UAE markets 24 Dec 2008

UAE market news & discussions for 24 December 2008 How often can we use the word crash for a daily report? The DFM crashed by 5% to 1610 points with turnover of AED 244m from 166m shares, dragged down by a 6.6% fall in Emaar shares and a 5% limit down drop in Emirates NBD. The ADX didn't crash quite so much, falling 3.5% to 2362 with turnover of only AED 85m from 49m shares, not helped by a big fall in Etisalat on relatively high trading levels. On the DIFX, DP World is up 2.9% and Depa unchanged as of 14:30 UAE time. Reuters reported that the GCC had suspended FTA talks with the European Union, possibly because the EU wanted to include political clauses. The Emaar share buyback approval was cancelled by ESCA, leaving us with a Britney Spears sense of deja vu. Almost two years ago, ESCA reportedly told Emaar (and Shuaa and GGICO) to hurry up with their share buybacks at the time. Emaar shares were briefly suspended at the start of trading today. We're looking forward to comments from the Middle East Investor Relations Society, of which the Emaar Investor Relations boss is the Chairman. Emirates Business 24-7 reported that the Shuaa Securities CEO said the UAE government needs to prop up the local stockmarkets with investment funds like other governments have done around the world (for example Kuwait with the resulting rise in shares this week). Would Shuaa Capital shares be on the recommended list? The Arabtec EGM approved the 100% bonus share issue and Gulf News reported that the Arabtec CEO forecast 2008 profits in excess of AED 1 billion. Arabtec shares still fell almost 9%. First Gulf Bank bought back another 320k of their own shares. Arabian Business reported that the minimum salary needed for bank loans had doubled or more for Emirates Bank International (part of Emirates NBD) and Dubai Islamic Bank. Hawkamah announced winners of the 2008 Regional Corporate Governance Awards in a ceremony in Dubai but no UAE banks were awarded a gong. In another ceremony though, Dubai Islamic Bank received a Best Call Center award from Ethos Consultancy. Please don't hang up, your call is important to us. UAE financial news - latest news from Reuters, Bloomberg and UAE media Sharewadi calendar - important dates Dubai Financial Market Emaar Properties (EMAAR) was the only stock with turnover more than AED 100m, and fell 6.6% to 2.25. Arabtec (ARTC) was second in the turnover list with a 9% fall to 3.47. Six stocks saw 10% limit down trading and all closed more than 9% down, including Emirates Integrated Telecommunications (DU), Union Properties (UPP), Dar Takaful Insurance (DARTAKAFUL), and Emarat Takaful Insurance (TAKAFUL-EM). Emirates NBD (ENBD) also traded limit down but only 5% as it is classed as a less liquid stock. Apart from Air Arabia (AIRARABIA), Ajman Islamic Bank (AJMANBANK), and Islamic Arab Insurance (IAIC), all the more actively traded stocks fell more than 5%. Al Salam Bank Sudan (ALSALAMSUDAN) was the only gainer, by 4.9% on a single trade of just 100 shares. Abu Dhabi Securities Exchange Sorouh Real Estate (SOROUH) saw the highest turnover but that was still only AED 17m worth, and the shares fell 1.45% to 2.75. Emirates Telecom (ETISALAT) was in number two spot with AED 16.6m worth of deals, and had a big 7.9% drop to 9.71. Sharjah Islamic Bank (NBS) and Ras Al Khaimah Cement (RAKCC) were the biggest losers, both trading 10% limit down at 0.93 and 0.81 respectively. Union National Bank (UNB), Methaq Islamic Insurance (METHAQ), and Waha Capital (OILC) all fell over 8%, most other stocks fell between 3% and 8%. National Bank of Abu Dhabi (NBAD) fell just 0.94% on very thin trading. There were only 6 gainers with Sudan Telecom (SUDATEL) the best of the more actively traded stocks rising 2.8%. Arkan Building Materials (ARKAN) was up 1.4% to 5.84, and First Gulf Bank (FGB) 1% to 7.92.

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
Whats Going On?! fadi Wed 24 Dec 2008 13:40 EMAAR shares suspended bandakok Wed 24 Dec 2008 11:48 Emaar share buyback sharewadi Wed 24 Dec 2008 11:31 FGB share buyback sharewadi Wed 24 Dec 2008 11:24 ARTC 2008 profit forecast AED1bn sharewadi Wed 24 Dec 2008 11:04 Have we reached the bottom yet! investor Wed 24 Dec 2008 09:45 All faith lost in dubai stocks glued Wed 24 Dec 2008 07:22 Mubadala First Gulf Bank loan Bimcnorth Wed 24 Dec 2008 02:12 Winners of the Financial Crises! Bimcnorth Wed 24 Dec 2008 01:47 Global Investment House default risk Bimcnorth Wed 24 Dec 2008 01:30 DUPHAT Dubai pharmaceutical conference sharewadi Wed 24 Dec 2008 00:52 Arab Banks Corporate Governance awards sharewadi Wed 24 Dec 2008 00:40 Amlak Tamweel merger sharewadi Wed 24 Dec 2008 00:14 Emirates Development Bank sharewadi Wed 24 Dec 2008 00:06 Arabtec bonus shares sharewadi Tue 23 Dec 2008 23:46 Shuaa EGM, shares suspended again sharewadi Tue 23 Dec 2008 23:06 ETISALAT Iran mobile licence sharewadi Tue 23 Dec 2008 18:08

best stock rises symbol price change NMDC 9.59 +0.73 +8.2% ALSALAMSUDAN 2.55 +0.12 +4.9% ADNH 2.99 +0.12 +4.2% SUDATEL 5.14 +0.14 +2.8% ARKAN 5.80 +0.08 +1.4%

worst stock falls symbol price change DU 2.25 -0.25 -10% GGICO 5.40 -0.59 -9.8% EKTTITAB 1.58 -0.17 -9.7% NBS 0.93 -0.10 -9.7% UPP 0.76 -0.08 -9.5%

top volume symbol value (AED) price EMAAR 109,342,825 2.25 ARTC 32,820,439 3.47 DFM 20,613,584 1.11 DIB 17,470,551 1.65 SOROUH 17,038,173 2.72

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