UAE markets 08 Feb 2009

UAE market news & discussions for 08 February 2009 Reuters reported that Borse Dubai's $2.5 billion loan renewal target is unlikely to be reached. Reuters also reported that the Chairman of Dubai World said they were not in talks to sell Barneys New York (previous reports had speculated they were). The Times reported that the UK Queen's visit to Dubai and Abu Dhabi had been cancelled, and happily linked it to their previous misreported figure of 3000 abandoned cars at Dubai airport. Al Mazaya created a new geographical feature and area in Dubai when they issued a statement saying they'd begun to deliver 800 residential units "located at Lake Jumeriah" [sic]. Glug glug glug. The ADX rose 0.34% to 2182 points with turnover of just over AED 100m, almost half of that from trading in Aldar Properties (ALDAR) as it rose 2.5%. Arkan Building Materials (ARKAN) and Ras Al Khaimah Cement (RAKCC) traded 10% limit up on significant volumes, the banks that soared on Thursday were all in the red today, with First Gulf Bank (FGB) the worst of them, falling by 6.4% but on very thin turnover. Emirates Telecom (ETISALAT) was up 0.8%, and National Bank of Abu Dhabi (NBAD) was down 2%. The Dubai Financial Market (DFM) index had a decent 2.9% gain to 1474 points with turnover rising to almost AED 350m, helped by 15% limit up trading in Arabtec (ARTC) ahead of their board meeting to discuss 08FY results tomorrow, and gains of 3-8% for most other actively traded stocks. Emaar Properties (EMAAR) was up 6.6%. The almost never traded Al Sagr National Insurance (ASNIC) saw a remarkable 17m shares sold by an insider, putting it at number 3 spot on the traded value list. There were no losers of any significance. RAK Bank reported a profit of AED 636m for 2008 FY which implies a profit of AED 156m for Q4 according to our calculations, slightly down on 2008 Q2 and Q3 but a 43% increase on 2007 Q4 profits of AED 109m. RAKBANK shares were untraded today. RAK White Cement loss of AED 82m for the year due to revaluation of trading securities, which implies a massive Q4 loss of AED 137m according to our calculations. Profit for 2007 FY was AED 161m, and for 2007 Q4 was AED 35m. RAKWCT shares fell 1.3% in thin trading today. Sharjah Islamic Bank reported 2008FY profit of AED 232m, down 23%, and according to our calculations, that implies 2008 Q4 loss of AED 55m. NBS shares fell 2.4% today. UAE fourth quarter results - table of financial results so far, with dividend and AGM information UAE financial news - latest news from Reuters, Bloomberg and UAE media Sharewadi calendar - important dates

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	Latest posts and topics (click timestamp for last post)	Last Post By	Last Post Date
Marketwatch ADX DFM February 2009 sam111sam Sun 08 Feb 2009 17:02 3,000 cars abandoned in Dubai sharewadi Sun 08 Feb 2009 16:47 Ajman property Latest adeelakhtar Sun 08 Feb 2009 13:38 GULFNAV 2008Q4 profit Dh11m -76% spin Sun 08 Feb 2009 09:45 Dubai contractor payment delays limitup Sun 08 Feb 2009 07:38 Abu Dhabi feels that Dubai has been reckless limitup Sat 07 Feb 2009 23:50 Dubai property fraud limitup Sat 07 Feb 2009 18:50 Dubai bailout? adeelakhtar Sat 07 Feb 2009 14:36 Banks have no money? rmhumr Sat 07 Feb 2009 14:22 Ajman Bank opens sharewadi Fri 06 Feb 2009 21:16 Dubai project cancellations list wisk Fri 06 Feb 2009 20:55 Saad Abdul Razak arrested sharewadi Fri 06 Feb 2009 14:04 Drake & Scull listing date sharewadi Fri 06 Feb 2009 09:18 Drake Scull Abu Dhabi growth sharewadi Fri 06 Feb 2009 09:12 Drake & Scull management sharewadi Fri 06 Feb 2009 08:38 Abyaar projects cancelled sharewadi Fri 06 Feb 2009 08:12 Abyaar loan sharewadi Fri 06 Feb 2009 08:05

best stock rises symbol price change ARTC 0.87 +0.11 +14.5% DRIVE 2.86 +0.26 +10% FOODCO 2.75 +0.25 +10% METHAQ 3.30 +0.25 +8.2% ARKAN 7.05 +0.53 +8.1%

worst stock falls symbol price change EKTTITAB 0.54 -0.06 -10% FGB 7.86 -0.54 -6.4% AKIC 0.93 -0.06 -6.1% QCEM 0.81 -0.05 -5.8% ADNH 2.96 -0.16 -5.1%

top volume symbol value (AED) price ARTC 94,213,044 0.87 EMAAR 91,359,767 1.93 ASNIC 56,950,000 3.35 ALDAR 44,295,493 2.09 DFM 34,474,791 0.83

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