UAE markets 31 Aug 2008

UAE market news & discussions for 31 August 2008 It was a lacklustre (have we used that word before?) end to an unpleasant month on the UAE markets with both indices slightly down today, and a decent gain for Emirates NBD hiding an even worse performance for the DFM. Arabtec also shot up but Emaar tumbled in the last half hour of trading. There was nothing of note on the ADX, unless you count the interesting rise in Asmak fish farm, contrary as usual, and showing that even when there are cheap stocks around, punters are still ready to pile into the overpriced companies.

• Bull n Bear
• Marketwatch DFM ADX August 2008 part II
• Jabal Ali Port with big delays
• DPW-H1 results
• EMAAR - accumulate?

More UAE stock market news and discussions...

best stock rises symbol price change QCEM 3.13 +0.28 +9.8% TKFL 7.75 +0.69 +9.8% ENBD 11.10 +0.50 +4.7% ARTC 14.60 +0.65 +4.7% ASMAK 32.00 +1.40 +4.6%

worst stock falls symbol price change AJMANBANK 2.82 -0.15 -5.1% ADAVIATION 3.77 -0.17 -4.3% AMAN 2.88 -0.12 -4% GGICO 10.05 -0.40 -3.8% EMAAR 9.11 -0.32 -3.4%

top volume symbol value (AED) price ARTC 210,463,331 14.60 EMAAR 165,437,575 9.11 SOROUH 67,471,851 7.27 AJMANBANK 62,678,807 2.82 ALDAR 61,538,358 9.72

Dubai Financial Market

The DFMGI fell by 0.56% to 4763 on turnover of AED 724 million. However, it was worse than that as most stocks fell by 1-3%, it was only the 4.7% rise to 11.10 for the heavyweight Emirates NBD (ENBD) that saved the index from a more painful move. Arabtec (ARTC) also impressed, at the top of the traded value table with AED 210m worth, and almost at the top of the gainers list with a 4.7% rise to 14.60. Emaar Properties (EMAAR) was the only other stock to trade more than AED 100m with AED 165m of turnover but an unpleasant fall of 3.4% to 9.11.

Dubai Investments (DIC) and Tamweel (TAMWEEL) were the only other gainers trading more than AED 1m of shares. Both rose negligible amounts though (less than 0.5% each).

AJMANBANK got the gong for the worst loser today, down by 5.05% to 2.82. AMAN fell 4.0% to 2.88 on thin trading, GGICO was down 3.8% to 10.05, Union Properties (UPP) 2.3% to 3.80, Amlak Finance (AMLAK) 2.2% to 3.60, Tabreed (TABREED) 2.0% to 1.96 and the remainder down by less than 2%.

Abu Dhabi Securities Market

The ADX index was marginally down today, 0.06% (less than 3 points) to 4413 from turnover of just AED 358m, with winners and losers fairly evenly split, and 7 of the 10 top traded stocks in the green. however it was a 2.5% fall to 17.30 for National Bank of Abu Dhabi (NBAD) that kept the index from looking better. There were no stocks that saw more than AED 100m of turnover, the two big property stocks Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) saw a little over AED 60m worth each on small rises of less than 1% to 9.46 and 7.20 respectively.

ASMAK was the top gainer on more than AED 1m of traded value, rising 4.6% to 30.10. Next was RAK Cement (RAKCC) with a 2.3% rise to 3.04, NCTH was up 1.9%, ARKAN 1.7%, AGTHIA and ADNH up 1.3%, Abu Dhabi National Energy (TAQA) 1.1%, First Gulf Bank (FGB) 0.9%, and another 10 stocks by less than 1% or on turnover of less than AED 1m.

Commercial Bank International (CBI) was the biggest loser on turnover greater than AED 1m, dropping by 3.1% to 3.44, Abu Dhabi Commercial Bank (ADCB) was down 2.1% to 4.13, RAK Properties (RAKPROP) fell 1.2%, NBS 1.0%, and the remainder fell less than 1% or on thin trading.

• Comment on this report and view previous reports on the Share Wadi blog.
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UAE markets 28 Aug 2008

UAE market news & discussions for 28 August 2008 After a solid performance yesterday on the DFM, it slipped slightly today which was probably to be expected but at least it wasn't a complete rout of yesterday's gains. The dead cat could still be bouncing. The ADX cat bounced up today, after yesterday's small drop, with FGB once again one of the more volatile stocks in terms of price movements. On the DIFX, DP World rose a decent 7.5% to $0.86 after release of 2008 H1 results with profit more than doubling to $288 million. PE still looks expensive compared to most other UAE stocks, at an annualised 25.7, but at least it's much lower than the 50+ levels last year.

• Marketwatch DFM ADX August 2008 part II
• DPW-H1 results
• EMAAR - accumulate?
• Saudi Tadawul index up
• Margin calls drag UAE stocks down
• ARTC Price
• No visa guarantee for UAE property investors

More UAE stock market news and discussions...

best stock rises symbol price change FBICO 3.32 +0.30 +9.9% ADNIC 9.75 +0.84 +9.4% ALSALAMSUDAN 4.30 +0.20 +4.9% FGB 22.95 +0.85 +3.8% FH 14.15 +0.50 +3.7%

worst stock falls symbol price change EKTTITAB 2.31 -0.40 -14.8% GMPC 3.95 -0.18 -4.4% NCC 8.00 -0.30 -3.6% NMDC 9.70 -0.30 -3% GULFNAV 1.48 -0.03 -2%

top volume symbol value (AED) price EMAAR 206,165,110 9.43 ALDAR 116,484,606 9.65 ARTC 82,164,593 13.95 TAMWEEL 77,246,937 5.95 SOROUH 71,214,679 7.24

Dubai Financial Market

The DFMGI slipped back by 0.26% to 4790 with turnover also down a bit, to AED 653 million. Emaar Properties (EMAAR) was the only stock trading more than AED 100m with 22m shares traded and price falling by 0.84% to 9.43.

