UAE markets 03 Jul 2008

UAE market news & discussions for 03 July 2008 Both local markets fell today but there was a good performance from Arabtec racing ahead - there was news yesterday that they were one of the bidders for an AED 1.5 billion contract on Saadiyat Island but nothing further has been seen yet. Ajman Bank was heavily traded again and rose more than 10% in intra-day trading, Union Properties was also popular with a small rise, while Aabar stood out in Abu Dhabi with a solid gain. On the DIFX, DP World is down 4.7% and Depa is untraded as of 15:30 UAE time. A Middle East Investor Relations Society has been formed to improve transparency and investor relations in the region, with a Board of Directors including the Emaar Investor Relations head and the Taqa CEO. The irony is delightful. Taqa released a disclosure today that didn't appear to comply with ADX / ESCA guidelines. Aabar must have been surprised today by the "conditional proposal received this morning from a potential Abu Dhabi based strategic investor for a convertible bond". The market appears to have known about it sooner than Aabar did - Aabar shares have been climbing on increased turnover since Sunday, with a 10% limit up day today and no sellers in the queue. As Aabar already have a big pile of cash they don't seem to be doing anything much with, we wonder why they'd want more. Amlak are reportedly interested in buying a small UAE bank, which might be easier than trying to get a bank licence. Amlak shares fell slightly but Ajman Bank shares rocked ahead 12% today before falling back and closing 2.9% ahead of yesterday's close, with the highest level of turnover since they listed. Commercial Bank International, another small bank, was up 9% on thin trading, and the other small bank shares fell today. Amlak this afternoon issued a statement clarifying that the "the statements of the Chief Executive Officer were taken out of context." The CEO was quoted as saying " ... we are also evaluating options and assessing opportunities to acquire a small bank in the UAE," Drake & Scull IPO was announced with subscription period from 08 to 17 July 2008, shares priced at AED 1 dh with minimum AED 20,000, a DFM listing expected in Q3 2008, and IPO open to nationals and foreigners. Little in the way of financial information was supplied. Tabreed's ratings were placed on CreditWatch by Standard & Poor's as a result of Tabreed's new business model announcement on Sunday. Tabreed shares fell slightly. A UAE Telecom report from Al Mal Capital was upbeat on Etisalat shares (33% upside) and flat on Du shares. Etisalat traded unchanged, and Du fell slightly today. ShareWadi calendar for next week 2008 Q2 results might be released next week for Amlak, First Gulf Bank, Dubai Financial Market, Finance House, RAK Cement (based on release dates in 2008 Q1), but most results will probably appear in the third and fourth week of July, and the first week of August. Thursday, 03 July 2008 AKIC BOD meeting at 3:00pm, agenda not supplied TAQA convertible bond subscription period - changed to 06-15 July 2008? Friday, 04 July 2008 Saturday, 05 July 2008 Sunday, 06 July 2008 DANA share price setting date convertible sukuk SHOP capital increase start date? Unclear disclosure TAQA convertible bond subscription period? Unclear disclosure Monday, 07 July 2008 AABAR BOD meeting at 4:00pm to discuss convertible bond issue TAQA convertible bond subscription period? Tuesday, 08 July 2008 DAMAS first day of trading on DIFX (approximately, unconfirmed) Drake & Scull IPO subscription start date GCIC excess subscriptions refunded by today NBAD EGM at 5:00pm - convertible notes to employees TAQA convertible bond subscription period? Wednesday, 09 July 2008 Drake Scull IPO subscription period GCIC Green Crescent IPO founding general assembly meeting GAM TAQA convertible bond subscription period? Thursday, 10 July 2008 Drake Scull IPO subscription period GRAND EGM (deferred from 12 June 2008), agenda not supplied TAQA convertible bond subscription period? Friday, 11 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Saturday, 12 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Sunday, 13 July 2008 Drake Scull IPO subscription period TAQA convertible bond subscription period? DubaiShareTalk latest updates

• AABAR convertible bond
• Agility acquires Geologistics
• Amlak bank buying
• Damas IPO
• Drake Scull IPO
• Emaar MGF debt rating
• ETISALAT France Telecom
• Insider trades July 2008
• Marketwatch ADX DFM July 2008
• Middle East Investor Relations Society
• QTEL rights issue 2008
• Shuaa CEO interview
• RAK Properties
• TAQA convertible bond AED 4.15 bn
• UAE stock trading from overseas?
• UAE telecoms Al Mal report

More UAE stock market news and discussions...

best stock rises symbol price change ARIG 3.57 +0.45 +14.4% ALSALAMSUDAN 6.00 +0.70 +13.2% ARTC 18.20 +1.65 +10% OEIHC 3.50 +0.29 +9% CBI 2.94 +0.24 +8.9%

worst stock falls symbol price change FBICO 4.73 -0.52 -9.9% INVESTB 3.14 -0.21 -6.3% DRIVE 7.43 -0.47 -5.9% JEEMA 4.43 -0.23 -4.9% NMDC 12.50 -0.50 -3.8%

top volume symbol value (AED) price AJMANBANK 965,430,406 3.26 METHAQ 367,851,819 7.48 EMAAR 289,178,484 10.75 AABAR 282,196,438 4.41 UPP 251,644,093 5.53

Dubai Financial Market

The DFM index fell 0.4% to 5509 with turnover of AED 2.17 billion - close to half of that from AJMANBANK which saw its highest volume day since listing, and rose 2.9% to 3.26. Arabtec (ARTC) was the star of the day however, with a very substantial jump of 10% to 18.20, while Union Properties (UPP) had a heavy trading day and a 1.8% rise to 5.53.

Shuaa Capital (SHUAA) did well with a 2.7% rise to 7.70, AMAN and Dubai Islamic Bank (DIB) rose just 0.5%, and the other 3 gainers rose on minimal turnover.

Apart from a single trade in Jeema Mineral Water (JEEMA), the worst loser was GULFNAV falling by 2.9% to 1.69. Dubai Investments (DIC) was down 2.5% to 3.86, Aramex (ARMX) 2.3% to 2.60, GGICO 2.2% to 8.07 and the remainder by less than 2%, including most of the more actively traded stocks. Emaar Properties (EMAAR) fell 1.8% to 10.75.

Abu Dhabi Securities Market

The ADX index saw a drop of 0.3% to 5081 on moderate turnover of AED 1.58 billion with METHAQ yet again at the top of the traded value table, rising 1.6% to 7.56. As mentioned, Aabar Petroleum (AABAR) had a splendid day heading 10% limit up to 4.49 and solid trading of AED 282m - probably limited by the lack of sellers at the limit up price.

Other good gains for Commercial Bank International (CBI) up 8.9% to 2.85, AGTHIA up 3.0% to 2.83, RAK Poultry (RAPCO) up 1.2%, and the remainder up by less than 1% or on thin trading.

Qatar Telecom (QTEL) was the worst of the losers trading more than AED 1m worth, falling by 2.6% to 185.00, First Gulf Bank (FGB) was down 2.1% to 26.20, Union National Bank (UNB) by 1.8%, Dana Gas (DANA) by 1.5%, ARKAN and RAK Properties (RAKPROP) by 1.4%, Abu Dhabi National Energy (TAQA) 1.2%, Oasis Leasing (OILC) 1.1%, Abu Dhabi Commercial Bank (ADCB) 1% and the remainder by less than 1% or on turnover of less than AED 1 million.

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