UAE markets 28 Jul 2008

UAE market news & discussions for 28 July 2008 Abu Dhabi National Hotels (ADNH) soared and was the second most heavily traded stock by value in the UAE today. Are 08Q2 results due shortly? Previous results have been released towards the end of the month following the end of the quarter. Another Abu Dhabi tourism company, National Corporation for Hotels & Tourism (NCTH) did release results this afternoon with massive profit growth, but their shares saw only one trade and price was unchanged. Surely traders didn't get the two companies confused? International Fish Farming (ASMAK) and Union Insurance (UNION) also saw busier than usual trading with a big gain for Asmak and a small gain for Union. Neither company has released results yet but again, previoius results have been released towards the end of the month. Looks like a bit of leakage on the Abu Dhabi trading floor... Depa said they would release 08Q2 results on 20 August 2008, and expects 50% profit compared to the same time last year. DFM said they would be closed on Thursday for the Israa Wa Al Miraj holiday. The ADX hasn't said anything yet but presumably they will be also. Global released a report on Julphar shares, giving them a BUY rating. Al Mal Capital yesterday released a couple of notes about Emaar and Sorouh based on preliminary results - Sorouh's foggy press release leaving them also wondering wondering what happened to the AED 70 million that wasn't included in the original press release. Both stocks were rated a BUY. DIFX saw DP World fall $0.02 to $0.80 and Damas rise $0.01 to $1.02 with only one trade for Damas and modest trading for DP World. Moody's issued an updated report on DP World continuing with its A1 rating. 2008 second quarter results released or updated today Alliance Insurance (ALLIANCE) this morning - net profit Q2 profit Dh9.5m -36%, H1 27m -9%. They recently opened up to foreign ownership but no foreigners, or anyone else for that matter, were buying their shares. Ekttitab Holding (EKTTITAB) this morning - net profit Q2 Dh98m +462%, H1 190m +984%. Massive growth in investment income just brings their share price in line with the average for the other Kuwait investment companies with a secondary listing on the DFM. Global Investment House (GLOBAL) - press release this afternoon. Net Profit Q2 profit Dh660m +96%, H1 1.1bn +76%. Impressive gains, and shares look a little cheaper than other Kuwait investment companies. MashreqBank (MASQ) this afternoon - net profit Q2 profit Dh710m +38%, H1 1.2bn +23%. Some unexplained restatement of 2007 H1 & Q2 results meant that the Gross Profit increase in the press release was higher than it would have been. Share price looks fair compared to the overall market average but a bit more expensive than other bank stocks. National Corporation for Hotels and Tourism (NCTH) this afternoon - net profit Q2 Dh37m +558%, H1 68m +722%. Astonishing growth due to increased revenues while cost increases were held in check. What are they doing right? Surprisingly, it was the other ADX listed hotel company that saw its shares soar today. Union Cement (UCC) statements released during trading hours - Union Properties (UPP) late yesterday - net profit Q2 Dh320m +106%, H1 560m +89%. Solid profit growth and PE close to market average, but not good enough for investors today - share price fell, along with most other stocks on the DFM. Sharewadi Calendar this week Monday, 28 July 2008 ALLIANCE 08Q2 financial statements (DFM, am) ALMADINA BOD meeting, 08Q2 results? Agenda not supplied. EKTTITAB 08Q2 financial statements (DFM website, during trading) GFH 08Q2 financial statements (DFM website, during trading). Press release 21 July 2008 GLOBAL 08Q2 financial results press release (pm, not on DFM site) GULFNAV 08Q2 financial statements (DFM, am) MASQ 08Q2 financial statements and press release (DFM, pm) MAZAYA BOD meeting 08Q2 results? Agenda not supplied. NBAD 08Q2 financial statements (ADX, pm). Again? Were released on 24 July 2008? NCTH 08Q2 financial statements & BOD report (ADX, pm) NTWK 09FY financial guidance issued UCC 08Q2 financial statements (ADX website, during trading) UPP 08Q2 preliminary financial statements (DFM, am) NBF BOD meeting at 5:00pm to review 08Q2 results ARKAN BOD meeting at 7:30pm? Agenda not supplied. Tuesday, 29 July 2008 AGTHIA 08Q2 results due GPI BOD meeting, agenda not supplied ALDAR BOD meeting at 2:00pm - 08Q2 financial results Wednesday, 30 July 2008 Thursday, 31 July 2008 DFM closed for Al Israa Wa Al Miraj holiday DIFX closed for trading due to Isra Wal Miraj holiday DrakeScull DSI share allotment notices and refunds start UAE public sector holiday Al Israa Al Miraj. DFM ADX DIFX closed? Sunday, 03 August 2008 AABAR EGM to vote on convertible bond proposal ETISALAT 2008 25% interim dividend distribution date KFIC (Kuwait) secondary listing on DFM, trading starts DubaiShareTalk latest updates