Arabtec (ARTC) was the top gainer of significance as it rose 2.6% to 13.95, Shuaa Capital (SHUAA) not far behind with a 2.5% rise to 6.20. Aramex (ARMX) was up 1.5%, Tamweel (TAMWEEL) 1.0%, and Tabreed (TABREED) and Dubai Islamic Bank (DIB) rose less than 0.5%. Two more gainers rose on total turnover of less than AED 1 m.

GULFNAV was the worst loser of note, falling 2.0% to 1.48. AJMANBANK also lost 2.0% and closed at 2.97. TAKAFUL_EM dropped by 1.85% to 3.71, DEYAAR 1.6% to 1.85, DARTAKAFUL 1.1%, Union Properties (UPP) 1.0%, and another 9 stocks fell less than 1% or on thin trading.

Abu Dhabi Securities Market

In Abu Dhabi, the ADX gained a respectable 1.3% but on low trading of AED 416m with Aldar Properties (ALDAR) the only stock to trade more than AED 100m worth, as it rose slightly by 0.42% to 9.60.

First Gulf Bank (FGB) was the most notable gainer, rising 3.85% to 22.35. RAK Properties (RAKPROP) also did well, up by 3.15 to 1.62, National Bank of Abu Dhabi (NBAD) was up 2.6% to 17.70, NBS up 2.4% to 3.00 on relatively heavy trading, Sorouh Real Estate (SOROUH) 2.0% to 7.22, Etisalat (ETISALAT) 1.7% to 17.95, Dana Gas (DANA) 1.2% to 1.64, and the remaining gainers up less than 1% or on turnover of less than AED 1 million.

There were only 7 losers, and only METHAQ saw more than AED 1m of turnover, down only 0.12% to 8.33. Another 5 stocks were unchanged.

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

UAE markets 27 Aug 2008

UAE market news & discussions for 27 August 2008 What a difference a day makes. Despite being down early the DFM index turned around at lunchtime and ended up over two percent at 4,802. Lets enjoy it before anyone says dead cat bounce. EMAAR and TAMWEEL lead the way up over 5%, AJMANBANK, AMLAK and ARAMEX all closed more than 4% higher. The ADX closed down 0.13% but of its lows for the day. DANA was the top traded share closing down 1.83% at 1.61 dirhams. However, CBI closed 7.72% higher on turnover of 24 million shares. The local press blamed margin calls for the plunge however, panic selling might be a better description of yesterdays performance. It will take more than one good days trading to settle traders nerves. DIFX DAMAS $1.01 up 2.02% on 200 thousand shares traded DEPA $1.16 down 2.52% on 69 thousand shares traded DPW $.80 unchanged on 4.2 million shares traded Further Business items see Sharewadi News

• Margin calls drag UAE stocks down
• ARTC Price
• Saudi Tadawul index up
• No visa guarantee for UAE property investors
• EMAAR - accumulate?
• Emarat Emirates Takaful IPO
• Introduce yourself here and read about other DST forumers...
• Dubai property Morgan Stanley report
• Marketwatch DFM ADX August 2008 part II
• Al Dar crumbling
• UPP is correcting
• Air Arabia Morgan Stanley report
• I had shares in P&O Shipping.
• Aldar revenue recognition
• ALDAR 08Q2 profit Dh1.2bn +171%
• Criticism on Morgan Stanley Report on Dubai Real Estate
• Forex and Commodity
• Noor Bank IPO
• Hilal IPO
• EMAAR Shuaa report 08Q2
• Gulf Navigation IPO
• The utimate way to make money at DFM (Disclosed free of cost 2 DST members)
• RAK Properties share price
• Good portfolio and rebound when?
• Marketwatch ADX DFM August 2008

More UAE stock market news and discussions...

best stock rises symbol price change ADNIC 8.91 +0.81 +10% CBI 3.63 +0.26 +7.7% GMPC 4.13 +0.28 +7.3% RAPCO 4.29 +0.29 +7.3% ADSB 4.80 +0.28 +6.2%

worst stock falls symbol price change OEIHC 3.98 -0.24 -5.7% ADAVIATION 4.00 -0.22 -5.2% GCEM 5.11 -0.25 -4.7% ALFIRDOUS 2.06 -0.10 -4.6% CBD 10.45 -0.50 -4.6%

top volume symbol value (AED) price EMAAR 256,331,827 9.51 SOROUH 173,019,597 7.10 ALDAR 153,029,533 9.61 AJMANBANK 126,915,728 3.03 DFM 113,891,328 3.80

Dubai Financial Market

The DFM index closed at 4,802 a rise of 2.04% from the previous close. 282 million shares were traded worth 1 billion dirhams. Twenty shares advanced and four declined.
Trading was lead by Emaar Properties (EMAAR) up 5.66% to 9.51 dirhams and AJMANBANK up 4.84% to 3.03 dirhams.

