UAE markets 03 Aug 2008

UAE market news & discussions for 03 August 2008 Subdued trading yet again on the local markets after the long weekend, especially in Abu Dhabi. The DFM rose marginally, while the ADX was dragged down by falls for Sorouh Real Estate and Etisalat. Only Gulf General Investment (GGICO) stood out in the gainers list, with other large rises for stocks trading insignificant volumes. Arabtec was awarded a Dh 1.6 billion contract for the construction of 1437 villas in the Bawadi project and shares rose by 1% today. Dar Takaful (Takaful House) will list on the DFM tomorrow 04 August 2008 (primary listing). Kuwait Finance and Investment Company (KFIC) listed on the DFM today 03 August 2008 (secondary listing), and saw no trading. Tamweel Egypt launched their mortgage unit. Tamweel shares fell slightly today. Of the 127 companies listed on the ADX and DFM, about three quarters have released 2008 Q2 results so far. Average PE for Q2 is 12.5, PBV is 3.3, and average Return on Equity is 29% (all weighted by market cap and excluding negative PEs). Companies still to release results include Ajman Bank, Dana Gas, IAIC Salama, Shuaa Capital, Tabreed, Taqa, and about half the Kuwait companies with secondary listings. See the UAE stocks list for more details. Second quarter results released and updated today Air Arabia (AIRARABIA) - 2008 Q2 profit Dh82m +14%, H1 160m +39% Aramex Logistics (ARMX) - 2008 Q2 profit Dh38m +15%, H1 75m +18% Union Insurance (UNION) - Q2 profit Dh14m -55%, H1 50m +6% Sharewadi Calendar this week Sunday 03 August 2008 AABAR EGM to vote on convertible bond proposal - changed to 18 Aug 2008 (unknown why) AIRARABIA 08Q2 financial statements and BOD report (DFM, pm) ARMX 08Q2 financial statements and press release (DFM, pm) ETISALAT 2008 25% interim dividend distribution date KFIC (Kuwait) secondary listing on DFM, trading starts UNION 08Q2 financial statements (ADX, pm) Monday, 04 August 2008 DAR-TAKAFUL listing on DFM, trading starts TKFL BOD meeting at 10:00am, agenda not supplied Tuesday, 05 August 2008 SHOP BOD meeting 08Q2 results? Unclear disclosure Wednesday, 06 August 2008 Thursday, 07 August 2008 TAQA 08Q2 results to be released before market open (Taqa disclosure 29 July 2008) TAQA 08Q2 results conference call at 4:00pm Dubai Share Talk latest updates

• AAAIC 08Q2 profit Dh41m +69%
• ADFS - Abu Dhabi Financial Services
• Air Arabia 2008Q2 profit Dh82m +14%
• Arabtec Bawadi contract
• Aramex 2008Q2 profit Dh38m +15%
• Dar Takaful DFM listing
• DDC 08Q2 loss Dh-0.016m -128%
• DFM net foreign selling AED270m
• DIC 08Q2 profit Dh550m +50%
• DRIVE 08Q2 profit Dh16m +2%
• EMAAR 08Q2 profit Dh1.66bn +7%
• GCEM 08Q2 profit Dh90m -45%
• GPI 08Q2 profit Dh35m +67%
• IFA Kuwait Chairman dies
• Insider trades August 2008
• KFIC Tamwilia secondary listing
• Marketwatch ADX DFM August 2008
• SICO 08Q2 profit Dh22m -57%
• Tadawul to name big investors
• Tahiya IPO
• TAMWEEL 08Q2 profit Dh210m +266%
• TAMWEEL Egypt launch
• UNION 08Q2 profit Dh14m -55%

More UAE stock market news and discussions...

best stock rises symbol price change GGICO 10.10 +1.10 +12.2% PALTEL 34.10 +3.10 +10% ABNIC 9.18 +0.83 +9.9% ARIG 3.25 +0.15 +4.8% ALFIRDOUS 2.30 +0.07 +3.1%

worst stock falls symbol price change NCTH 12.45 -1.35 -9.8% FOODCO 5.06 -0.44 -8% DRIVE 7.20 -0.44 -5.8% ASMAK 32.95 -2.00 -5.7% GCEM 5.56 -0.21 -3.6%

top volume symbol value (AED) price EMAAR 174,105,091 10.50 SOROUH 64,383,784 8.92 ALDAR 63,487,584 12.25 ARTC 51,239,931 19.25 AJMANBANK 45,107,699 3.26

Dubai Financial Market

The DFMGI creeped up 0.09% to 5410 points on modest turnover of AED 572 million, with only Emaar Properties (EMAAR) trading more than AED 100m worth although price remained unchanged at 10.50.

GGICO was the top stock with a 12.2% gain to 10.10 from a large quantity of insider purchases. Arabtec (ARTC) rose 1.05% to 19.25 and the other 7 gainers, including Dubai Islamic Bank (DIB) and DFM, rose less than 1% or on thin trading.

Shuaa Capital (SHUAA) was the worst of the losers with a 2.1% fall to 7.05, but turnover was less than AED 1m. TAKAFUL-EM fell 1.75%, Amlak Finance (AMLAK) and Union Properties (UPP) 1.3%, Du Telecom (DU) 1.25%, and another 7 stocks fell less than 1%.

Abu Dhabi Securities Market

The ADX index fell 0.43% to 4954 on very subdued trading of only AED 270 million with no stocks trading more than AED 100 million. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) both traded just over AED 60 million each, at the top of the traded value table, and fell. Sorouh by 2.1% to 8.97, and Aldar by 0.81% to 12.20.

National Bank of Abu Dhabi (NBAD) was the best of the gainers trading more than AED 1 million, with a 1.6% rise to 21.85. First Gulf Bank (FGB) was up 1.5% to 27.55, AGTHIA up 1.1% to 2.62, and the remaining gainers rose less than 1% or on turnover of less than AED 1m.

The top 6 losers fell on a total turnover of less than AED 1m between them. Then came Sorouh, and next was Etisalat (ETISALAT) with a 1.8% fall to 19.50. RAK Properties (RAKPROP) fell 1.1% to 1.86 and another 5 losers fell less than 1%.

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