• AABAR convertible bond
• Agility EQUATE contract
• ALLIANCE 08Q2 profit Dh9.5m -36%
• Best stocks to buy this week?
• Best Cash or share dividends payout
• DANA Iran gas deal optimism
• Dar Takaful IPO
• DEPA 08Q2 results expectations
• DRC Techno Park land
• EKTTITAB 08Q2 profit Dh98m +462%
• EMAAR conference call 08Q2 earnings
• Emaar Al Mal report 08Q2
• GLOBAL 08Q2 profit Dh660m +96%
• GULFNAV 2008Q2 profit Dh48m +105%
• Isra Wal Miraj holiday Thursday
• Julphar GLOBAL report
• Marketwatch ADX DFM July 2008
• MASQ 08Q2 profit Dh710m +38%
• NBAD convertible notes
• NCTH 08Q2 profit Dh37m +558%
• SOROUH Al Mal 08Q2 report
• TAMWEEL Dh1.1bn Sukuk closes
• UCC 08Q2 profit Dh38m -60%
• UPP 08Q2 profit Dh320m +106%

More UAE stock market news and discussions...

best stock rises symbol price change TKFL 7.73 +0.70 +10% ASMAK 31.20 +2.70 +9.5% BILDCO 3.86 +0.21 +5.8% ADNH 8.62 +0.35 +4.2% GMPC 3.78 +0.13 +3.6%

worst stock falls symbol price change JULPHAR 2.51 -0.27 -9.7% AKIC 2.56 -0.20 -7.2% INVESTB 3.11 -0.22 -6.6% GULFA 2.33 -0.12 -4.9% ADSB 4.90 -0.25 -4.9%

top volume symbol value (AED) price ALDAR 138,931,954 12.40 ADNH 112,037,958 8.62 AJMANBANK 94,570,296 3.30 METHAQ 83,435,674 7.69 EMAAR 73,642,146 10.60

Dubai Financial Market

The DFMGI was in the green today, rising by 0.275 to 5422 points although turnover was still low at only AED 514 million. There were no stocks trading over AED 100m today although AJMANBANK at AED 94m was close, as it gained 0.61% to 3.30. Emaar Properties (EMAAR) was in second place by traded value and rose 0.95% to 10.60.

Arabtec (ARTC) topped the short gainers list, excluding the single trade for Commercial Bank of Dubai (CBD), as it recovered from yesterday's fall to rise 2.6% to 19.50. AMAN also recovered and rose 2.1% to 3.37. Emirates NBD (ENBD) was the only other stock rising more than 1% on turnover of more than AED 1m and closed 1.7% higher at 11.90 Emirates NBD and Emaar, due to their size, kept the index in the green despite the large number of decliners today.

GULFNAV topped the list of losers with a 2.9% fall to 1.65 (excluding the single rare trade for GULFA). Amlak Finance (AMLAK) fell 2.0% to 4.41, DFM was down 1.9%, Tamweel (TAMWEEL) 1.6%, DEYAAR 1.4%, GGICO 1.3%, Union Properties (UPP) 1.25%, TAKAFUL-EM 1.2%, and another 7 stocks fell less than 1%.

Abu Dhabi Securities Market

The ADX dropped below 5000 points as it fell 0.61% to 4975 with turnover still at modest levels with AED 597m worth of trades today. Two stocks clocked in more than AED 100m worth - Aldar Properties (ALDAR) dropping a substantial 3.1% to 12.40, and a surprisingly busy day for ADNH as it gained a solid 4.2% to 8.62.

In the gainers list, ASMAK stood out with a 9.5% gain to 30.00 on greater than usual trading, BILDCO (BILDCO) was up 5.75% to 3.90 with turnover slightly higher than AED 1m. RAK Ceramics (RAKCEC) rose 2.0% to 4.10, UNION rose 1.35% to 4.30 on greater than usual trading, Abu Dhabi National Energy (TAQA) was up 1.0%, and another 7 stocks rose on less than 1% or on less than AED 1m of turnover.

Invest Bank (INVESTB) stood out in the loser's list plummeting 6.6% to 3.15 on greater than usual turnover, Aldar as mentioned already, dived 3.1%, AGTHIA was down 1.5%, Sorouh Real Estate (SOROUH) and RAK Cement (RAKCC) 1.4%, Oasis Leasing (OILC) 1.2%, Dana Gas (DANA), First Gulf Bank (FGB), and RAK Properties (RAKPROP) 1.1%, and another 13 stocks fell less than 1% or on turnover of less than AED 1m.

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