Other shares to gain included: Amlak Finance (AMLAK) 3.70 (4.22%), ARAMEX 2.00 (4.71%), DFM 3.80 (3.26%), Tamweel (TAMWEEL) 5.89 (5.17%) and Union Properties (UPP) 3.93 (3.42%).

DIB falling 0.27% to 7.19 dirhams was the only share to close lower on significant volume.

Abu Dhabi Securities Market

The ADX index closed at 4,359 a fall of 0.13% from the previous close. 150 million shares were traded worth 728 million dirhams. Twenty one shares advanced and sixteen declined.
Dana Gas (DANA) was the top traded share falling 1.83% to 1.61 dirhams on volume of 25 million shares.

Other shares to fall included: First Gulf Bank (FGB) 22.10 (0.45%), Aldar Properties (ALDAR) 9.61 (0.21%), Abu Dhabi Commercial Bank (ADCB) 4.25 (1.85%), Sorouh Real Estate (SOROUH) 7.10 (0.28%) and Etisalat (ETISALAT) 17.65 (1.12%).

Shares to rise included: Commercial Bank International (CBI) 3.63 (7.72%), METHAQ 8.41 (0.96%), RAK Cement (RAKCC) 3.04 (0.66%) and AGTHIA 2.23 (3.72%).

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

UAE markets 20 Aug 2008

UAE market news & discussions for 20 August 2008 Both UAE markets closed lower today. The DFM index closed below 5000 points down 1.17% with 753 million worth of shares traded. Despite a promising start to trading the index dipped sharply towards the close. The ADX index closed 0.41% lower with 457 million worth of shares being traded. Defying the downward trend both FGB and DANA closed higher. DIFX DEPA closed down 1.68% at $1.17 on turnover of 130 thousand shares. DPW closed down 2.41% at $.81 on turnover of 9.5 million shares.

• Gulf Navigation IPO
• Marketwatch ADX DFM August 2008
• RAK Properties share price
• Tamweel - is at time to sell at loss
• Good portfolio and rebound when?
• Tamweel CEO fraud investigation?
• 2008Q2 UAE financial results
• AEIBANK 08Q2 profit Dh1.4m -68%
• IFA 08Q2 loss Dh-25m -105%
• Agility WARE 08Q2 profit Dh490m -9%
• Amlak vs Tamweel
• DANA 08Q2 profit Dh34m +17%
• Insider trades August 2008
• NCC 08Q2 profit Dh28m -51%
• AJMANBANK profit Dh18m to 30 June 2008
• TABREED TNI report update
• ASCANA 08Q2 profit Dh7m -53%
• ADCB ringgit bond delay
• TAMWEEL more loans Dh1.8-3.5bn
• UFC 08Q2 profit Dh4.6m +169%
• UPP Morgan Stanley report
• GULFA 08Q2 profit Dh0.89m +8%
• CIB Egypt 08Q2 profit Dh360m +31%
• FOODCO 08Q2 profit Dh23m +485%
• TABREED 08Q2 profit Dh23m +85%

More UAE stock market news and discussions...

best stock rises symbol price change SALAM 15.45 +2.00 +14.9% FBICO 3.35 +0.16 +5% NBQ 6.20 +0.20 +3.3% CBI 3.12 +0.07 +2.3% RAKCEC 3.90 +0.08 +2.1%

worst stock falls symbol price change TKFL 7.65 -0.85 -10% ADAVIATION 4.23 -0.47 -10% UPP 4.32 -0.27 -5.9% SCIDC 4.97 -0.28 -5.3% DARTAKAFUL 6.05 -0.34 -5.3%

top volume symbol value (AED) price EMAAR 141,370,358 9.61 AJMANBANK 128,089,343 2.99 AIRARABIA 118,597,162 1.55 ALDAR 105,878,244 10.40 FGB 74,120,363 24.75

Dubai Financial Market

The DFM index closed at 4,956 a fall of 1.17% from the previous close. 220 million shares were traded worth 753 million dirhams. Five shares advanced and twenty six declined.
The top traded share was AIRARABIA falling 1.89% to 1.55 dirhams on volume of 74 million shares.

Other shares to fall included: AJMANBANK 2.99 (2.92%), Arabtec (ARTC) 14.95 (1.32%), DFM 3.96 (1.24%), Emaar Properties (EMAAR) 9.61 (1.33%), Tamweel (TAMWEEL) 5.95 (1.65%) and Union Properties (UPP) 4.32 (5.88%).

Shares to rise included: Shuaa Capital (SHUAA) 6.17 (0.32%) and Commercial Bank of Dubai (CBD) 10.90 (0.92%).

Abu Dhabi Securities Market

The ADX index closed at 4,547 a fall of 0.41% from the previous close. 87 million shares were traded worth 457 million dirhams. Nine shares advanced and twenty four declined.
The top traded share was Dana Gas (DANA) gas rising 0.56% to 7.99 dirhams on volume of 30 million shares.

Other shares to rise included: First Gulf Bank (FGB) 24.75 (2.06%) and METHAQ 7.99 (0.63%).

Shares to fall included: Etisalat (ETISALAT) 18.35 (0.27%), Aldar Properties (ALDAR) 10.40 (2.35%), Sorouh Real Estate (SOROUH) 7.79 (1.14%), Abu Dhabi Commercial Bank (ADCB) 4.65 (2.11%) and Aabar Petroleum (AABAR) 3.95 (1.99%).

