UAE markets 30 Apr 2008

UAE market news & discussions for 30 April 2008 A subdued days trading on both UAE markets today. Both indicies finished slightly down, with the value of shares traded on both markets around the one billion dirham level. On the DFM, AIRARABIA was the top traded share rising 2.02% to 2.02 dirhams on turnover of 49 million shares. On the ADSM, RAKPROP was the top traded share falling 0.89% to 2.22 dirhams on turnover of 40 million shares. Company News and Results: AABAR AGM minutes released - 10% cash dividend approved, record date 08 May 2008 ADNH 2008 Q1 profit AED 140m +1% 30 Apr 2008 DHAFRA 2008 Q1 profit AED 21m +62% 30 Apr 2008 DIC capital increase phase II extended to 08 May 2008 FTC 2008 Q1 profit AED 0.38m +14% 30 Apr 2008 NCTH 2008 Q1 profit AED 31m +1,077% 30 Apr 2008 QCEM 2008 Q1 profit AED 46m +132% 30 Apr 2008 RAKCEC 2008 Q1 profit AED 53m +42% 30 Apr 2008 RAKNIC 2008 Q1 profit AED 16m +4% 30 Apr 2008 TAQA 2008 Q1 profit AED 400m +525% 30 Apr 2008 Upcoming Events (see the DFM & ADSM Calendar for more) Thursday 1 May 2008 ADCB record date for 20.25% share & 10% cash dividend ADNIC payment date 25% cash dividend AFNIC payment date for dividend AGTHIA EGM (postponed from 24 April 2008) BILDCO 15% cash dividend payment date DIC rights issue phase II subscription (extended period) FH payment date for 75% cash dividend

• aldar potential
• Marketwatch DFM April 2008
• Emirates Takawul IPO???
• AABAR 2007 FY profit AED 290m +212% 30 Jan 2008
• TAQA 2008 Q1 profit AED 400m +525% 30 Apr 2008
• 30 April 2008 ADSM DFM DIFX disclosures & news
• DNIR foreign ownership to 25%
• ASMAK 2007 FY profit AED 2.4m +114% 29 Jan 2008
• IAIC 2007 FY profit AED 150m -15% Q4 49m +45% 14 Feb 2008
• How to subscribe to DIC new rights issue
• DIC rights issue phase 2
• DIB 2008 Q1 profit AED 560m +31% 29 Apr 2008
• Is it really possible to make a living as a day trader at DFM/ADSM?
• GLOBAL 2008 Q1 profit AED 480m +54% 29 Apr 2008
• UNION 2008 Q1 profit AED 36m +117% 29 Apr 2008
• ARKAN 2008 Q1 profit AED 17m -54% 29 Apr 2008
• Useful tips to newcomers
• Deyaar CEO in jail - 17 Apr 08
• Future Pipe IPO
• Kuwait Stock Exchange
• 29 April 2008 ADSM DFM DIFX disclosures & news
• RAKPROP 2008 Q1 profit AED 110m +11% 28 Apr 2008
• Introduce yourself here and read about other DST forumers...
• DIFX market depth & volume
• Abu Dhabi Securities Market vs. New York Stock Exchange

More UAE stock market news and discussions...

best stock rises symbol price change MAZAYA 11.50 +1.50 +15% UNION 3.70 +0.30 +8.8% RAPCO 4.50 +0.30 +7.1% DRIVE 7.64 +0.44 +6.1% FCI 5.90 +0.26 +4.6%

worst stock falls symbol price change FBICO 3.85 -0.42 -9.8% CBI 2.63 -0.25 -8.7% NMDC 9.21 -0.84 -8.4% QCEM 2.92 -0.17 -5.5% ADAVIATION 4.55 -0.23 -4.8%

top volume symbol value (AED) price ALDAR 212,129,032 11.70 ARKAN 152,892,324 4.81 EMAAR 135,684,207 11.50 TAMWEEL 123,285,006 8.05 DIB 113,537,182 9.39

Dubai Financial Market

The DFM index closed at 5,737 a fall of 0.24% from the previous close. 206 million shares were traded worth 1 billion dirhams. Fourteen shares advanced and seven declined.
The top traded share was AIRARABIA rising 2.02% to 2.02 dirhams on turnover of 49 million shares.

Other shares to rise included: Arabtec (ARTC) 15.50 (0.64%), DFM 5.99 (0.50%), Dubai Investments (DIC) 4.34 (0.23%), GULFNAV 1.60 (1.91%) and Tamweel (TAMWEEL) 8.05 (2.54%).

Shares to fall included: Union Properties (UPP) 5.10 (2.29%), Dubai Islamic Bank (DIB) 9.39 (1.26%), DEYAAR 2.25 (1.31%) and Amlak Finance (AMLAK) 4.80 (0.41%).

Abu Dhabi Securities Market

The ADSM index closed at 4,988 a fall of 0.04% from the previous close. 196 million shares were traded worth 877 million dirhams. Nineteen shares advanced and sixteen declined.
The top traded share was RAK Properties (RAKPROP) falling 0.89% to 2.22 dirhams on turnover of 40 million shares.

Shares to rise included: Aabar Petroleum (AABAR) 3.33 ( (1.22%), ARKAN 4.81 (1.05%), Dana Gas (DANA) 2.03 (1.00%) and Abu Dhabi National Energy (TAQA) 3.43 (2.03%). Aldar Properties (ALDAR) closed unchanged at 11.70 dirhams.

Shares to fall included: RAK Properties (RAKPROP) 2.22 (0.89%), Abu Dhabi Commercial Bank (ADCB) 5.79 (1.03% post bonus shares), Etisalat (ETISALAT) 21.70 (0.23%) and First Gulf Bank (FGB) 22.90 (0.44%).

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.

