UAE markets 14 Aug 2008

UAE market news & discussions for 14 August 2008 A mixed day on the markets with ADX up on increased trading, and DFM down on lower trading levels. Some heavy falls for Tamweel, Amlak, Ajman Bank, and DFM shares, while Emirates NBD the only gainer of note, on very limited trading. In Abu Dhabi, First Gulf Bank, Aldar, Sorouh, and Methaq saw solid gains on robust trading, while National Bank of Abu Dhabi and Arkan, out of the more popular stocks suffered small drops. A bigger drop was seen from the usually reticent National Bank of Umm Al Quwain on greater than average turnover. On the DIFX, DP World rose 2.5% to $0.81, Damas was unchanged at $0.99, and Depa fell 4.0% to $1.20. Today was the ESCA deadline for 08Q2 results (which applies to ADX and DFM listed companies). Results still not released on ADX or DFM websites for: Islamic Arab Insurance Company (IAIC) (Salama) Al Firdous Holding (ALFIRDOUS) 2008 Q1 results (their financial year starts 01 April 2008) Arab Emirates Investment Bank (AEIBANK) (but statements available on ESCA site - release date unknown) Dubai Refreshments Company (DRC) Grand Real Estate (GRAND) (Kuwait company with secondary listing) National Real Estate (NRE) (Kuwait company with secondary listing) Qatar Telecom (QTEL) (secondary listing on ADX) - delay notification already sent No results for Dar Takaful and Emarat Takaful presumably because they only recently listed on the DFM. Shuaa Capital and Al Firdous have financial years beginning 01 April 2008 so Q2 results for them will be released after 30 September 2008. 2008 Q2 & H1 financial result updates today Ajman Bank (AJMANBANK) first set of financial results were apparently for an 18 month period despite incorporation in April 2008. Net Profit was AED 18m but it's not clear what happened to profits from their IPO in February 2008. Arab Scandanavian Insurance (ASCANA) - 2008 Q2 profit Dh7m -53%, H1 9.2m -50%. Big falls in investment income, resulted in decreasing profit despite some growth in revenue. Shares look much more expensive than other non-Islamic insurance companies. Dana Gas (DANA) - 2008 Q2 profit Dh34m +17%, H1 59m +18%. Revenue grew about 30% which makes the results even more disappointing as not all of it ended up as Net Profit growth. Gulfa Mineral Water (GULFA), results released yesterday but not available on DFM site until today - 2008 Q2 profit Dh0.89m +8%, H1 1.8m +10%. Modest profit growth that doesn't even keep up with inflation. You'd think a company selling water in the desert would be able to do better. International Financial Advisers (IFA) - 2008 Q2 loss Dh-25m -105%, H1 94m -84%. Results released yesterday. Poor results due to investment losses. National Cement Company (NCC) 2008 Q2 profit Dh28m -51%, H1 160m +60%. Investment losses for the second quarter resulted combined with increased costs resulted in poor results and expensive looking shares for NCC. The first half results looked better due to a good first quarter. United Food Company (UFC), results released during trading - 2008 Q2 profit Dh4.6m +169%, H1 12m +336%, impressive growth in earnings and mostly from solid growth in Revenue and Gross Profit. Sharewadi Calendar next week Thursday, 14 August 2008 AJMANBANK 08Q2 financial statements (DFM, pm) ASCANA 08Q2 financial statements (DFM, am) DANA 08Q2 financial statements and BOD report (ADX, pm) DIB 08Q2 financial statements (DFM, pm) DRC 07Q2 results due ESCA deadline for ADX & DFM 08Q2 results submission (45 days from 30 June 2008). GPI 08Q2 financial statements (DFM, am) GRAND BOD meeting 08Q2 results? Disclosure unavailable. IIG 08Q2 financial statements (DFM, pm) KFIC 08Q2 financial statements (DFM, am) NCC 08Q2 financial statements (DFM website, during trading) NRE BOD meeting, disclosure not available SALAM 08Q2 financial statements (DFM website, during trading) UFC 08Q2 financial statements (DFM, am) UPP 08Q2 financial statements (DFM, am) WARE 08Q2 preliminary financial results (DFM, pm) Saturday, 16 August 2008 SALAM press conference, no further details in disclosure TASI Tadawul to name investors with > 5% stakes from today Sunday, 17 August 2008 Monday, 18 August 2008 AABAR EGM at 5:00pm - AED 6.7bn convertible bonds, employee convertible stock options Tuesday, 19 August 2008 Wednesday, 20 August 2008 DEPA 08Q2 financial results to be announced Thursday, 21 August 2008 Dubai Share Talk latest updates

