UAE markets 04 Aug 2008

UAE market news & discussions for 04 August 2008 All three markets saw red today (unless DIFX has a sudden turnaround in the last hour of trading) although increased turnover was due mostly to heavy trading in the three newly listed overpriced insurance companies, with Takaful House (DARTAKAFUL) the newest one as it traded at 5-6 times par value on its debut in Dubai today. Takaful Emarat and GGICO had solid rises, while Shuaa and Tamweel stood out in the list of losers. On the DIFX, DP World is down 2.6% to $0.75, Depa is down 3.0% to $1.30, Goldfields continues its demise, falling 12.1% to $10.38, and Damas has seen a single small trade with price unchanged at $1.05. As of 16:00 UAE time. The DIFX is apparently considering UAE dirham listings to improve liquidity, which doesn't sound like new news since we thought they'd already said listings could be in currencies other than US$. Al Yousef Motors were reported to be having an IPO before the end of the year, a well timed announcement as General Motors in the USA reported a quarterly loss of $15.5 billion (about the same as Emaar's total market capitalization) yesterday. Al Yousef are the agents for GM vehicles in Dubai and the northern emirates. Shuaa's head of Investor Relations commented on the state of investor relations in the UAE, singing the shareholders lament of not being able to make informed decisions unless companies provided them with a clear picture. Shuaa shares plummeted today leaving us wondering if there was a connection. No new results seen today on the UAE stock market websites for 2008 Q2, as of 16:00 UAE time. Sharewadi Calendar this week 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 posts

• ADX new communications head
• ADX CEO foreign ownership problem
• Arabtec Bawadi contract
• Dar Takaful DFM listing
• DIFX dirham listings
• Drake Scull oversubscription
• Emirates Sudan - Salam Bank merger
• Insider trades August 2008
• Live chatroom for UAE stocks
• Marketwatch ADX DFM August 2008
• Mazaya Qatar IPO capital increase
• Shuaa UAE investor relations
• TAMWEEL Egypt launch
• TAQA conference call 08Q2
• Yousef Motors IPO

More UAE stock market news and discussions...

best stock rises symbol price change DARTAKAFUL 5.59 +4.59 +459% TAKAFUL-EM 4.17 +0.24 +6.1% GULFA 2.33 +0.11 +5% AKIC 2.61 +0.11 +4.4% GGICO 10.50 +0.40 +4%

worst stock falls symbol price change NBF 5.67 -0.63 -10% TKFL 7.62 -0.78 -9.3% ASMAK 30.30 -2.65 -8% SHUAA 6.50 -0.55 -7.8% EKTTITAB 2.92 -0.23 -7.3%

top volume symbol value (AED) price METHAQ 321,199,505 7.67 DARTAKAFUL 195,299,859 5.59 TAKAFUL-EM 142,232,445 4.17 EMAAR 99,325,289 10.55 TAMWEEL 86,342,048 7.35

Dubai Financial Market

The DFM index fell 0.3% to 5394 with turnover up somewhat to a still modest AED 861m. Trading was, unsurprisingly, dominated by the newly listed DARTAKAFUL as it gained 459% from par value to 5.59, with a peak of 6.30 in the middle of the trading session. Stock price puts it roughly in the middle of the other 2 recently listed Islamic insurance companies. Turnover was AED 195m from 34.8m shares traded.

TAKAFUL-EM also had a busy day, coming second place in the traded value list, and the only other stock to trade more than AED 100m worth as it jumped a solid 6.1% to 4.17. Emaar Properties (EMAAR) saw just under AED 100m of turnover and rose 0.48% to 10.55.

GGICO continued the solid gains from yesterday and rose another 4.0% to 10.50. Another 6 stocks rose on thin trading, or by less than 1%, including AIRARABIA, Emirates NBD (ENBD), and Tabreed (TABREED).

Shuaa Capital (SHUAA) headed the losers list, crashing by 7.8% to 6.50, the fall hopefully unrelated to comments from their investor relations boss in The National this morning. Tamweel (TAMWEEL) was looking a bit ill also, falling 3.7% to 7.35 on relatively heavy trading as investors appeared not to be joining in Tamweel's celebrations yesterday on its entry into the Egyptian mortgage market.

Most of the more actively traded companies saw falls of around 1-2% with Union Properties (UPP) down 1.7% to 5.20, and Arabtec (ARTC) down 1.6% to 18.95.

Abu Dhabi Securities Market

The ADX index fell 0.61% to 4925 points on turnover of AED 552m, double what went through yesterday but that was because trading in METHAQ increased to a hefty AED 322m as the share price rose slightly, by 0.79% to 7.30. However, Methaq in early trading was up sharply to 7.70 with a sudden drop to 7.30 in the last 10 minutes of trading. No other stocks traded more than AED 100m on the ADX today.

The top 4 gainers rose on a total of less than AED 0.5m of traded value, Invest Bank (INVESTB) was the top gainer on more than AED 1m of turnover and ended the day 1.7% up at 3.77. Another 6 gainers rose less than 1% including Etisalat (ETISALAT) up by just 0.26% to 19.60 on modest volumes.

The top 6 losers fell on a total turnover of less than AED 1m. Aldar Properties (ALDAR) was the worst of the more active losers, falling by 2.0% to 12.00. ARKAN was down 1.9% to 6.19, RAK Properties (RAKPROP) and Dana Gas (DANA) by 1.6%, AGTHIA by 1.5%, Aabar Petroleum (AABAR) and First Gulf Bank (FGB) by 1.3%, Sorouh Real Estate (SOROUH) and Abu Dhabi National Energy (TAQA) by 1.0%, and another 9 stocks fell less than 1% or on thin trading.

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