UAE markets 29 Apr 2008

UAE market news & discussions for 29 April 2008 The DFM headed up today with almost a 1% jump in the last few minutes of trading - mostly from a handful of trades in Emirates NBD at about 5% up for the session. The ADSM closed down slightly, although once again, turnover was higher than on the DFM - Arkan Building Materials having yet another busy day but with little change in share price after releasing 08Q1 results that didn't look inspiring. Union Insurance was the day's big star though, after releasing 08Q1 results, with limit up trading and greater volume than seen at any time in the past 12 months. On the DIFX, Depa Limited headed further south by another 3%, while DP World lost another cent. Aabar's AGM yesterday approved the proposed 10% cash dividend. Their shares rose slightly today - by 0.6% to 3.28. Abu Dhabi Commercial Bank said they were borrowing AED 1.5 billion for general financing purposes. Their shares rose marginally by 0.6% to 7.04, and go ex-dividend tomorrow. Abu Dhabi National Energy (TAQA) are due to release their Q1 results tomorrow morning before trading starts. Dubai Investment shares - last day for rights issue subscription tomorrow, and also last trading day before shares go ex-dividend Etisalat were reported to be considering moving into India telecoms with up to AED 15 billion to spend. But maybe only AED 4 billion. The chairman was reported as saying "that depends". Etisalat shares edged down by 0.7% to 21.75 today. Union Properties shares - tomorrow is the last trading day before shares go ex-dividend. 2008 first quarter results ARKAN 2008 Q1 profit AED 17m -54% 29 Apr 2008 - shares continue to trade heavily on a rising price, leaving anyone looking at fundamentals, completely bemused. DIB 2008 Q1 profit AED 560m +31% 29 Apr 2008 - limited information from Dubai Islamic Bank leaving us to wonder what their investor relations policy really is. GLOBAL 2008 Q1 profit AED 480m +54% 29 Apr 2008 - massive gains from investments but also a solid increase in real money from fees and commissions. If they can keep that up, their shares might look like they're priced attractively at the moment. They went untraded on the DFM today. RAKPROP 2008 Q1 profit AED 110m +11% 28 Apr 2008 (PM) - the press release sounded as though they were surprised at the excellent growth in earnings, but it looked like just another scheduled revaluation of land on their roadmap. UNION 2008 Q1 profit AED 36m +117% 29 Apr 2008 - something must look good in their accounts, shares were up by 9.7% to 3.40 on very heavy trading today. On the DIFX, 2007 FY annual reports were available for Al Baraka Banking Group, DP World, Fortune Management, and Unigold. Upcoming events tomorrow (see the DFM & ADSM calendar for more) ADNH last trading day before shares ex-dividend DIC last trading day before shares ex-dividend DIC rights issue phase II last day of subscription DRC AGM at Palace Hotel, Old Town, Dubai. 20% dividend proposed FPI Future Pipe IPO pricing and share allotments GULFNAV EGM deferred from 30 Mar 2008 TAQA 08Q1 financial results due (AM) TAQA conference call at 4:30pm for 08Q1 financial results NMDC record date 18.34% share & 15% cash dividend (disclosure not clear)? UPP last trading day before shares ex-dividend Latest stock forum topics

• 29 April 2008 ADSM DFM DIFX disclosures & news
• AABAR 2007 FY profit AED 290m +212% 30 Jan 2008
• Abu Dhabi Securities Market vs. New York Stock Exchange
• ADAVIATION 2008 Q1 profit AED 8.9m +40% 28 Apr 2008
• ARKAN 2008 Q1 profit AED 17m -54% 29 Apr 2008
• Deyaar CEO in jail - 17 Apr 08
• DIB 2008 Q1 profit AED 560m +31% 29 Apr 2008
• EIC 2008 Q1 profit AED 66m +75% 28 Apr 2008
• Future Pipe IPO
• GLOBAL 2008 Q1 profit AED 480m +54% 29 Apr 2008
• Is it really possible to make a living as a day trader at DFM/ADSM?
• Kuwait Stock Exchange
• MAZAYA 2008 Q1 profit AED 190m +300% 28 Apr 2008
• RAKPROP 2008 Q1 profit AED 110m +11% 28 Apr 2008
• RAPCO 2008 Q1 profit AED 42m +21% 28 Apr 2008
• UNION 2008 Q1 profit AED 36m +117% 29 Apr 2008

More UAE stock market news and discussions...

best stock rises symbol price change FCI 5.64 +0.51 +9.9% UNION 3.40 +0.30 +9.7% RAPCO 4.20 +0.33 +8.5% QCEM 3.09 +0.19 +6.6% ARIG 3.43 +0.19 +5.9%

worst stock falls symbol price change NMDC 10.05 -1.06 -9.5% GMPC 4.13 -0.33 -7.4% ADAVIATION 4.78 -0.27 -5.3% ADSB 4.53 -0.22 -4.6% JULPHAR 2.28 -0.10 -4.2%

top volume symbol value (AED) price ARKAN 333,717,534 4.76 ALDAR 312,956,338 11.70 EMAAR 218,069,351 11.50 DFM 103,266,524 5.96 TAMWEEL 79,994,618 7.85

Dubai Financial Market

The DFMGI rose 0.65% to 5752 points in the last few minutes of the trading session. Total turnover was AED 820 million, but 7 trades in Emirates NBD (ENBD), worth about AED 2 million, five minutes before the market closed, were likely to be responsible (because of its market cap) for dragging it 40 points up from ending slightly in the red. Overall, Emirates NBD rose 4.2% to close at 12.35, and stood out as the best gainer (ignoring those stocks trading low volumes).

AMAN rose 3.1% to 31.95, Amlak Finance (AMLAK) rose 1.5%, Dubai Investments (DIC) and Union Properties (UPP) were up 1.2%, Dubai Islamic Bank (DIB) was up 1.1%, and another 8 stocks rose less than 1% or on thin trading.

Arabtec (ARTC) stood out in the loser's list with a 3.45% fall to 15.40 - it's been a while since we've seen Arabtec as one of the laggards. GULFNAV fell 1.3%, Aramex (ARMX) and Islamic Arab Insurance (IAIC) by 1.15%, and another 5 losers fell by less than 1%.

Abu Dhabi Securities Market

The ADSM index dipped slightly by just 0.14% to close at 4991 with turnover of AED 1.1 billion. ARKAN yet again dominated the floor with AED 333m worth of turnover but a rise of just 0.63% to 4.80. Aldar Properties (ALDAR) was almost as active based on traded value, and rose 1.3% to 11.70.

But it was UNION that was storming ahead, as previously mentioned. However, there were only a handful of very large trades in their shares. Nothing else in the gainers list stood out except for some stocks jumping up on very low turnover. RAK White Cement (RAKWCT), Abu Dhabi National Energy (TAQA), and First Gulf Bank (FGB) all rose between 1% and 1.5%, the remainder were up by less than 1%.

In the loser's list, Finance House (FH) stood out with a 4.1% dive to 12.85 on heavy turnover, otherwise there was little of note. Dana Gas (DANA) and Abu Dhabi Islamic Bank (ADIB) fell between 1% and 1.5%, the remaining losers were down less than 1% or on turnover of less than AED 1 million.

