UAE markets 29 Jun 2008

UAE market news & discussions for 29 June 2008 Both UAE markets fell today, although the DFM appeared to recover in the latter part of trading. Cement companies seem to be in the spotlight again with RAK Cement soaring, while energy stocks were down. Ajman Bank continued its demise and Methaq Insurance was by far the most actively traded stock, but falling slightly. Stock related news today: Arab Insurance Group (ARIG) said their 2008 Q2 results will be released by 24 July 2008, the sharp fall in their shares today was from just one small trade. Dana Gas shares fell today, despite the news yesterday of an oil discovery in the Komombo concession operated by Centurion International in Egypt - a subsidiary of Dana Gas. Dubai Financial Market stocks were given a BUY rating in a recent CitiGroup report, with a target price of AED 8 dhs per share, based on expectations of a solid IPO pipeline over the next few years. That could make DFM the most expensive stock market in the world with a market cap of AED 64 billion (it probably is anyway, with its current AED 42 billion market cap), and yet it's one of the smallest in terms of how many stocks are listed. The Doha Securities Market (DSM) is far cheaper at less than AED 4 billion, based on the AED 900 million price that NYSE paid for a 25% stake recently, and has about the same number of listed stocks. DIFX was reported to be launching derivatives trading in the second half of 2008, along with more IPOs in the pipeline. Which is not really new information but nice to hear once again. The latest IPO, Damas, might list on Tuesday next week. Dubai Refreshments Company (DRC) apparently appointed a new general manager but didn't say who. Their website says Hussam Doueiri is the GM but doesn't give a date of appointment. As usual, there shares were untraded. Gulf Petroleum Investments (GPI) announced that oil was discovered in the Indonesian Seram oil field, but did not give any further details. As usual, there was no trading in GPI, or Gupico, shares on the DFM today (last time their shares were traded was October 2007). National Real Estate (NRE) might have approved the agenda for their EGM about a possible increase in share capital on Thursday last week, but the meeting disclosure didn't say. Tabreed said they were launching a new business model to improve profitability and Return on Equity (ROE) for shareholders. ROE for 2008 Q1 was a fairly miserable looking 3.3% while PE was a sky-high 73. Tabreed also said they would also transfer existing assets into a new holding company. ShareWadi agenda this week Sunday, 29 June 2008 SHOP last trading day for rights issue eligibility (DFM announcement) SHUAA record date 45% cash dividend Monday, 30 June 2008 Tuesday, 01 July 2008 DANA sukuk pricing Dar Takaful first Founders General Assembly meeting Dar Takaful IPO starts TAQA convertible bond subscription period starts Wednesday, 02 July 2008 AABAR Sukuk additional voluntary redemption date GCIC Green Crescent IPO allotment and refund of oversubscribed shares TAQA convertible bond subscription period Thursday, 03 July 2008 TAQA convertible bond subscription period Friday, 04 July 2008 TAQA convertible bond subscription period Saturday, 05 July 2008 TAQA convertible bond subscription period Dubai Share Talk latest updates

• Dana Egypt - oil discovered
• DANA gas a good buy?
• Marketwatch ADX DFM June 2008
• GPI Seram oil discovery
• NRE capital increase
• DFMGI Road Map Quiz
• ARIG 2008 Q2 results
• DRC new manager
• UAE- Undervalued Stocks
• New to DST and stock in general
• TABREED new business model
• Derivatives DIFX
• Ajman Bank opening price
• DP World dividend?
• Damas IPO
• Good stock books
• ALDAR share capital - bond conversion
• EIB capital increase?
• my portfolio
• Esdarat IPO
• News updates format changes
• Insider trades June 2008
• ARTC Goldman Sachs rating Dh23+
• Why Methaq Shares UP
• EMAAR shares - time to buy?

More UAE stock market news and discussions...

best stock rises symbol price change ALSALAMSUDAN 6.06 +0.79 +15% RAKCC 3.69 +0.32 +9.5% RAKNIC 5.46 +0.47 +9.4% DRIVE 8.75 +0.74 +9.2% AKIC 2.55 +0.21 +9%

worst stock falls symbol price change GMPC 3.16 -0.33 -9.5% ARIG 3.01 -0.29 -8.8% NMDC 12.05 -0.95 -7.3% ASMAK 26.45 -1.65 -5.9% JEEMA 5.15 -0.27 -5%

top volume symbol value (AED) price METHAQ 518,444,918 6.16 EMAAR 113,623,123 10.85 RAKCC 107,434,650 3.69 AJMANBANK 95,447,734 2.40 ARKAN 77,833,550 6.16

Dubai Financial Market

The DFMGI started the week poorly, with a 0.5% fall to 5406. On the bright side, turnover was only AED 667m worth, and there was a bit of a recovery in the second half of the trading session after the index bottomed out at close to 5340.

Emaar Properties (EMAAR) was the only stock with turnover more than AED 100 million, and fell 0.9% to 10.85. AJMANBANK took another 4% hit with just under AED 100m traded value and ended at 2.40. DFM shares were looking glum with a 2.9% fall to 5.09, AMAN fell 2.3% to 3.39, DEYAAR and Islamic Arab Insurance (IAIC) fell 1.9%, Tabreed (TABREED), Dubai Islamic Bank (DIB) and Amlak Finance (AMLAK) were down 1.6%, Shuaa Capital (SHUAA) was down 1.4%, GULFNAV and SALAM_BAH 1.2%, Dubai Investments (DIC) 1.0% and the remaining losers fell less than 1% or on turnover less than AED 1 million.

There were only 5 stocks in the gainers list. ALSALAMSUDAN was 15% limit up but from just one very small trade. Emirates NBD (ENBD) rose 2.6% to 12.00, Aramex (ARMX) was up 1.6%, Tamweel (TAMWEEL) 1.3%, and GGICO 0.7%.

Abu Dhabi Securities Market

The ADX fell 1.1% to 4904 with just over AED 1 billion of trading, although only 2 stocks saw more than AED 100 million worth. Half the total for the day was in METHAQ, which fell 1.1% to 6.01, while RAK Cement (RAKCC) was limit up to 3.70 with just over AED 100 million - just when you though it was safe to buy cement company shares again.

RAK Cement was not the only cement company flying high. RAK White Cement (RAKWCT) rose 5.5% to 2.53 on greater than usual activity, and ARKAN had a 2.8% rise to 6.18. Apart from them, RAK Bank (RAKBANK) was the only other gainer rising on more than AED 1 million of turnover - up 1.4% to 7.30.

Of the losers, Abu Dhabi National Energy (TAQA) stood out with a 4.55% drop to 2.74. Other notable falls for Dana Gas (DANA) down 2.6% to 1.87, Union National Bank (UNB) 2.4% to 8.94, Aabar Petroleum (AABAR) 2.0% to 3.48, AGTHIA down 1.7%, Etisalat (ETISALAT) 1.5% to 19.50, Abu Dhabi Commercial Bank (ADCB) 1.35%, Sorouh Real Estate (SOROUH) 1.3%, Abu Dhabi Islamic Bank (ADIB) 1.25%, Aldar Properties (ALDAR) and Waha Capital (OILC) 1.2%, QCEM, RAK Properties (RAKPROP) and National Bank of Abu Dhabi (NBAD) 1.0%, and the remainder by less than 1% or on thin trading.

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