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

UAE markets 19 Aug 2008

UAE market news & discussions for 19 August 2008 Subdued summer trading conditions continued on UAE markets today. The DFM and ADX indicies both finished slightly higher however, the value of shares traded was just over 500 million dirhams for both markets. Until trading volumes improve it is hard to see these markets rising above their current levels. On the DFM the top traded share was TABREED rising 0.98% to 2.06 dirhams on volume of 42 million shares. On the ADX the stand out share was FGB, rising 4.30% to 24.25 on volume of 1.9 million shares. DIFX DEPA $1.19 rose 0.85% on volume of 420 thousand DPW $.83 rose 1.22% on volume of 2.4 million Sharewadi Calendar Wednesday, August 20 DEPA 08Q2 financial results to be announced Thursday, August 28 DPW 08Q2 financial results due HIK 08Q2 preliminary results and interim dividend announcement expected KHI 08Q2 financial results to be announced Monday, September 1 DSI when is listing date on DFM? GCIC when is listing date? TAQA convertible bonds conversion date Tethys Oil when is listing on DIFX?

• Marketwatch ADX DFM August 2008
• Tamweel - is at time to sell at loss
• Good portfolio and rebound when?
• Tamweel CEO fraud investigation?
• 2008Q2 UAE financial results
• AEIBANK 08Q2 profit Dh1.4m -68%
• IFA 08Q2 loss Dh-25m -105%
• Agility WARE 08Q2 profit Dh490m -9%
• Amlak vs Tamweel
• DANA 08Q2 profit Dh34m +17%
• Insider trades August 2008
• NCC 08Q2 profit Dh28m -51%
• AJMANBANK profit Dh18m to 30 June 2008
• TABREED TNI report update
• ASCANA 08Q2 profit Dh7m -53%
• ADCB ringgit bond delay
• TAMWEEL more loans Dh1.8-3.5bn
• UFC 08Q2 profit Dh4.6m +169%
• UPP Morgan Stanley report
• GULFA 08Q2 profit Dh0.89m +8%
• CIB Egypt 08Q2 profit Dh360m +31%
• FOODCO 08Q2 profit Dh23m +485%
• TABREED 08Q2 profit Dh23m +85%
• EMAAR lawsuit Saudi Arabia
• EMAAR 08Q2 profit Dh1.66bn +7%

More UAE stock market news and discussions...

best stock rises symbol price change OEIHC 3.85 +0.35 +10% DRIVE 7.11 +0.61 +9.4% ADAVIATION 4.70 +0.40 +9.3% QCEM 2.93 +0.22 +8.1% FOODCO 5.50 +0.40 +7.8%

worst stock falls symbol price change SALAM 13.45 -2.35 -14.9% GRAND 2.72 -0.47 -14.7% FBICO 3.19 -0.35 -9.9% INVESTB 3.26 -0.21 -6.1% GMPC 3.63 -0.23 -6%

top volume symbol value (AED) price ALDAR 235,021,698 10.65 SOROUH 107,623,295 7.88 AJMANBANK 94,268,806 3.08 TABREED 86,244,351 2.06 EMAAR 80,652,617 9.74

Dubai Financial Market

The DFM index closed at 5014 a rise of 0.05% from the previous close. 156 million shares were traded worth 526 million dirhams. Eleven shares advanced and thirteen declined.
The top traded share was Tabreed (TABREED), rising 0.98% to 2.06 dirhams on volume of 42 million shares.

Other shares to rise included: AJMANBANK 3.08 (0.98%), DFM 4.01 (1.00%) and Dubai Islamic Bank (DIB) 7.63 (0.79%).

Shares to fall included: Emaar Properties (EMAAR) 9.74 (0.40%), Tamweel (TAMWEEL) 6.05 (0.32%), Union Properties (UPP) 4.59 (0.86%), Arabtec (ARTC) 15.15 (0.32%) and ARAMEX 2.04 (0.48%).

Abu Dhabi Securities Market

The ADX index closed at 4,565 a rise of 0.17% from the previous close. 86 miliion shares were traded worth 555 million dirhams. Twenty shares advanced and seventeen declined.
The top traded share was Aldar Properties (ALDAR), rising 0.47% to 10.65 dirhams on volume of 22 million shares.

Other shares to rise included: First Gulf Bank (FGB) 24.25 (4.30%), Dana Gas (DANA) 1.77 (1.14%), AGTHIA 2.36 (2.16%) and METHAQ 7.94 (2.19%).

Shares to fall included: Sorouh Real Estate (SOROUH) 7.88 (1.38%), Aabar Petroleum (AABAR) 4.03 (0.74%) and Etisalat (ETISALAT) 18.40 (0.27%).