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UAE markets 28 Apr 2008

UAE market news & discussions for 28 April 2008 All three UAE markets headed south today although there were some standout stocks in Abu Dhabi with Finance House and Abu Dhabi National Hotels showing big gains on heavy trading, while Arkan Building Materials saw an astonishing AED 540 million worth of activity but only rose a small amount. On the DIFX, Depa suffered a big 5.3% hit to close at 1.41 while DP World fell by just $0.01. There was little of note on the DFM today except perhaps Emaar's 2.5% fall, but on low turnover. Several companies released 2008 first quarter results today. A brief summary (more in the forum and list of results reports): ADAVIATION 2008 Q1 profit AED 8.9m +40% - gross profit doubled but investment losses and finance costs hit them hard. EIB 2008 Q1 profit AED 150m +254% - solid growth yet again and shares look like a bargain - if you could buy them at ESCA advertised prices. EIC 2008 Q1 profit AED 66m +75% - an insurance company that doubled income from investments while insurance related income accounted for only a quarter of net profit. Shares look cheap at a level below Net Asset Value. GFH 2008 Q1 profit AED 430m +61% - cheap looking shares from an investment bank and no subprime issues here? Price to Book Value looks a little high though, and their shares are rarely traded on the DFM. MAZAYA 2008 Q1 profit AED 190m +300% - a Dh4 billion company produces a 1 page disclosure with little useful information. Go figure. NGI 2008 Q1 profit AED 14m +79% - one of the more expensive listed insurance companies with a PE over 20 and PBV also high. RAPCO 2008 Q1 profit AED 42m +21% - little income from core operations. On the schedule for tomorrow (see the ShareWadi calendar for more): ADCB last trading day before shares ex-dividend ASMAK AGM (postponed from 22 April 2008), no dividend information IAIC AGM IFA AGM & EGM 60% share dividend proposed? NCC AGM 35% cash dividend proposed DubaiShareTalk topics

• Abu Dhabi Securities Market vs. New York Stock Exchange
• ADAVIATION 2008 Q1 profit AED 8.9m +40% 28 Apr 2008
• Deyaar to get new CEO soon? 23 Apr 08
• DIFX market depth & volume
• DPW have taken off...
• EIB 2008 Q1 profit AED 150m +254% 28 Apr 2008
• EIC 2008 Q1 profit AED 66m +75% 28 Apr 2008
• GFH 2008 Q1 profit AED 430m +61% 28 Apr 2008
• GLOBAL and GIC buy stake in Alumco - PR 26 Apr 08
• Insider trades April 2008
• Is it really possible to make a living as a day trader at DFM/ADSM?
• JULPHAR 2008 Q1 profit AED 43m +37% 27 Apr 2008
• RAPCO 2008 Q1 profit AED 42m +21% 28 Apr 2008
• MAZAYA 2008 Q1 profit AED 190m +300% 28 Apr 2008
• MAZAYA capital increase 23.7% - EB 05 Mar 08
• NGI 2008 Q1 profit AED 14m +79% 28 Apr 2008
• 28 April 2008 ADSM DFM DIFX disclosures & news

More UAE stock market news and discussions...

best stock rises symbol price change GLOBAL 13.40 +1.65 +14% AWNIC 6.87 +0.62 +9.9% ADSB 4.75 +0.34 +7.7% FH 13.30 +0.95 +7.7% ADNH 14.10 +0.90 +6.8%

worst stock falls symbol price change AKIC 3.33 -0.31 -8.5% GMPC 4.46 -0.26 -5.5% RAPCO 3.87 -0.22 -5.4% AMLAK 4.75 -0.18 -3.7% ASMAK 13.20 -0.50 -3.6%

top volume symbol value (AED) price ARKAN 542,922,277 4.73 DFM 294,993,098 6.01 SOROUH 203,757,486 9.64 ALDAR 202,124,882 11.55 EMAAR 196,718,958 11.60

Dubai Financial Market

The DFMGI fell 1.2% to 5715 points from subdued turnover of AED 936 million. DFM shares were the most heavily traded with AED 300 million worth of deals, and a 1.3% fall to 6.01. Emaar Properties (EMAAR) fell 2.5% to 11.60 on muted trading while Amlak Finance (AMLAK) was the worst loser, down by 3.65% to close at 4.75. Other stocks to fall included Tamweel (TAMWEEL) down by 2.4%, Tabreed (TABREED) down by 2.3%, Shuaa Capital (SHUAA) down by 2.1% and SALAM_BAH down by 2.0%. Most other stocks fell less than 2%.

Only 3 stocks rose today, Global Investment House (GLOBAL) leapt up from a single small trade, Arab Insurance Group (ARIG) from a handful of trades, and Arabtec (ARTC) up by just 0.63% to close at 15.95.

Abu Dhabi Securities Market

The ADSM shed less blood than the DFM, falling by just 0.41% to end just below 5000 points with turnover ahead of the Dubai bourse at AED 1.3 billion. ARKAN was responsible for AED 543 million of that, as their shares climb ever higher, rising by 1.3% to 4.74.

Big gains on heavy trading today for Finance House (FH) up 7.7% to 12.90 (punters perhaps attracted by the very low PE), and ADNH up 6.8% to 14.15. ADNIC traded just over 1m dhs worth and rose 6.2% to 9.90 and the remaining gainers saw less than AED 1 million of traded value, or rose less than 1%. Etisalat (ETISALAT) shares were unchanged at 21.75.

ASMAK stood out in the loser's list with just over AED 1 m of turnover and a 3.65% fall to 13.85. Aldar Properties (ALDAR) also had an unpleasant day with a 3.35% fall to 11.60. Abu Dhabi National Energy (TAQA) was not so hot either with a 2.7% fall to 3.25 ahead of Q1 results announcement on Wednesday this week. Oasis Leasing (OILC) suffered a 2.5% fall to 2.29, AGTHIA was down 1.95%, Dana Gas (DANA) 1.9%, Aabar Petroleum (AABAR) and Union National Bank (UNB) 1.8%, RAK Properties (RAKPROP) 1.75%, and the remainder falling less than 1.5% or on thin trading volumes.

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UAE markets 27 Apr 2008

UAE market news & discussions for 27 April 2008 A relatively quiet days trading on UAE markets today with both indicies closing higher by less than one percent. Volume on the DFM was increased by trading in DFM itself with 104 million shares changing hands. ARTC closed 1.27% higher at 15.85 dirhams after releasing details of a $2.7 billion contract it has won in Russia. The modest gain in share price could reflect it already being priced in or the risks of doing business in Russia. The stand out share on ADSM was ADNH rising 8.64% with no sellers available. Other stock news and results ADIB 2008 Q1 profit AED 240m +47% 27 Apr 2008 AGTHIA 2008 Q1 profit AED 18m +104% 24 Apr 2008 AWNIC 2008 Q1 profit AED 15m +61% 27 Apr 2008 BILDCO 2008 Q1 profit AED 16m +13% 24 Apr 2008 BOS 2008 Q1 profit AED 88m +38% 26 Apr 2008 NBAD 2008 Q1 profit AED 880m +46% 27 Apr 2008 beats forecasts of AED 661m -699m RAKWCT 2008 Q1 profit AED 53m +55% 27 Apr 2008 Upcoming events Monday, 28 April 2008 AABAR AGM at 5:00pm - 10% cash dividend proposed - postponed from 21 Apr 2008 DIC rights issue phase II subscription period See the Sharewadi Calendar for more AGM and dividend dates.

