UAE markets 15 Oct 2008

UAE market news & discussions for 15 October 2008 As many expected, the UAE markets corrected today, after two days of limit up trading for most stocks. Dubai was down 7.4% to 3428 points with turnover at AED 1.6 billion, and Abu Dhabi fell a much more modest 2.1% to 3526 points from increased turnover of AED 1.2 billion. Stocks around the world also fell this morning, and US stocks look like they'll open lower later today. DP World (DPW) and Depa (DEPA) on the DIFX have fallen 8%-10% so far today. Merrill Lynch said in a report that Abu Dhabi Commercial Bank (ADCB) was at higher risk of funding pressures because of a large amount of debt (about AED 6.6 billion) due for refinancing shortly. Merrill Lynch should know about funding pressures - they've posted almost AED 150 billion in writedowns and losses so far this year, are expected to file a loss for 2008 Q3, and were sold to Bank of America last month. 2008 Q3 results released today Al Salam Bank (SALAM_BAH) profits doubled for Q3 mostly from selling assets and revaluation of investments. There was little change in core income for either Q3 or M9. Finance House (FH) profits tripled, mostly due to gains from disposal of investments. Gulf General Investment (GGICO) profits were up 75% to AED 614m for M9 2008 but they didn't explain why, or release a detailed statement. Union National Bank (UNB) saw little change in interest income but decreased interest expense resulted in reasonable gross profit growth. Over AED 200m of property revaluation was booked as income, propping up the net profits. UAE financial news - latest news from Reuters, Bloomberg and UAE media Dubai Financial Market Seventeen stocks on the Dubai Financial Market (DFM) were trading 10% limit down with no available buyers by the end of the session, including Tamweel Finance (TAMWEEL), Union Properties (UPP), Arabtec (ARTC), Emaar Properties (EMAAR), Amlak Finance Company (AMLAK), Dubai Investment Company (DIC), and 5% limit down for Emirates NBD (ENBD). There were no gainers, and only 8 stocks fell less than 8%. Abu Dhabi Securities Market A mixed day on the ADX, with Aldar Properties (ALDAR) the most heavily traded stock falling by 2.2%, and Sorouh Real Estate (SOROUH) also busy and falling 5.6%. First Gulf Bank (FGB) and Methaq Islamic Insurance (METHAQ) both gained 4.9% and were actively traded.Only 3 stocks had 10% limit down offers and no buyers at the end of the session - Foodco Holding (FOODCO), Ras Al Khaimah Properties (RAKPROP), and Sharjah Islamic Bank (NBS), while 2 stocks had limit up buyers and no sellers - Union National Bank (UNB) and Ras Al Khaimah Cement (RAKCC). Most of the more actively traded stocks fell between 2%-5%, Emirates Telecom (ETISALAT) was down 2.5% to 16.00.

UAE stock market news and discussions at Dubai Share Talk ...

• EMAAR October price
• Marketwatch DFM ADX October 2008
• George Soros Shorted Gulf States Stocks?
• UAE brokers bankrupt?
• Bid/Offer Map in Mubasher Pro
• TABREED October price
• Aldar new CEO
• Short Selling in DFM & ADX to be regulated
• American stocks down
• Cut your losses and maximize returns
• Dubai Mall opening date
• Trading Air Arabia

best stock rises symbol price change RAKCC 1.98 +0.18 +10% UNB 4.83 +0.37 +8.3% GMPC 4.77 +0.34 +7.7% RAKCEC 2.92 +0.16 +5.8% AABAR 3.18 +0.16 +5.3%

worst stock falls symbol price change GRAND 1.94 -0.34 -14.9% SALAM_BAH 1.71 -0.19 -10% ALSALAMSUDAN 3.51 -0.39 -10% TAKAFUL-EM 2.88 -0.32 -10% ALMADINA 5.51 -0.61 -10%

top volume symbol value (AED) price EMAAR 689,990,573 6.11 ALDAR 461,024,798 6.65 METHAQ 225,012,785 8.55 DFM 132,611,883 2.74 SOROUH 130,454,732 5.42

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