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

UAE markets 18 Aug 2008

UAE market news & discussions for 18 August 2008 Both UAE market indicies rose today by half of one percent however, value of trading was just over 500 million dirhams for DFM and just under for ADX. On the DFM, AJMANBANK was the top traded share rising 3.04% to 3.05 dirhams on 63 million shares traded. On the ADX, DANA was the stand out rising 2.94% to 1.75 dirhams on volume of 39 million shares. DIFX DAMAS $1.02 rose 4% on volume of 150,000. DPW $.82 rose 2.5% on volume of 2.5 million. Sharewadi Calendar Wednesday, August 20 DEPA 08Q2 financial results to be announced Thursday, August 28 DPW 08Q2 financial results due HIK 08Q2 preliminary results and interim dividend announcement expected KHI 08Q2 financial results to be announced

• Marketwatch ADX DFM August 2008
• Tamweel - is at time to sell at loss
• Good portfolio and rebound when?
• Tamweel CEO fraud investigation?
• 2008Q2 UAE financial results
• AEIBANK 08Q2 profit Dh1.4m -68%
• IFA 08Q2 loss Dh-25m -105%
• Agility WARE 08Q2 profit Dh490m -9%
• Amlak vs Tamweel
• DANA 08Q2 profit Dh34m +17%
• Insider trades August 2008
• NCC 08Q2 profit Dh28m -51%
• AJMANBANK profit Dh18m to 30 June 2008
• TABREED TNI report update
• ASCANA 08Q2 profit Dh7m -53%
• ADCB ringgit bond delay
• TAMWEEL more loans Dh1.8-3.5bn
• UFC 08Q2 profit Dh4.6m +169%
• UPP Morgan Stanley report
• GULFA 08Q2 profit Dh0.89m +8%
• CIB Egypt 08Q2 profit Dh360m +31%
• FOODCO 08Q2 profit Dh23m +485%
• TABREED 08Q2 profit Dh23m +85%
• EMAAR lawsuit Saudi Arabia
• EMAAR 08Q2 profit Dh1.66bn +7%

More UAE stock market news and discussions...

best stock rises symbol price change DRIVE 6.50 +0.57 +9.6% CBI 3.00 +0.17 +6% NCC 8.85 +0.35 +4.1% TAMWEEL 6.07 +0.21 +3.6% GCEM 5.08 +0.17 +3.5%

worst stock falls symbol price change SCIDC 5.04 0.55 12.2% ADAVIATION 4.30 0.45 11.7% ALSALAMSUDAN4.30 0.13 DARTAKAFUL 0% 6.39 0.16 IAIC 0% 2.38 0.05 0 %

top volume symbol value (AED) price AJMANBANK 194,804,096 3.05 SOROUH 113,066,178 7.99 ALDAR 102,577,137 10.60 DANA 69,197,292 1.75 EMAAR 65,981,086 9.78

Dubai Financial Market

The DFM index closed at 5,012 a rise of 0.47% from the previous close. 143 million shares were traded worth 53 million dirhams. Twenty one shares advanced and six declined.
The top traded share was AJMANBANK rising 3.04% to 3.05 dirhams on volume of 63 million shares.

Other shares to rise included: Amlak Finance (AMLAK) 4.07 (0.99%), DFM 3.97 (0.50%), Emaar Properties (EMAAR) 9.78 (0.92%), Tamweel (TAMWEEL) 6.07 (3.58%) and Union Properties (UPP) 4.63 (1.09%).

Three shares fell on significant volumes, TAKAFUL-EM 4.04 (1.22%), DAR-TAKAFUL 6.39 (2.44%) and Islamic Arab Insurance (IAIC) 2.38 (2.05%).

Abu Dhabi Securities Market

The ADX index closed at 4,558 a rise of 0.53% from the previous close. 99 million shares were traded worth 443 million dirhams. Twenty one shares advanced and ten declined.
The top traded share was Dana Gas (DANA) rising 2.94% to 1.75 dirhams on volume of 39 million shares.

Other shares to rise included: First Gulf Bank (FGB) 23.25 (3.33%), Aldar Properties (ALDAR) 10.60 (2.42%), Sorouh Real Estate (SOROUH) 7.99 (1.01%) and RAK Cement (RAKCC) 3.13 (3.30%).

Shares to fall included: METHAQ 7.77 (1.65%) and Etisalat (ETISALAT) 18.45 (0.54%).

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

UAE markets 17 Aug 2008

UAE market news & discussions for 17 August 2008 Another day of subdued trading on UAE markets today. Both market indicies closed lower with the value of trading below 500 million dirhams for each market. On the DFM recent decliners EMAAR, ARTC and DIB all finished slightly up while TAMWEEl slide by a further 4.09% as its name continues to appear in the press for all the wrong reasons. On the ADX, banks had a good day lead by ADCB up 4.21%. DANA was the most heavily traded share finishing unchanged on 1.70 dirhams. Sharewadi Calendar Monday, August 18 AABAR EGM AED 6.7bn convertible bonds, employee convertible stock options Wednesday, August 20 DEPA 08Q2 financial results to be announced Thursday, August 28 DPW 08Q2 financial results due HIK 08Q2 preliminary results and interim dividend announcement expected KHI 08Q2 financial results to be announced

• Marketwatch ADX DFM August 2008
• Tamweel - is at time to sell at loss
• Good portfolio and rebound when?
• Tamweel CEO fraud investigation?
• 2008Q2 UAE financial results
• AEIBANK 08Q2 profit Dh1.4m -68%
• IFA 08Q2 loss Dh-25m -105%
• Agility WARE 08Q2 profit Dh490m -9%
• Amlak vs Tamweel
• DANA 08Q2 profit Dh34m +17%
• Insider trades August 2008
• NCC 08Q2 profit Dh28m -51%
• AJMANBANK profit Dh18m to 30 June 2008
• TABREED TNI report update
• ASCANA 08Q2 profit Dh7m -53%
• ADCB ringgit bond delay
• TAMWEEL more loans Dh1.8-3.5bn
• UFC 08Q2 profit Dh4.6m +169%
• UPP Morgan Stanley report
• GULFA 08Q2 profit Dh0.89m +8%
• CIB Egypt 08Q2 profit Dh360m +31%
• FOODCO 08Q2 profit Dh23m +485%
• TABREED 08Q2 profit Dh23m +85%
• EMAAR lawsuit Saudi Arabia
• EMAAR 08Q2 profit Dh1.66bn +7%