• Emirates Airlines IPO
• NBAD 2008 Q1 profit AED 880m +46% 27 Apr 2008
• Marketwatch DFM April 2008
• AWNIC 2008 Q1 profit AED 15m +61% 27 Apr 2008
• Emirates IPO report commissioned - DM 25 Apr 08
• London Road Show
• DIFX market depth & volume
• AMAN EGM foreign ownership & share split
• AGTHIA 2007 FY profit AED 38m +31% 29 Jan 2008
• 25-27 April 2008 ADSM DFM DIFX disclosures & news
• BOS 2008 Q1 profit AED 88m +38% 26 Apr 2008
• DPW have taken off...
• RAKWCT 2008 Q1 profit AED 53m +55% 27 Apr 2008
• Air Arabia 2008 Q1 profits tripled? Release date 11-15 May 08?
• ADIB 2008 Q1 profit AED 240m +47% 27 Apr 2008
• AGTHIA 2008 Q1 profit AED 18m +104% 24 Apr 2008
• DP World Jebel Ali Port expansion & profit growth - KT 26 Apr 08
• AMLAK & SOROUH dividend cheques?
• ARTC Gazprom contract AED 9.9 bn - 26 Apr 08
• Aramex bonus shares?
• stocks to watch out for this week: amlak, dfm
• DFM net foreign investment AED 779m last week - PR 26 Apr 08
• Shares for day trading? 23 Apr 08
• Rumour: Deyaar to get new CEO soon? 23 Apr 08
• ALDAR S&P rating A-/A-2 - TF 25 Apr 08

More UAE stock market news and discussions...

best stock rises symbol price change ADNH 13.20 +1.05 +8.6% NMDC 13.05 +1.00 +8.3% ADAVIATION 4.99 +0.26 +5.5% ASMAK 13.70 +0.70 +5.4% AMAN 31.50 +1.50 +5%

worst stock falls symbol price change GLOBAL 11.75 -2.05 -14.9% ARIG 3.16 -0.32 -9.2% DRIVE 7.43 -0.56 -7% GULFA 2.13 -0.11 -4.9% FOODCO 4.89 -0.21 -4.1%

top volume symbol value (AED) price DFM 632,869,185 6.09 ALDAR 314,907,529 11.95 EMAAR 303,447,086 11.90 AMLAK 126,845,650 4.93 ARTC 124,810,840 15.85

Dubai Financial Market

The DFM index closed at 5,785 an increase of 0.76% from the previous close. 323 million shares were traded worth 1.8 billion dirhams. Sixteen shares advanced and eleven declined.
The top traded share was DFM rising 2.69% to 6.09 dirhams with 104 million shares traded.

Other shares to rise included: AIRARABIA 1.99 (1.01%), Amlak Finance (AMLAK) 4.93 (0.61%), Arabtec (ARTC) 15.85 (1.27%) and Emaar Properties (EMAAR) 11.90 (0.84%).

Shares to fall included: ARAMEX 2.61 (0.76%), GULFNAV 1.61 (1.22%) and Shuaa Capital (SHUAA) 8.22 (0.36%).

Abu Dhabi Securities Market

The ADSM index closed at 5,018 an increase of 0.24% from the previous close. 129 million shares were traded worth 851 million dirhams. Nineteen shares advanced and sixteen declined.
The top traded share was Aldar Properties (ALDAR) rising 1.27% to 11.95 dirhams with 26 million shares traded.

Other shares to rise included: ADNH 13.20 (8.64%) with no sellers in sight, WAHA 2.37 (2.16%), RAK Properties (RAKPROP) 2.29 (0.44%)

Shares to fall included: Abu Dhabi Commercial Bank (ADCB) 7.05 (0.56%), ARKAN 4.67 (0.21%) and Sorouh Real Estate (SOROUH) 9.77 (0.20%).

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.

UAE markets 24 Apr 2008

UAE market news & discussions for 24 April 2008 The DFM index resumed its upward trend today rising 0.61% to 5,742. However, the rise was on modest volumes of 234 million shares traded worth 1.2 billion dirhams. DFM was the standout share rising 2.06% to 5.93 dirhams. The ADSM index closed modestly lower by 0.18% at 5006. Turnover was bolstered by trading in ALDAR. The market seemed to like the 2008 Q1 results +203% from 2007, marking the share up 3.06% to 11.80 dirhams. DIFX DEPA limited closed down 1.31% at $1.51 on 3.8 million shares traded DP World closed steady at $1.05 on 6.3 million shares traded Other Stock News and Results ADCB 2008 Q1 profit AED 520m +10% 23 Apr 2008 AGTHIA 2008 Q1 profit AED 18m +104% 24 Apr 2008 ALDAR 2008 Q1 profit AED 1.36 bn +202% - 23 Apr 2008 BILDCO 2008 Q1 profit AED 16m +13% 24 Apr 2008 DIC dividends - AGM 23 April 2008 decided to distribute 10% share dividend instead of cash DIC M'Sharie 40% private sale EIB share dividend - 25% approved at AGM 22 April 2008 SOROUH 2008 Q1 profit AED 360m +217% 23 Apr 2008 UPP 10% share dividend for 07FY after all? 23 Apr 08 Upcoming Events Saturday, April 26 DIC rights issue phase II subscription period CBI BOD meeting (to decide next AGM date) Sunday, April 27 AKIC record date for 10% cash dividend DIC record date changed to 04 May 2008 due to postponed AGM FH record date 75% cash dividend FOODCO record date for 20% cash dividend JULPHAR record date 5% share & 10% cash dividends TAQA record date 10% share dividend See the Sharewadi Calendar for more AGM and dividend dates.