• ADCB ringgit bond delay
• AEIBANK 08Q2 profit Dh1.4m -68%
• Agility WARE 08Q2 profit Dh490m -9%
• AJMANBANK profit Dh18m to 30 June 2008
• Amlak vs Tamweel
• ASCANA 08Q2 profit Dh7m -53%
• CIB Egypt 08Q2 profit Dh360m +31%
• DANA 08Q2 profit Dh34m +17%
• EMAAR lawsuit Saudi Arabia
• FOODCO 08Q2 profit Dh23m +485%
• Good portfolio and rebound when?
• GULFA 08Q2 profit Dh0.89m +8%
• IFA 08Q2 loss Dh-25m -105%
• Insider trades August 2008
• Marketwatch ADX DFM August 2008
• NCC 08Q2 profit Dh28m -51%
• TABREED TNI report update
• TABREED 08Q2 profit Dh23m +85%
• Tamweel executives police investigation?
• TAMWEEL more loans Dh1.8-3.5bn
• UFC 08Q2 profit Dh4.6m +169%
• UPP Morgan Stanley report

More UAE stock market news and discussions...

best stock rises symbol price change AKIC 2.60 +0.18 +7.4% TKFL 8.86 +0.56 +6.7% FGB 22.75 +1.15 +5.3% DHAFRA 7.00 +0.35 +5.3% GMPC 3.86 +0.19 +5.2%

worst stock falls symbol price change FBICO 3.54 -0.39 -9.9% ALSALAMSUDAN 4.20 -0.30 -6.7% EKTTITAB 2.71 -0.19 -6.6% TAMWEEL 6.11 -0.37 -5.7% AMLAK 3.99 -0.20 -4.8%

top volume symbol value (AED) price ALDAR 433,169,350 10.15 METHAQ 277,790,485 7.89 EMAAR 173,753,585 9.66 AJMANBANK 172,252,341 2.97 SOROUH 148,316,936 8.02

Dubai Financial Market

The DFMGI fell 1.1% to 5018 on lower turnover than yesterday, of AED 890m. Two stocks saw more than AED 100m of turnover - Emaar Properties (EMAAR) down 1.8% to 9.66 and AJMANBANK down 4.5% to 2.97, each company trading about AED 170m worth.

There were only 4 gainers today, and only DARTAKAFUL, rising just 0.74%, saw turnover of more than AED 1m. Emirates NBD was up 2.2% from just 4 trades. AIRARABIA and Union Properties (UPP) share price was unchanged from yesterday.

Big falls for Tamweel (TAMWEEL) down 5.7% to 6.11, and Amlak Finance (AMLAK) 4.8% to 3.99. DFM fell 4.1% to 3.96, TAKAFUL-EM 3.7% to 4.13, DEYAAR 3.5% to 1.95 and the remainder by less than 3% or on thin trading.

Abu Dhabi Securities Market

The ADX was up 1.6% to 4535 from increased turnover of AED 1.15 billion with Aldar Properties (ALDAR) once again dominating trading as it gained 3.7% to 10.20 from traded value of AED 433m. METHAQ was also busy with a 4.1% rise to 7.95 from AED 278m of trading, and Sorouh Real Estate (SOROUH) was the third stock to see more than AED 100m of turnover, gaining 4.8% to close at 7.95.

Other standout stocks included First Gulf Bank (FGB) up by 5.3% to 22.45, Oasis Leasing (OILC) up 3.1% to 2.30, Abu Dhabi Commercial Bank (ADCB) up 2.7% to 4.55, and AGTHIA 2.6% to 2.28. The remaining gainers rose by less than 2% or on turnover of less than AED 2m.

The list of only 8 losers included NBQ with a 3.1% fall to 6.20 from larger than usual turnover, National Bank of Abu Dhabi (NBAD) down 0.8% to 18.00, and the others falling by less than 1% or on turnover of less than AED 1m.

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