More UAE stock market news and discussions...

best stock rises symbol price change ALSALAMSUDAN 4.43 +0.23 +5.5% ADCB 4.70 +0.19 +4.2% DRIVE 5.93 +0.18 +3.1% ALDAR 10.35 +0.20 +2% EKTTITAB 2.76 +0.05 +1.8%

worst stock falls symbol price change AKIC 2.35 -0.25 -9.6% UNION 3.85 -0.35 -8.3% OEIHC 3.50 -0.16 -4.4% TAMWEEL 5.86 -0.25 -4.1% TKFL 8.50 -0.36 -4.1%

top volume symbol value (AED) price AJMANBANK 124,888,267 2.96 ALDAR 85,114,982 10.35 SOROUH 68,969,005 7.91 EMAAR 67,325,010 9.69 TAMWEEL 63,623,312 5.86

Dubai Financial Market

The DFM index closed at 4,988 a fall of 0.57% from the previous close. 127 million shares were traded worth 491 million dirhams. Ten shares advanced and fourteen declined.
The top traded share was AJMANBANK, falling 0.33% to 2.96 dirhams on volume of 41 million shares.

Other shares to fall included: AIRARABIA 1.57 (2.48%), Tamweel (TAMWEEL) 5.86 (4.09%) and DFM 3.95 (0.25%).

Shares to rise included: DEYAAR 1.96 (0.51%), Emaar Properties (EMAAR) 9.69 (0.31%), Dubai Islamic Bank (DIB) 7.53 (0.13%), Arabtec (ARTC) 15.10 (0.33%) and Union Properties (UPP) 4.58 (0.43%).

Abu Dhabi Securities Market

The ADX index closed at 4,533 a fall of 0.02% from the previous close. 69 million shares were traded worth 349 million dirhams. Seven shares advanced and seventeen declined.
The top traded share was Dana Gas (DANA), closing unchanged on 1,70 dirhams on turnover of 17 million shares.

Shares to rise included: Abu Dhabi Commercial Bank (ADCB) 4.70 (4.21%), Abu Dhabi Islamic Bank (ADIB) 6.05 (1.68%), Aldar Properties (ALDAR) 10.35 (1.97%), SIB 2.93 (1.37%) and METHAQ 7.73 (0.13%).

Shares to fall included: Sorouh Real Estate (SOROUH) 7.91 (1.37%), Aabar Petroleum (AABAR) 4.05 (1.70%), and Abu Dhabi National Energy (TAQA) 2.81 (1.75%)

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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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UAE markets 13 Aug 2008

UAE market news & discussions for 13 August 2008 Both the ADX and DFM surged ahead today, on increased trading volumes (although that was a bit deceptive for Abu Dhabi). Did a dead cat bounce or have the bulls seen off the bears? Ajman Bank soared in Dubai, followed by Tamweel with a big jump. Many other actively traded Dubai stocks had gains of 4-6%. It wasn't quite as positive in Abu Dhabi with FGB standing out in the gainers list, a couple more fairly solid rises but most of the other more popular stocks rising 0-2%. However, Aldar continued to slide on heavy trading - more than half the total turnover for the ADX. 2008 second quarter results released or updated today Al Sagr National Insurance (ASNIC) 2008 Q2 profit Dh25m +171%, H1 70m +155% - financial statements released yesterday but not available until today due to error with DFM website. Commercial International Bank Egypt (CIB) results released during trading hours. 2008 Q2 profit Dh360m +31%, H1 670m +45%. Not that it really matters much to UAE investors - CIB/COMI shares have never traded on the Abu Dhabi stock market. Dubai National Insurance & Reinsurance (DNIR) 2008 Q2 profit Dh12m +26%, H1 21m +18% Emaar Properties (EMAAR) - complete financial statements released yesterday, some changes from non-core income compared to preliminary results. Foodco Holdings (FOODCO), released during trading hours - 2008 Q2 profit Dh23m +485%, H1 31m +5,439%. Spectacular looking growth in income due to large gains in investment income (compared to losses for the same periods in 2007). Gulfa Mineral Water (GULFA) - disclosed to DFM but not available on ESCA or DFM websites. National Central Cooling (TABREED) 2008 Q2 profit Dh23m +85%, H1 33m -2% National Industries Group Kuwait (NIND) 2008 Q2 profit Dh810m -41%, H1 1.7bn -24% - financial statements released yesterday but not available until today. 2008Q2 UAE results - complete list of results released so far ShareWadi calendar this week Wednesday 13 August 2008 AMLAK 08Q2 financial statements (DFM, pm) CIB Egypt 08Q2 financial statements & BOD report (ADX, during trading) DEYAAR 08Q2 financial statements (DFM, pm) DNIR 08Q2 financial statements & BOD report (DFM, am) FOODCO 08Q2 financial statements and BOD report (ADX, during trading) GULFA 08Q2 financial statements (DFM, pm but not available) IFA 08Q2 financial statements (DFM, am notice but no financial information supplied) IIG BOD meeting, 08Q2 results? Agenda not supplied TABREED 08Q2 financial statements (DFM, am) Thursday 14 August 2008 DRC 07Q2 results due ESCA deadline for ADX & DFM 08Q2 results submission (45 days from 30 June 2008) GRAND BOD meeting 08Q2 results? Disclosure unavailable. NRE BOD meeting, disclosure not available Friday 15 August 2008 Saturday 16 August 2008 SALAM press conference, no further details supplied TASI Tadawul to name investors with > 5% stakes from today Sunday 17 August 2008 Dubai Share Talk latest posts