• M'sharie IPO
• Marketwatch DFM April 2008
• DIC > M'Sharie 40% private sale - GN 24 Apr 08
• AGTHIA 2008 Q1 profit AED 18m +104% 24 Apr 2008
• ACICO 2007 FY profit AED 300m +65% 25 Mar 2008
• ALDAR AED 3.6 bn convertible bond sale to Mubadala - 24 Apr 08
• ADNH 2007 FY profit AED 480m +63% 30 Jan 2008
• BILDCO 2008 Q1 profit AED 16m +13% 24 Apr 2008
• UCC 2008 Q1 profit AED 19m -13% 23 Apr 2008
• ADCB 2008 Q1 profit AED 520m +10% 23 Apr 2008
• Air Arabia no dividend?
• Tabreed forecast?
• Aramex - time to sell? 23 Apr 08
• Rumour: Deyaar to get new CEO soon? 23 Apr 08
• DIC 2007 FY profit AED 1.5bn +52% 29 Jan 2008
• 24 April 2008 ADSM DFM DIFX disclosures & news
• SOROUH 2008 Q1 profit AED 360m +217% 23 Apr 2008
• ALDAR 2008 Q1 profit AED 1.4bn +203% 23 Apr 2008
• ALDAR convertible sukuk & share capital increase - from 24 Oct 2007 on...
• Insider trades April 2008
• Tamweel to fund expansion with Dh864m syndicated bank facility 23 Apr 08
• 23 Apr 08
• DEPA opening price poll & listing date
• ADCB a good stock to watch out for...
• How do I post images or charts?

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best stock rises symbol price change ARIG 3.48 +0.27 +8.4% NCTH 10.30 +0.70 +7.3% GLOBAL 13.80 +0.70 +5.3% MASQ 271.35 +12.90 +5% ASMAK 13.00 +0.55 +4.4%

worst stock falls symbol price change NMDC 12.05 -1.30 -9.7% GMPC 4.60 -0.44 -8.7% FOODCO 5.10 -0.48 -8.6% FBICO 4.27 -0.39 -8.4% ADSB 4.41 -0.29 -6.2%

top volume symbol value (AED) price ALDAR 935,409,769 11.80 DFM 335,277,050 5.93 TAMWEEL 161,960,824 8.08 EMAAR 143,879,854 11.80 SOROUH 107,599,089 9.79

Dubai Financial Market

The DFM index closed at 5,742 a rise of 0.61% from the previous close. 234 million shares were traded worth 1.2 billion dirhams. Nineteen shares advanced and seven declined.
The top traded share was DFM rising 2.06% to 5.93 dirhams on turnover of 57 million shares traded.

Other shares to rise included: Amlak Finance (AMLAK) 4.90 (1.03%), ARAMEX 2.63 (3.54%), GULFNAV 1.63 (1.24%) and Union Properties (UPP) 5.16 (0.19%).

Shares to fall included: Tamweel (TAMWEEL) 8.08 (1.82%), Dubai Islamic Bank (DIB) 9.45 (1.04%), AIRARABIA 1.97 (0.50%) and Tabreed (TABREED) 2.56 (0.38%).

Abu Dhabi Securities Market

The ADSM index closed at 5006 a fall of 0.18% from the previous close. 181 milion shares were traded worth 1.5 billion dirhams. Thirteen shares advanced and twenty five declined.
The top traded share was Aldar Properties (ALDAR) rising 3.06% to 11.80 dirhams on turnover of 79 million shares traded.

Other shares to rise included: ARKAN 4.68 (1.08%) and Etisalat (ETISALAT) 21.95 (0.46%).

Shares to fall included: Aabar Petroleum (AABAR) 3.33 (1.19%), Dana Gas (DANA) 2.08 (0.48%), First Gulf Bank (FGB) 22.60 (0.88%), RAK Properties (RAKPROP) 2.28 (3.06%) and Sorouh Real Estate (SOROUH) 9.79 (0.71%).

• Comment on this report and view previous reports on the Share Wadi blog.
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UAE markets 23 Apr 2008

UAE market news & discussions for 23 April 2008 After a good run the DFM index took a breather today falling by 1.20% to 5,707. All of the major stocks declined lead by AMLAK and DEYAAR both falling by more than two per cent. The ADSM index finished virtually unchanged at 5,015 with one billion dirhams worth of shares being traded. The top traded share by volume was AABAR rising 1.51%, but the standout share was Finance House rising 8.41% to 12.25 dirhams. DIFX DEPA shares listed today opening at $1.65 before closing at $1.53 with 18 million shares traded. DP World trading picked up closing at $1.05 with 12 million shares traded. Other Stock News Aabar Energy AGM will be on 28 April 2008 at 5:00pm. International Fish Farming AGM has been postponed to April 29,2008 due to lack of quorum Aramex Inaugurates the largest documents management facility in the region Deferred AGM of Dubai Investments is being held today, 23/04/2008. National General Cooling: Approval for GCC nationals to hold companys shares up to 100% Upcoming Events AGTHIA AGM & EGM at 4:00pm , no dividend proposal in agenda CBI AGM at 5:00pm (second AGM) postponed from 23 Mar 2008 See the Sharewadi Calendar for more AGM and dividend dates

• Marketwatch DFM April 2008
• ADCB a good stock to watch out for...
• How do I post images or charts?
• Gulf Navigation foreign ownership approved - 14 Apr 2008
• Aramex - time to sell? 23 Apr 08
• ARMX 2007 FY profit AED 120m +28% 10 Feb 2008
• EIB capital increase? - 22 Apr 08 EGM
• EIB 2007 FY profit +103% to AED 239m - 30 Jan 2008
• DEPA opening price poll & listing date
• UPP 10% share dividend for 07FY after all? 23 Apr 08
• UPP 2007 FY profit AED 680m +11% Q4 210m -30% 23 Jan 2008
• TAMWEEL 2008 Q1 profit AED 180m +249% 22 Apr 2008
• TAIB Fitch ratings - TF 21 Apr 08
• 23 April 2008 ADSM DFM DIFX disclosures & news
• Further rally possible in Amlak as resistance levels have been broken...
• TAQA 2008 Q1 results due 30 April 2008 (AM)
• ADNH new chairman, 5 year plan - PR 22 Apr 08
• GLOBAL GDRs
• GLOBAL 35% capital increase and dividends - AT 26 Mar 2008
• The pull of the bank - 22 Apr 08
• TAMWEEL report Shuaa - 02 Apr 2008
• Tamweel witnessing high accumulation - 22 Apr 08
• RAKCC TNI report - 22 April 2008
• ADCB 2007 FY profit -2.9% to Dh2.09 bn, misses own forecast 04 Feb 08
• Insider trades April 2008

More UAE stock market news and discussions...

best stock rises symbol price change FH 12.25 +0.95 +8.4% FBICO 4.66 +0.33 +7.6% AAAIC 130.00 +9.00 +7.4% NMDC 13.35 +0.75 +6% QTEL 215.00 +11.30 +5.5%

worst stock falls symbol price change GMPC 5.04 -0.55 -9.8% TKFL 7.75 -0.73 -8.6% FOODCO 5.58 -0.43 -7.2% ADAVIATION 4.97 -0.27 -5.2% ADSB 4.70 -0.25 -5.1%

top volume symbol value (AED) price TAMWEEL 335,614,162 8.23 DFM 309,051,674 5.81 EMAAR 278,228,283 11.70 ALDAR 234,128,736 11.45 UPP 217,700,124 5.15

Dubai Financial Market

The DFM index closed at 5,707 a fall of 1.20% from the previous close. 373 million shares were traded worth 1.9 billion dirhams. Four shares advanced and nineteen declined.
The top traded share was DEYAAR falling 2.55% to 2.29 dirhams on volume of 59 million shares traded.

