UAE markets 11 Aug 2008

UAE market news & discussions for 11 August 2008 The bloodbath this week continued, especially in Abu Dhabi, with the heavyweights Etisalat, NBAD, and Aldar dragging the index down, along with big falls for FGB and UNB. Dubai had a slight upturn at the end of the day but not enough to get anywhere near the green, with DFM's own shares standing out as the worst performers. Turnover was up in both markets. Methaq in Abu Dhabi stood out with a solid gain, and Arabtec and Union Properties in Dubai had small gains. Emaar managed to avoid a 12 month low, by just 2 fils, but still ended the day below 10 dhs per share. The DIFX had a mixed day with one stock up and one stock down. DP World fell 4.8% to $0.79 from thin trading, and Depa soared 8.3% to $1.30. Don't get too excited though, there were only 2 trades. And no trading for Damas. 2008 second quarter results released or updated today Al Baraka Bank (BARKA) 2008 H1 profit US$108m + 62%. Albaraka is listed on the DIFX. Shares were untraded today. Kuwait Finance & Investment Company (KFIC) 2008 Q2 profit Dh69m -60%, H1 120m -52%, release date unclear. No information on DFM (website error), ESCA, or KSE websites. KFIC started trading on the DFM on 03 August 2008. In theory - there have been no trades yet. At the time the CEO said that the "DFM offers an ideal platform for KFIC to introduce its investors to the active equity markets of the UAE". Perhpas KFIC should first introduce its investors to some information. Oman & Emirates Investment Holding (OEIHC) 2008 Q2 loss Dh-3.8m -110%, H1 35m -21%, released during trading today. The preliminary results statement said OEIHC "were pleased" about their 2008H1 Net Profit which seems odd, since it 21% lower than the same period last year. There was no comment on the loss for 2008Q2. Someone at the ADX was also pleased - there was a small trade pushing up the share price by 3.1%. Sharewadi Calendar this week Monday 11 August 2008 KFIC 08Q2 preliminary results (DFM website pm, disclosure unavailable) OEIHC 08Q2 preliminary financial statements (ADX website, during trading) SHOP capital increase subscription start date (again?), finishes 04 Sep 2008. Tuesday 12 August 2008 NIND BOD meeting 08Q2 results? (details not supplied) Wednesday 13 August 2008 Thursday 14 August 2008 DRC 07Q2 results due ESCA deadline for ADX & DFM 08Q2 results submission (45 days from 30 June 2008) GRAND BOD meeting 08Q2 results? Disclosure unavailable. Friday 15 August 2008 Saturday 16 August 2008 SALAM press conference, no further details supplied TASI Tadawul to name investors with > 5% stakes from today Sunday 17 August 2008 Dubai Share Talk latest updates

• AKIC foreign ownership
• AKIC 08Q2 profit Dh56m +393%
• ALDAR 08Q2 profit Dh1.2bn +171%
• ASMAK Hydra convertible bond
• DIB transparency
• DME sells 20% stake
• EIC Standard & Poor's rating
• Good portfolio and rebound when?
• Insider trades August 2008
• KFIC 08Q2 profit Dh69m -60%
• KFIC capital increase
• Marketwatch ADX DFM August 2008
• OEIHC 08Q2 loss Dh-3.8m -110%
• PALTEL 08Q2 profit Dh100m +36%

More UAE stock market news and discussions...

best stock rises symbol price change ASMAK 30.35 +1.35 +4.7% METHAQ 7.61 +0.30 +4.1% OEIHC 4.00 +0.12 +3.1% GMPC 3.48 +0.07 +2.1% ARTC 15.65 +0.20 +1.3%

worst stock falls symbol price change AAAIC 95.40 -10.60 -10% DRIVE 6.35 -0.70 -9.9% FGB 21.05 -2.20 -9.5% FH 13.00 -1.20 -8.5% RAKCC 3.03 -0.27 -8.2%

top volume symbol value (AED) price EMAAR 350,565,243 9.90 ALDAR 248,842,167 10.00 DFM 111,934,721 3.87 ARTC 111,485,653 15.65 METHAQ 96,450,254 7.61

Dubai Financial Market

The DFMGI fell 1.0% to 5044 points from increased turnover of just under AED 1 billion, with Emaar Properties (EMAAR) dominating the floor as it fell through 10.00 to bottom out at 9.77, almost the lowest we've seen for 12 months (9.75 was), but recovered slightly to see trades going through at 9.90 at the end of the session. Total value traded was AED 351m and the stock fell 1.5% from yesterday. DFM was also heavily traded and tumbled another 5.8% to 3.87, taking the top spot on the losers table.

Arabtec (ARTC) was the third stock to see more than AED 100m worth of turnover and although it started the day poorly with an intra-day low of 14.65, managed to recover somewhat and ended with a 1.3% rise to 15.65, making it the top gainer of the day.

Union Properties (UPP) was the only other gainer of note, rising 1.1% to 4.55. The other 3 gainers rose less than 1%, including Dubai Investments (DIC) and Emirates NBD (ENBD).

Other sore losers today included GGICO down 5.7% to 10.00, TAKAFUL-EM down by 3.5% to 4.19, Du Telecom (DU) 3.5% to 5.30, Aramex (ARMX) 2.7% to 2.14, Tamweel (TAMWEEL) 2.3% to 6.35, Commercial Bank of Dubai (CBD) 2.3% to 10.80, and another 12 stocks fell less than 2%.

Abu Dhabi Securities Market

The ADX index fared much worse than Dubai, falling another 3.8% to 4474 points from turnover of AED 689m. Aldar Properties (ALDAR) dominated trading with over a third of that total from AED 249m of turnover as it crashed another 6.1% to 10.25. No other stocks traded more than AED 100m worth.

METHAQ was the only gainer of significance, rising 4.1% to 7.51. The other 3 gainers rose on a total turnover of less than AED 400,000.

First Gulf Bank (FGB) was the worst of the losers with 10% limit down trading and relatively high turnover, ending at 21.00. Union National Bank (UNB) was another bank stock suffering today, falling 6.7% to 8.24. RAK Cement sunk like a stone, down 8.2% to 3.05. Etisalat (ETISALAT) fell 4.7% to 18.00, Oasis Leasing (OILC) 4.4% to 2.16, AGTHIA 4.3% to 2.24, National Bank of Abu Dhabi (NBAD) 4.3% to 18.75, Sorouh Real Estate (SOROUH) 3.4%, Abu Dhabi Commercial Bank (ADCB) 3.0%, ARKAN 2.4%, Aabar Petroleum (AABAR) and Dana Gas (DANA) 2.3%, and the remainder by less than 2% or on low turnover.

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