UAE markets 06 Jul 2008

UAE market news & discussions for 06 July 2008 There was not a speck of green on the DFM today as the index fell 1.5%, while the ADX had a more positive day with a slight rise. Aabar, RAK Cement, and Agthia all soared on heavy trading, while Methaq Insurance had a smaller rise but topped the turnover charts. On the DFM, Ajman Bank and Gulf Navigation suffered the most with sharp drops and busy trading. The Department of Planning and Economy in Abu Dhabi was reported this morning as calling for a rethink on the UAE currency peg, saying it was adopted when oil prices were low and the dollar was strong, and now that oil prices are high and the dollar is low, the dirham should be depegged. Al Salam Bank Bahrain released 2008 H1 financial statements with Net Profit of AED 150 million, apparently an excellent performance despite a "market marred by financial crisis and tight liquidity,". We didn't know there was a financial crisis in Bahrain. Hopefully it will be resolved soon. Aabar said they had no information that might affect their share price, apart from the previous announcement about the BOD meeting to discuss the Aabar convertible bond proposal from last week. Their shares continued to climb, heading 10% limit up again to AED 4.85 today. Amlak 08H1 profit figures were released after the close of trading today. Net Profit was up 155% for 08H1 compared to the previous year, and they said about half their Revenue came from property financing. Presumably the rest came from property sales and revaluation. An annualised PE of about 12 makes their shares look like good value compared to the market average, but not as cheap as Aldar, another property revaluation company, with a Q1 PE of about 5.9. Amlak shares fell 1.7% today. ShareWadi calendar this week 2008 Q2 results might be released this week for 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. Saturday, 05 July 2008 SALAM_BAH (Al Salam Bank Bahrain) 08Q2 financial statements released to the DFM Sunday, 06 July 2008 AMLAK 08Q2 financial results released 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 Drake & Scull possible IPO start date (comment on radio)? 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

• Abu Dhabi Aviation competition - Falcon FAS
• ADX ETFs
• AMLAK 2008H1 profit Dh270m
• Arabtec government contract Dh3bn
• DFM net foreign selling Dh774m last week
• DIFX Nasdaq platform change
• Drake Scull IPO
• Emirates NBD Uralsib loan
• Insider trades July 2008
• Marketwatch ADX DFM July 2008
• MASQ Banque du Caire Egypt bid
• NBAD IPIC loan
• Royal Jet expansion
• Salam Bahrain 2008Q2 profit Dh77m
• Tabreed Morgan Stanley report
• TAQA convertible bond AED 4.15 bn
• Waha Dunia Finance

More UAE stock market news and discussions...

best stock rises symbol price change OEIHC 3.85 +0.35 +10% AKIC 2.70 +0.24 +9.8% AABAR 4.82 +0.41 +9.3% AGTHIA 2.99 +0.21 +7.6% RAPCO 4.45 +0.27 +6.5%

worst stock falls symbol price change ALSALAMSUDAN 5.10 -0.90 -15% FBICO 4.26 -0.47 -9.9% TKFL 7.82 -0.86 -9.9% JEEMA 4.21 -0.22 -5% EKTTITAB 2.88 -0.12 -4%

top volume symbol value (AED) price METHAQ 622,272,845 7.61 RAKCC 535,197,607 3.97 AGTHIA 402,909,197 2.99 AABAR 314,785,975 4.82 SOROUH 281,262,905 9.76

Dubai Financial Market

It was a dismal start to the week for the DFM as the index headed south by 1.5% to 5427, with not a single stock rising, although turnover wasn't too unnerving at AED 850 million. AJMANBANK had the floor with over AED 200 m of trading and a 3.4% drop to 3.15. Emaar Properties (EMAAR) was the only other stock trading more than AED 100 million, and fell 1.9% to 10.55.

GULFNAV was the worst of the more actively traded losers, falling by 3.55% to 1.63. AMAN fell 2.9% to 3.63, Union Properties (UPP) 2.9% to 5.37, DEYAAR 2.8% to 2.07, DFM 2.35% to 4.99. Aramex (ARMX) and Islamic Arab Insurance (IAIC) both fell 2.3%, AIRARABIA 2.2%, and another 16 stocks fell less than 2% or on turnover of less than AED 1 million.

If you're looking for something positive, you could say Shuaa Capital (SHUAA) and Tamweel (TAMWEEL) were the least unfortunate stocks, both falling by just 0.5%.

Abu Dhabi Securities Market

The ADX rose just 0.14% to 5088 but turnover was a resounding AED 2.5 billion worth, dominated by METHAQ up 1.7% to 7.10, RAK Cement (RAKCC) up 4.75% to 3.92, AGTHIA up 7.55% to 3.05, and Aabar Petroleum (AABAR) 10% limit up to 4.85 with very few sellers on the floor.

AKIC was also 10% limit up to 2.70 on thin trading after a BOD meeting, but without any information disclosed. RAK Poultry (RAPCO) traded just over AED 1 million and rose 6.5% to 4.59. Other notable gainers included RAK White Cement (RAKWCT) up 3.6% to 2.51, Sorouh Real Estate (SOROUH) up 2.1% to 9.61, while the remaining gainers were up less than 1% or on light turnover. Etisalat (ETISALAT) rose 0.75% to close at 20.20.

In the losers list we had Abu Dhabi National Energy (TAQA) falling 2.8% to 3.04, ASMAK 2.7% to 27.00, RAK Properties (RAKPROP) down 1.9%, NBS by 1.6%, Commercial Bank International (CBI) and Abu Dhabi Commercial Bank (ADCB) 1.4%, First Gulf Bank (FGB) 1.05%, and the remainder by less than 1% or on thin trading.

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