Other shares to fall included: AIRARABIA 1.98 (1.00%), Amlak Finance (AMLAK) 4.85 (2.61%), DFM 5.81 (0.68%), Emaar Properties (EMAAR) 11.70 (1.68%), Tamweel (TAMWEEL) 8.23 (1.43%) and Union Properties (UPP) 5.15 (0.77%).

Emirates NBD (ENBD) rose by 0.43% to 11.55 dirhams.

Abu Dhabi Securities Market

The ADSM index closed at 5,015 a rise of 0.03% from the previous close. 181 million shares were traded worth 1 billion dirhams. Nineteen shares advanced and twenty one declined.
The top traded share was Aabar Petroleum (AABAR) rising 1.51% to 3.37 dirhams on volume of 28 million shares traded.

Other share to rise included: Abu Dhabi Islamic Bank (ADIB) 6.48 (0.62%), Aldar Properties (ALDAR) 11.45 (0.44%), Finance House (FH) 12.25 (8.41%) and RAK Properties (RAKPROP) 2.32 (0.43%)

Shares to fall included: Abu Dhabi Commercial Bank (ADCB) 7.18 (0.14%), ARKAN 4.63 (1.28%), First Gulf Bank (FGB) 22.80 (0.22%) and Abu Dhabi National Energy (TAQA) 3.43 (0.29%).

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UAE markets 22 Apr 2008

UAE market news & discussions for 22 April 2008 Both markets moved ahead today with turnover still at healthy levels. Abu Dhabi Commercial Bank saw astonishing levels of trading on a big rise after yesterday's AGM changed the dividend from cash to cash & shares, and the CEO said profits would double in 2 years on acquisitions. In March last year the CEO said ADCB's 2007 profits would rise 20%. Net profit for 2007 was AED 2.1 billion - a drop of 3%. Finance House and Arabtec also had big rises on solid trading levels. Other stock news: Aabar postponed their AGM to 28 April 2008 Aramex announced (afternoon) a 21% increase in 2008 Q1 profits to AED 36m, shares still look a little more expensive than the market average based on PE, and share price was almost flat today. RAK Cement report from TNI says stocks are fairly valued at current levels, and energy costs will continue to eat into their margins. Tamweel results expected later today after BOD meeting 22 April 2008 at 3pm - no disclosure seen at time of this email and presumably we won't see it till tomorrow morning on the DFM website. However, other news sources may have a report later today. Union Properties (morning) a 69% jump in 2008 Q1 profits to AED 240m, beating at least one forecast. That wasn't enough to impress the market though, shares fell slightly, by 0.2% to 5.19. Upcoming events Abu Dhabi National Energy (TAQA) last trading day for dividend eligibility tomorrow 23 April 2008 Aldar Properties (ALDAR) 08Q1 results BOD meeting tomorrow afternoon 23 April 2008 Depa Holding (DEPA) lists on the DIFX tomorrow 23 April 2008 Dubai Investments (DIC) last trading day for dividend eligibility tomorrow 23 April 2008 Dubai Investments (DIC) AGM tomorrow 23 April 2008 at 5pm, 10% cash dividend proposed Sorouh Real Estate (SOROUH) 08Q1 results BOD meeting tomorrow 23 April 2008 at 2pm Union Properties (UPP) AGM this afternoon 22 April 2008 at 5pm See the ShareWadi calendar for more AGM and dividend dates

• ADCB 2007 FY profit -2.9% to Dh2.09 bn, misses own forecast 04 Feb 08
• ADCB profits to double on buyout plans - R 21 Apr 08
• ADIB 2008 Q1 profit forecast +14% to AED 189m - 02 Apr 08
• ALDAR 2008 Q1 profit forecast x2 to AED 1.1 bn - 02 Apr 08
• ARMX 2008 Q1 profit AED 36m +21% 22 Apr 2008
• ARTC 2008 FY revenue up 40% - R 25 Mar 08
• DIB 2008 Q1 profit forecast +23% to AED 522m - EFG 02 Apr 08
• DPW have taken off...
• ENBD 2008 Q1 profit forecast +24% - 02 Apr 2008
• Insider trades April 2008
• NBAD 2008 Q1 profit forecast +10% to AED 661m - 02 Apr 08
• RAKCC TNI report - 22 April 2008
• Record Dates for Bonus/Dividend
• Tabreed forecast?
• TAMWEEL 2008 Q1 results expected 22 April 2008
• TAMWEEL report Shuaa - 02 Apr 2008
• Tamweel witnessing high accumulation
• UPP 2008 Q1 profit AED 240m +69% 21 Apr 2008
• 22 April 2008 ADSM DFM DIFX disclosures & news

More UAE stock market news and discussions...

best stock rises symbol price change AAAIC 121.00 +11.00 +10% FBICO 4.33 +0.37 +9.3% QTEL 203.70 +13.60 +7.2% ADCB 7.19 +0.43 +6.4% FH 11.30 +0.65 +6.1%

worst stock falls symbol price change GMPC 5.59 -0.62 -10% NMDC 12.60 -1.30 -9.4% ASMAK 12.45 -0.25 -2% AABAR 3.32 -0.06 -1.8% RAKPROP 2.31 -0.04 -1.7%

top volume symbol value (AED) price EMAAR 683,723,118 11.90 ADCB 409,696,525 7.19 DFM 404,315,342 5.85 AMLAK 300,977,325 4.98 TAMWEEL 259,284,239 8.35

Dubai Financial Market

The DFMGI had another good day with a 1% rise to 5777 from a solid AED 2.55 billion of turnover. Emaar Properties (EMAAR) had the top spot on traded value with AED 684m worth of shares and a decent 2.6% gain to 11.90. DFM shares were also busy, rising 2.8% to 5.85.

