rose 1.5% to 13.40. Four stocks rose more than 2% but all on minimal trading. Oasis Leasing (OILC) was the biggest gainer on more active turnover with a 1.9% rise to 2.70. ADNH also rose 1.9%, to 8.70, Union National Bank (UNB) was up 1.6%, and the remaining gainers were up less than 1% or on thin trading.

The top four losers fell on thin trading. Abu Dhabi National Energy (TAQA) was the worst of the more active stocks, with shares following yesterday's plunge by another 5.3% to 3.20. Qatar Telecom (QTEL) was down 1.45%, Aabar Petroleum (AABAR) by 1.05%, and the remaining losers fell by less than 1% or on turnover lower than AED 1 million. Etisalat (ETISALAT) fell 0.5% to 20.00.

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