UAE markets 14 Dec 2008

UAE market news & discussions for 14 December 2008 Both UAE markets started the week in the red: the DFMGI down by 1.3% to 1961 points from turnover of AED 283, and the ADX index down 0.86% to 2733 on much lower turnover of just AED 77m. On the Nasdaq Dubai, DP World was the only stock traded, falling 3.2% to $0.30. Aabar was the only standout gainer (ignoring the thinly traded stocks), rising 7.2% to 2.29, which confuses all of us. Aabar appear to be moving from energy to property development and banks - two industries which we thought had become a little shakey recently. As for other news ... Aldar announced awarding the beginnings of the Cleveland Clinic project to an Arabtec Aktor (of Greece) joint venture. Arabtec shares rose (barely) but Aldar fell. Dolphin Energy (an unlisted UAE company) was reported by MEED to be issuing a $1 billion bond early in 2009. In the current financial climate, it will be interesting to see what the level of demand is for the bond. Dubai developers and construction firms will slow down the pace of development according to a report in The National, with the Arabtec CEO, Riad Kamal, saying "There was no reason for projects to be implemented at the speed at which they were ..." That might confuse some Dubai property owners who have been waiting since 2005 ... 2006 ... 2007 for their properties to be completed as promised. Which brings us to the report about 40% of Damac being sold to Sheikh Mohammed, subsequently denied by Damac, who said the report was based on quotes from "a non-existing DAMAC employee" in Turkey. A press release today quoted Sultan Ahmed bin Sulayem, Chairman of Dubai World - owners of DP World - as saying "I don't see any immediate impact of the global economic crisis on the region's maritime industry," at the opening of Seatrade Middle East Maritime 2008 conference and exhibition. Hopefully that will reassure owners of shipping and marine shares in the UAE - DP World shares fell 3.2% and Gulf Navigation shares fell 5.4% today, and have plummeted 75% and 50% respectively from 2008 highs. UAE financial news - latest news from Reuters, Bloomberg and UAE media Sharewadi calendar - important dates Dubai Financial Market Emaar Properties (EMAAR) turnover at AED 163m made up more than half the total in Dubai, and their stocks fell 1.6% to 3.04. Dubai Financial Market (DFM) shares were a distant second on turnover with just AED 34m worth traded and they fell 3.8% to 1.27. Arabtec (ARTC), up just 0.23%, and Air Arabia (AIRARABIA), unchanged, were the only other two stocks trading more than AED 10m worth. Apart from Arabtec, Islamic Arab Insurance (IAIC) was the only other gainer on turnover greater than AED 1m, rising 1% to 1.05 with the company themselves buying back a few more shares today. Al Firdous Holdings (ALFIRDOUS) was 5% limit up but on thin trading, and a company insider buying most of the 300k shares traded. Gulf Navigation (GULFNAV) suffered the worst drop out of the more actively traded shares, falling 5.4% to 0.88. Shuaa Capital (SHUAA) plummeted 7.4% but on light trading. Arab International Logistics (ARMX) fell 4.3%, Dubai Investment Company (DIC) 2.4% and the remainder by less than 2% or on thin trading. Abu Dhabi Securities Exchange First Gulf Bank (FGB) was the most heavily traded stock in Abu Dhabi, based on turnover, but that was still only AED 16m worth as it gained 1.3% to close at 9.20. Aldar Properties (ALDAR), down 1.5%, and Dana Gas (DANA), up 1.4%, were the only other stocks trading more than AED 10m worth, however National Bank of Abu Dhabi (NBAD) wasn't far off as it plunged 6.6% to 8.99 and led several other banks into the red. The top 6 gainers didn't even trade 10,000 shares between them, with total turnover less than AED 50,000. As mentioned, Aabar Energy (AABAR) was the pick of the bunch with its 7.2% gain. Waha Capital (OILC) was up 4% but on light trading, and Abu Dhabi National Hotels (ADNH) rose 1.2%. Emirates Telecom (ETISALAT) was unchanged at 12.30. It wasn't a good day for the banks, with Abu Dhabi Commercial Bank (ADCB), National Bank of Umm Al Quwain (NBQ), Union National Bank (UNB), and Sharjah Islamic Bank (NBS) all falling 5-6%, although turnover was less than AED 1m for each stock. Arkan Building Materials (ARKAN) fell 2%, Abu Dhabi National Energy (TAQA) 1.5%, and the remaining losers were down less than 1.5% or on thin trading.

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

	Latest posts and topics (click timestamp for last post)	Last Post By	Last Post Date
Shuaa job cuts and financial position Bimcnorth Sun 14 Dec 2008 17:01 Suspended Shares Status potatojuice Sun 14 Dec 2008 17:00 Arabtec Aktor Cleveland Clinic JV Bimcnorth Sun 14 Dec 2008 16:55 Emaar building Sheikh Khalifa City Egypt Bimcnorth Sun 14 Dec 2008 16:50 Nakheel IPO Bimcnorth Sun 14 Dec 2008 16:40 Emaar analysis and reports sharewadi Sun 14 Dec 2008 15:13 UNB 2008 profit forecast rmhumr Sun 14 Dec 2008 14:34 Shuaa Moody's ratings review sharewadi Sun 14 Dec 2008 14:31 Emaar Philippines mining sharewadi Sun 14 Dec 2008 14:02 ADCB ING report sharewadi Sun 14 Dec 2008 13:29 Damac sale to Sheikh Mohammed sam111sam Sat 13 Dec 2008 11:22 Drake & Scull listing date sharewadi Sat 13 Dec 2008 09:48 Drake & Scull MEP award sharewadi Sat 13 Dec 2008 09:42 Arabtec job losses and project delays BullnBear Fri 12 Dec 2008 06:53 EFG Hermes Report on UAE Stocks favour ARTC Bimcnorth Fri 12 Dec 2008 02:17 Aldar Sorouh Citigroup report BullnBear Thu 11 Dec 2008 18:22 Arabtec to buffer Dubai property slump BullnBear Thu 11 Dec 2008 18:16

best stock rises symbol price change EIC 7.15 +0.65 +10% ADNIC 7.16 +0.65 +10% NMDC 6.01 +0.54 +9.9% INVESTB 2.70 +0.24 +9.8% METHAQ 3.57 +0.27 +8.2%

worst stock falls symbol price change GFH 12.50 -1.35 -9.7% DARTAKAFUL 1.42 -0.15 -9.6% BILDCO 2.53 -0.23 -8.3% SHUAA 1.62 -0.13 -7.4% NBAD 8.74 -0.62 -6.6%

top volume symbol value (AED) price EMAAR 163,263,831 3.04 DFM 33,831,582 1.27 ARTC 23,641,482 4.41 AIRARABIA 16,369,688 1.00 FGB 15,822,615 9.19

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