Arabtec (ARTC) was at the top of the gainer's list though, with a 5.05% rise to 15.60 from solid trading. Other good gains for Amlak Finance (AMLAK) up 3.5% to 4.98, Commercial Bank of Dubai (CBD) up 3.3% to 10.90, Tamweel (TAMWEEL) up 2.45% to 8.35, Dubai Investments (DIC) up 2.1% to 4.44, and remaining gainers rising less than 1% or on thin trading.

Shuaa Capital (SHUAA) headed the loser's list with a 1.6% fall to 8.17, GULFNAV was down 1.2%, GGICO 1.1%, and another 7 stocks fell less than 1%.

Abu Dhabi Securities Market

The ADSM index rose 0.36% to 5014 from AED 1.17 billion of trading, with about a third of that from trading in Abu Dhabi Commercial Bank (ADCB) shares which rose 6.36% to 7.07. Traded value was more than 3x the highest level seen in the past 12 months for the bank.

AAAIC also stood out with greater than usual trading and shares limit up (10%) to 121.00. Other good rises for Finance House (FH) up 6.1% to 11.65 on greater than usual activity, Bank Of Sharjah (BOS) up 5.9% to 3.14, Foodco Holdings (FOODCO) up 4% to 5.80, Union National Bank (UNB) up 3.4% to 8.76, Abu Dhabi National Energy (TAQA) up 1.8%, Qatar Telecom (QTEL) up 1.7%, and AGTHIA up 1.5%. The remaining gainers rose less than 1% or on thin trading.

National Marine Dredging (NMDC) was hit hard, losing 9.7% to 12.65 from greater than usual activity, Aabar Petroleum (AABAR) was down 1.8%, RAK Properties (RAKPROP) down 1.7%, AKIC down 1.7%, Dana Gas (DANA) and Abu Dhabi Islamic Bank (ADIB) lost 1.4%, Sorouh Real Estate (SOROUH) fell 1% and the remainder were down by less than 1% or on thin trading volumes.

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UAE markets 21 Apr 2008

UAE market news & discussions for 21 April 2008 It was a less exciting day on the markets today with Abu Dhabi slipping back below 5000 points, and Dubai seeing a slight increase. Turnover was still strong on both markets. ESCA and the Ministry of the Economy were reported to be studying a law to allow UAE brokers to offer margin trading. Since, as far as we know, brokers and banks already offer margin trading to UAE investors, perhaps this new law is intended to regulate margin trading rather than turbocharge the markets. Results today for: RAK Bank did well with 2008 Q1 profit rising 65% to AED 140m compared to the same period last year (AM) Salam Investments saw 2008 Q1 profit more than double to AED 55m (AM) Union National Bank had a decent 33% rise in 2008 Q1 profits to AED 340m (PM) Upcoming events Aabar's AGM is this afternoon (21 April 2008), voting on a 10% cash dividend Abu Dhabi Commercial Bank AGM this afternoon, voting on a 30.25% cash dividend Tamweel BOD meets tomorrow afternoon to discuss and release 2008 Q1 results Union Properties AGM tomorrow afternoon, the board recommends no dividend distribution. More in the ShareWadi calendar

• 21 April 2008 ADSM DFM DIFX disclosures & news
• 2008 Q1 results - NCB Capital report
• 2008 Q1 UAE financial results
• AABAR trading 05 Mar 08
• Air Arabia 2008 Q1 profits tripled?
• Ambiguity in ESCA's brokerage structure or what ?
• DEYAAR 2008 Q1 profit AED 200m 20 Apr 2008
• Gulf Navigation foreign ownership approved - 14 Apr 2008
• Insider trades April 2008
• Margin trading for UAE markets - EB 21 Apr 2008
• RAKBANK 2008 Q1 profit AED 140m +65% 20 Apr 2008
• SALAM 2008 Q1 profit AED 55m +112% 20 Apr 2008
• UNB 2008 Q1 profit AED 340m +32% 21 Apr 2008
• TAMWEEL 2008 Q1 results expected 22 April 2008
• 18-20 April 2008 ADSM DFM DIFX disclosures & news

More UAE stock market news and discussions...

best stock rises symbol price change FBICO 3.96 +0.36 +10% FOODCO 5.78 +0.47 +8.9% NBF 5.30 +0.43 +8.8% AAAIC 110.00 +8.90 +8.8% RAPCO 4.09 +0.29 +7.6%

worst stock falls symbol price change GMPC 6.21 -0.69 -10% FCI 5.13 -0.55 -9.7% QCEM 3.01 -0.28 -8.5% DHAFRA 6.50 -0.50 -7.1% ABNIC 10.90 -0.60 -5.2%

top volume symbol value (AED) price EMAAR 462,287,235 11.60 DFM 289,086,388 5.69 ARKAN 277,720,792 4.70 DIC 221,501,003 4.35 DEYAAR 164,809,509 2.37

Dubai Financial Market

After a sharp climb at the start of the session, the DFMGI gave up all its gains and closed at 5721 points, just 0.15% ahead of yesterday's close. Emaar Properties (EMAAR) moved back to the dominant position on the trading floor with AED 462m worth of trading and a 0.9% rise to 11.60, ahead of DFM with AED 290m turnover but a 1.9% fall to 5.69.

Islamic Arab Insurance (IAIC) stood out on the gainers list with a 4.35% rise to 3.60, Dubai Investments (DIC) also performed well, rising 3.1% to 4.35 from robust trading. GGICO rose 1.8% despite more insider selling, Shuaa Capital (SHUAA) was up 1.1%, and another 5 stocks rose less than 1%.

The loser's list was headed by the star of the previous couple of days, Tamweel (TAMWEEL), falling 2.5% to 8.15, while its competitor, Amlak Finance (AMLAK), lost 2.0% to close at 4.81. AMAN was down 2.3% to 29.30, Du Telecom (DU) was in the dudu by just 1.3%, Aramex (ARMX) lost 1.15%, AIRARABIA 1.0% and another 4 stocks fell by less than 1%.

Abu Dhabi Securities Market

The ADSM index started a little higher than yesterday's close but gradually trickled down to end just below 5000 points at 4996 from turnover of just over AED 1 billion. ARKAN once again dominated the floor with AED 278m of turnover and a 2% rise to 4.72.

It was another day of more interest in the illiquid stocks with some big jumps and increased trading volumes for Foodco Holdings (FOODCO) up 8.85% to 5.84, NBF up 8.8% to 5.30, AAAIC up 8.8%, to 111.00, ADNH up 3.8% to 12.30, and ASMAK up 3.7% to 12.85.