• ALDAR Cebarco Bahrain
• ASMAK Hydra convertible bond
• ASNIC 08Q2 profit Dh25m +171%
• ASNIC capital increase
• CIB Egypt 08Q2 profit Dh360m +31%
• DNIR 08Q2 profit Dh12m +26%
• EMAAR lawsuit Saudi Arabia
• EMAAR 08Q2 profit Dh1.66bn +7%
• FOODCO 08Q2 profit Dh23m +485%
• Good portfolio and rebound when?
• Marketwatch ADX DFM August 2008
• NIND 08Q2 profit Dh810m -41%
• TABREED 08Q2 profit Dh23m +85%
• UPP seeks $1bn loan

More UAE stock market news and discussions...

best stock rises symbol price change AJMANBANK 3.11 +0.40 +14.8% GMPC 3.67 +0.33 +9.9% NBF 6.23 +0.56 +9.9% TAMWEEL 6.48 +0.58 +9.8% NMDC 10.50 +0.92 +9.6%

worst stock falls symbol price change DRIVE 5.85 -0.50 -7.9% RAKBANK 7.05 -0.44 -5.9% OEIHC 3.66 -0.10 -2.7% GRAND 3.19 -0.07 -2.1% ALDAR 9.79 -0.21 -2.1%

top volume symbol value (AED) price ALDAR 447,697,954 9.79 EMAAR 375,911,754 9.84 ARTC 172,002,737 15.35 DFM 151,353,281 4.13 AJMANBANK 130,225,541 3.11

Dubai Financial Market

The DFMGI rose 2.6% to 5074 with turnover a more robust AED 1.45 billion and several stocks trading more than AED 100m worth for the day. Emaar Properties (EMAAR) was the busiest with AED 376m turnover and a 2.5% increase to 9.84. The others saw AED 130m-170m of turnover each: Arabtec (ARTC) crept up 0.33% to 15.35, DFM shot up 6.4% to 4.13, Tamweel (TAMWEEL) did even better with a 9.8% jump to 6.48, and AJMANBANK was the star with 15% limit up trading at 3.11 and taking top spot on the gainers list. Will anyone be surprised if Ajman Bank 2Q results are released tomorrow?

Other solid gains for AIRARABIA up 6.6% to 1.61, DEYAAR 6.3% to 2.02, Amlak Finance (AMLAK) 5.8% to 4.19, Tabreed (TABREED) 5.1% to 2.05, TAKAFUL-EM 4.9%, Shuaa Capital (SHUAA) and GULFNAV 4.6%, Islamic Arab Insurance (IAIC) 4.2%, and the remainder up less than 4% or on turnover of less than AED 1m. Emirates NBD (ENBD) was unchanged at 11.50.

There was only one loser today, GRAND falling 2.15% from one insignificant trade.

Abu Dhabi Securities Market

The ADX recovered by 1.6% to 4463 points from turnover of AED 819m, although that wasn't as good as it looked as over half of that was from trading in Aldar Properties (ALDAR), which bucked the trend and fell 2.1% to 9.85. Sorouh Real Estate (SOROUH) also saw more than AED 100m of turnover and edged up by 0.66% to 7.87.

The top 5 gainers all saw 10% limit up deals, or close to it, but from total turnover of less than AED 200,000 between them. Of the more actively traded stocsk, First Gulf Bank (FGB) was the standout gainer on more robust trading levels, rising 7.2% to 22.15. Other gainers included RAK Cement (RAKCC) up 5.1% to 3.10, ARKAN 5.05% to 6.10, AGTHIA up 4.1% to 2.35, Oasis Leasing (OILC) 4.1% to 2.30, Aabar Petroleum (AABAR) 3.6%, and the remainder up less than 2% or on thin trading. Etisalat (ETISALAT) rose 1.7% to 18.50.

Apart from Aldar, only RAK Bank (RAKBANK) stood out in the losers list, with a 5.9% fall to 7.50 from greater than usual activity. The other 4 losers fell on thin turnover except for Dana Gas (DANA) which ended down by just 0.6%.

