UAE markets 06 Aug 2008

UAE market news & discussions for 06 August 2008 The markets continued to slide with some large falls for popular stocks, and increased activity compared to yesterday. Arabtec, Tamweel and Union Properties stood out in the loser's list on the DFM, while First Gulf Bank and Aabar had nasty drops on the ADX. The two newly listed takaful insurance companies in Dubai saw green with Dar Takaful having a particularly good day, and Aramex was also slightly up. Taqa was the only stock in Abu Dhabi with any sort of gain worth mentioning. Lower oil prices today were reported to be one possible catalyst for the fall, but the rumours of Tamweel ex-management under investigation won't be helping, especially if there's any substance to them. Tamweel has not made any comment so far but did release guidance for their 2008 FY results today. On the DIFX shortly before the session ends, DP World is trading $0.01 higher at $0.75, Depa is unchanged at $1.30 from just one trade, and Damas is untraded which is exactly what they were complaining about in this mornings story about Damas considering a secondary listing. But they can hardly put all the blame on the DIFX after restricting their IPO to institutions only. Amlak signed an MoU with RERA for something to do with promotion of escrow accounts. Taqa results are expected tomorrow morning before the market opens. There will be a conference call in the afternoon. Union Properties (UPP) were given an underweight rating by Morgan Stanley, which knocked their share price for six. UPP shares ended today down by 5.7% at AED 4.81. 2008 second quarter results released or updated today Kuwait Commercial Markets Complex (SHOP or KCMC) - 2008 Q2 profit Dh98m +574%, H1 190m +546%. Massive gains from property revaluation (up 12x from 08Q2) dwarfed the dribble of operating profit for yet another Kuwait investment company with a secondary, untraded, listing on the DFM. Bargain basement share price based on earnings has been like that since 2008 Q1. Probably for good reason. 2008Q2 UAE results - complete list of results released so far ShareWadi calendar this week Wednesday, 06 August 2008 SHOP 08Q2 preliminary financial results (DFM, am) 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

• Air Arabia Citi report
• AMLAK RERA MoU
• DAMAS dual listing
• Dubai property Morgan Stanley report
• Insider trades August 2008
• Marketwatch ADX DFM August 2008
• Retaining shares after moving
• SHOP 2008Q2 profit Dh98m +574%
• SHUAA 08Q1 profit Dh67m -10%
• Tamweel ex-key executives under investigation?
• TAMWEEL 2008FY profit forecast
• TAMWEEL EFG Hermes 2Q report
• UPP 2Q08 Al Mal report
• UPP Morgan Stanley report

More UAE stock market news and discussions...

best stock rises symbol price change GMPC 3.76 +0.28 +8% DARTAKAFUL 6.88 +0.46 +7.2% TKFL 8.00 +0.38 +5% EKTTITAB 2.95 +0.10 +3.5% INVESTB 3.85 +0.08 +2.1%

worst stock falls symbol price change SALAM 15.80 -2.70 -14.6% SALAM_BAH 2.37 -0.21 -8.1% AKIC 2.43 -0.18 -6.9% ARTC 16.80 -1.20 -6.7% UPP 4.81 -0.29 -5.7%

top volume symbol value (AED) price TAKAFUL-EM 286,565,968 4.57 ALDAR 182,910,729 11.65 EMAAR 149,493,018 10.55 TAMWEEL 140,217,928 6.80 SOROUH 134,433,490 8.72

Dubai Financial Market

The DFMGI fell 1.1% to 5279 from increased turnover of AED 1.34 billion with TAKAFUL-EM topping the traded value table on AED 287m worth of deals and a 2.0% rise to 4.57. Three other stocks saw more than AED 100m of trading: Emaar Properties (EMAAR) unchanged at 10.55, Tamweel (TAMWEEL) as it tumbled another 4.4% to 6.80, and Arabtec (ARTC) with an unpleasant 6.7% drop to 16.80.

The standout gainer was DARTAKAFUL up by 7.2% to 6.88. Aramex (ARMX) was up 1.8%, and another 3 stocks rose less than 1% or on trading of less than AED 1m.

The losers list included most of the more actively traded stocks with Union Properties (UPP) down by 5.7% to 4.81, DFM 3.3% to 4.37, AJMANBANK 3.1% to 3.08, Islamic Arab Insurance (IAIC) 3.0% to 2.60, Tabreed (TABREED) and GGICO down by 2.7%, Shuaa Capital (SHUAA) by 1.6%, and another 11 stocks falling less than 1.5% or on marginal trading activity.

Abu Dhabi Securities Market

The ADX dropped by 0.89% to 4826 points with turnover up from yesterday at AED 665m. Aldar Properties (ALDAR) was at the top of the traded value table with AED 183m as it slipped by 0.85% to 11.65. Sorouh Real Estate (SOROUH) was also busy but went up instead, gaining just 0.11% to 8.77, and METHAQ was the only other stock to see more than AED 100m of turnover as it fell 1.5% to 7.10.

Apart from Sorouh, there were only two other gainers on more than AED 1m of turnover - Abu Dhabi National Energy (TAQA) up by 2.1% to 2.96, and UNION up by just 0.23% to 4.40 on surprisingly high activity. Another 6 stocks rose on limited volumes. Etisalat (ETISALAT) closed unchanged at 19.35.

The top three in the long list of losers fell on total turnover of less than just AED 100,000. Out of the more actively traded stocks, Aabar Petroleum (AABAR) was the worst as it fell 3.7% to 4.07, while First Gulf Bank (FGB) wasn't far behind, falling 3.4% to 25.60. Gulf Cement (GCEM) had a 3.0% drop to 5.44, National Bank of Abu Dhabi (NBAD) was down 2.85% to 20.20, Abu Dhabi Commercial Bank (ADCB) 2.8% to 4.76, AGTHIA 2.75% to 2.48, RAK Cement (RAKCC) 2.6% to 3.36. Another 19 stocks fell less than 2% or on turnover of less than AED 1 million.

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