Union National Bank (UNB) had a 2.0% rise to 8.74 and released their 08Q1 results this afternoon. RAK Cement (RAKCC) was up 1.5%, RAK White Cement (RAKWCT) up 1%, and the remaining gainers were up less than 1% or on thin trading.

QCEM stood out in the loser's list with a big drop of 8.8% to 3.00, Finance House (FH) fell 3.2% to 10.60, Oasis Leasing (OILC) took a 2.9% hit to end at 2.35, DRIVE was down 2.1% to 7.75, Sharjah Cement (SCIDC) and Abu Dhabi Commercial Bank (ADCB) lost 1.2%, and the remaining losers were down by less than 1% or on turnover of less than AED 1 million. Etisalat (ETISALAT) fell 0.7% to 21.75.

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UAE markets 20 Apr 2008

UAE market news & discussions for 20 April 2008 A very encouraging start to the week with solid gains and turnover for both markets. Tamweel surged ahead yet again as 08Q1 results are eagerly awaited - they should be available late Wednesday. Sorouh's BOD are also meeting on Wednesday afternoon and 08Q1 results are expected sometime after that. Goldman Sachs issued a report on UAE banks over the weekend, and their 2 buy recommendations shot ahead on increased trading levels today - First Gulf Bank and Union National Bank. First quarter results for 2008 this morning from Sharjah Islamic Bank (NBS) with 55% profit growth prompting a strong rally in their share price today. Arab Heavy Industries (AHI) also recorded solid profit growth but as usual, their shares were untraded, although at the last quoted close price from ESCA of AED 193, they would be ridiculously cheap based on earnings. Upcoming dates and events AABAR AGM at 5:00pm tomorrow, 21 April 2008 - 10% cash dividend proposed ADCB BOD and AGM meetings tomorrow, 21 April 2008. Cash dividend of 30.25% proposed Ajman Islamic Bank had their founders meeting and said they expected to list on the DFM sometime in May 2008. Depa are scheduled to list on the DIFX Wednesday 22 April 2008 Future Pipe IPO closes tomorrow, 21 April 2008, at 12pm Qatar Telecom 2008 Q1 financial results expected tomorrow, 21 April 2008. See the ShareWadi calendar for more agenda items

• 18-20 April 2008 ADSM DFM DIFX disclosures & news
• 2008 Q1 UAE financial results
• AABAR trading 05 Mar 08
• AHI 2008 Q1 profit AED 22m +106% 20 Apr 2008
• Ajman Bank listing date
• Ajman Bank founding OGM - PR 19 Apr 08
• AKIC 2007 FY profit AED 140m +68% 31 Jan 2008
• AMLAK - further rally possible as resistance levels have been broken...
• DEPA opening price poll & listing date
• Depa IPO
• Deyaar Scandal
• DFM net foreign investment AED 351m last week - PR 19 Apr 08
• Emirates Securities custodian charges
• Etihad Etisalat 2008 Q1 profit +30% to $87m - BB 19 Apr 08
• Future Pipe IPO
• Insider trades April 2008
• JULPHAR 2007 FY profit AED 207m +309% - 31 Dec 07
• NBS 2008 Q1 profit AED 79m +55% 20 Apr 2008
• RAK Cement dividend?
• Retaining shares after moving
• Tamweel technically in no resistance zone, signals a strong bullish signal 18 Apr 08
• TAMWEEL 2008 Q1 results expected 22 April 2008
• UAE banks report - Goldman Sachs - R 18 Apr 08

More UAE stock market news and discussions...

best stock rises symbol price change FBICO 3.60 +0.32 +9.8% FOODCO 5.31 +0.42 +8.6% ASMAK 12.25 +0.95 +8.4% DRIVE 8.00 +0.56 +7.5% AMLAK 4.91 +0.32 +7%

worst stock falls symbol price change GMPC 6.90 -0.60 -8% ASCANA 2.55 -0.13 -4.9% ADSB 4.73 -0.21 -4.3% QTEL 200.20 -7.90 -3.8% GCEM 6.94 -0.19 -2.7%

top volume symbol value (AED) price DFM 624,231,161 5.80 SOROUH 406,514,813 9.90 AMLAK 340,684,448 4.91 TAMWEEL 324,601,659 8.36 ARKAN 280,422,587 4.61

Dubai Financial Market

The DFMGI rocked ahead 2.3% to 5712 points with turnover a solid looking AED 2.6 billion. DFM shares dominated the trading floor with a 5.65% rise to 5.80 and AED 624m worth of trades. The two housing finance companies shot ahead by almost 7% on heavy trading also, Tamweel (TAMWEEL) closing at 8.36 and Amlak Finance (AMLAK) at 4.91.

Emaar Properties (EMAAR) could only manage a 3.1% increase to 11.50 from relatively light trading. Other gains of note for Du Telecom (DU) up 3.1% also, to 6.32, Islamic Arab Insurance (IAIC) up 3% to 3.45, AIRARABIA up 2.55%, and Dubai Islamic Bank (DIB) up 2.1%. Another 10 stocks rose less than 2%.

The only fall of note was GGICO which dropped just 0.63% to 7.90 on heavy insider selling. The other 3 losers fell on marginal trading volumes.

Abu Dhabi Securities Market

Abu Dhabi also had a good day with a 1.8% rise in the index to a hair over 5000 points from AED 1.7 billion of turnover. Sorouh Real Estate (SOROUH) was shining with heavy trading and a 3.3% rise to 9.96 ahead of 08Q1 results - their board meets later this week and results should be available before the start of trading on Thursday. NBS shot ahead by 3.4% to 3.01 on relatively high volumes after 08Q1 results were released this morning.

A few more of the less active companies were relatively busy today with big gains for Foodco Holdings (FOODCO) up 8.6% to 5.30, ASMAK up 8.4% to 12.40, DRIVE up 7.5% to 8.00, ADNH up 6.8% to 12.20, National Marine Dredging (NMDC) up 5.7% to 13.50, and NBQ up 3.6% to 4.70.

First Gulf Bank (FGB) saw heavy trading and a 5.3% rise to 22.75, Union National Bank (UNB) was also in the spotlight with a 5% rise to 8.80 from higher than usual trading. Aldar Properties (ALDAR) was up 3.6% to 11.50, Abu Dhabi Islamic Bank (ADIB) up 3.2% to 6.54, and Abu Dhabi National Energy (TAQA) up 3.0% to 3.38. The remaining gainers rose less than 3% or on thin trading levels, with Etisalat (ETISALAT) up just 0.46% to 21.90.

There were only 9 losers today, and only 2 that fell more than 1% on turnover greater than AED 1 million - Gulf Cement (GCEM) was down 2.7% to 6.90, and AKIC lost 1.6% to close at 3.60.

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