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UAE markets 12 Aug 2008

UAE market news & discussions for 12 August 2008 More pain as both Abu Dhabi and Dubai suffered big losses again today, with the Abu Dhabi banks especially hard hit, and Emaar down to a low not seen since April 2005 (allowing for the 1:1 rights issue back then). How ironic then that the DFM annouce updated Emaar results on their website this afternoon but present visitors with an error when they try to view them. However, the DIFX seems relatively unperturbed (as of 16:30 UAE time) with a 2.5% loss for DP World, a 2% gain for Damas, and no change in Depa share price. 2008 second quarter results released or updated today International Investment Group (IIG) 2008 Q2 profit Dh57m -72%, H1 140m -52% - but an almost illegible income statement and balance sheet has figures that appear to conflict with the supplied summary so that may not be correct. IIG shares have been untraded on the DFM since June 2008. Jeema Mineral Water (JEEMA) 2008 Q2 profit Dh1.6m +714%, H1 1.1m +393% - great looking growth but mostly from investment income. And it's still a company that has only made 1 million dhs for the first 6 months of this year. Many Dubai residents have probably done better than that out of property gains. Results (preliminary or updates) also for Emaar Properties (EMAAR), Al Sagr Insurance (ASNIC), and National Industries (NIND) but there appears to be a problem with the DFM market website - none of the disclosures are available, and ESCA hasn't updated their website today. 2008Q2 UAE results - complete list of results released so far ShareWadi calendar this week Tuesday 12 August 2008 ASNIC 08Q2 financial statements (DFM, pm, disclosure not available - error) EMAAR 08Q2 financial statements (DFM, pm, but disclosure not available - error) IIG 08Q2 preliminary financial results (DFM, am, disclosure illegible) JEEMA 08Q2 financial statements (DFM, pm, disclosure not available - see ESCA website) NIND 08Q2 preliminary financial results (DFM, pm, disclosure not available - error) NIND BOD meeting 08Q2 results? (agenda not supplied) Wednesday 13 August 2008 IIG BOD meeting, 08Q2 results? Agenda not supplied. Thursday 14 August 2008 DRC 07Q2 results due ESCA deadline for ADX & DFM 08Q2 results submission (45 days from 30 June 2008) GRAND BOD meeting 08Q2 results? Disclosure unavailable. NRE BOD meeting, disclosure not available Friday 15 August 2008 Saturday 16 August 2008 SALAM press conference, no further details supplied TASI Tadawul to name investors with > 5% stakes from today Sunday 17 August 2008

• BARKA 2008H1 profit $108m +62%
• GLOBAL Standard & Poors rating
• Good portfolio and rebound when?
• IIG 08Q2 profit Dh57m -72%?
• Insider trades August 2008
• JEEMA 08Q2 profit Dh1.6m +714%
• Marketwatch ADX DFM August 2008
• Morgan Stanley Saudi Tadawul fund

More UAE stock market news and discussions...

best stock rises symbol price change FH 14.30 +1.30 +10% ABNIC 10.05 +0.87 +9.5% ADAVIATION 4.75 +0.35 +8% JULPHAR 2.45 +0.13 +5.6% AABAR 3.90 +0.13 +3.4%

worst stock falls symbol price change FOODCO 4.56 -0.50 -9.9% SCIDC 4.95 -0.50 -9.2% UNB 7.76 -0.78 -9.1% CBI 2.81 -0.28 -9.1% QCEM 2.71 -0.25 -8.4%

top volume symbol value (AED) price EMAAR 229,292,232 9.60 ALDAR 205,982,087 10.00 ARTC 155,079,483 15.30 SOROUH 128,721,938 7.60 DFM 69,383,519 3.88

Dubai Financial Market

The DFM General Index fell 2.0% to 4944, ending the day below 5000 points, with turnover moderate at AED 820m. Emaar Properties (EMAAR) falling 3.0% to 9.60, and Arabtec (ARTC) falling 2.2% to 15.30, were the most heavily traded with turnover of AED 229m and AED 155m respectively.

There were only two gainers today: SALAM_BAH rising 0.84% on thin trading, and DFM up just 0.26% to 3.88.

Tamweel (TAMWEEL) toppped the loser's list with a 7.1% fall to 5.90. Aramex (ARMX) was next with a 5.6% drop to 2.02, and AJMANBANK was down 5.6% to 2.71. Tabreed (TABREED) lost 4.9% to close at 1.95, Du Telecom (DU) fell 4.5% to 5.06, Islamic Arab Insurance (IAIC) was down 3.6%, DEYAAR 3.55%, and the remainder fell less than 3% or on turnover of less than AED 1m.

Abu Dhabi Securities Market

The ADX index fell 1.8% to 4393 with turnover at a moderate level of AED 570m. Aldar Properties (ALDAR) unchanged at 9.67, and Sorouh Real Estate (SOROUH) unchanged at 7.20, were the most heavily traded stocks with turnover of AED 206m and AED 129m respectively.

There were seven gainers on the ADX today but only two of any significance - Aabar Petroleum (AABAR) up 3.45% to 3.85, and Oasis Leasing (OILC) up 2.3% to 2.24. The other five rising on total turnover of less than AED 1m between them.

Union National Bank (UNB) stood out in the loser's list again today, with another steep drop of 9.1% to 7.81, Abu Dhabi Commercial Bank (ADCB) 5.0% to 4.30, National Bank of Abu Dhabi (NBAD) 5.0% to 18.10, and First Gulf Bank (FGB) 4.3% to 19.95 making it a glum day indeed for the Abu Dhabi bank sector. Other losers included Gulf Cement (GCEM) down 6.9% to 4.70, RAK Cement (RAKCC) down 3.3% to 3.02, NBS down 2.0%, and the remainder falling less than 2% or on turnover of less than AED 1m.

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• Discuss UAE companies at Dubai Share Talk.