UAE markets 22 Feb 2009

UAE market news & discussions for 22 February 2009 Dubai Financial Market An interesting day, to say the least, in Dubai with sharp early gains on heavy trading, turning into a substantial selloff in the last hour of trading and many stocks ending 10% limit down for the day. The Dubai Financial Market (DFM) index was down 4.3% to 1532 points from just over a massive one billion shares traded worth AED 1.5 billion. Some sort of record given the low prices that shares are trading at. Dubai Financial Market (DFM), Arabtec (ARTC), and Emaar Properties (EMAAR) all traded over 300m worth and 10% limit down. Other limit down stocks included Union Properties (UPP), Dubai Investment Company (DIC), Ajman Islamic Bank (AJMANBANK), Islamic Arab Insurance (IAIC), Emarat Takaful Insurance (TAKAFUL-EM), Emirates Integrated Telecommunications (DU), and the rarely traded International Financial Advisers (IFA). Most other stocks had overall falls of more than 5%. Al Sagr National Insurance (ASNIC) was the only gainer of note, rising 4.2% on heavy insider trading yet again. Abu Dhabi Securities Exchange In Abu Dhabi, the ADX went the other way, with a 1.1% rise to 2275 points albeit on the back of much lower turnover of AED 251m from 138m shares. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) were the most heavily traded stocks but saw little change in price. Ras Al Khaimah Cement (RAKCC) was in third place on turnover and rose a solid 7.1% after the AGM approved an 11% cash dividend. The rarely traded Al Buhaira National Insurance (ABNIC) stood out with two large trades worth AED 17.5m but price unchanged at 10.30. Qatar Telecom (QTEL) up 3.3%, Emirates Telecom (ETISALAT) up 2%, and National Bank of Abu Dhabi (NBAD) up 1.4% helped prop up the market and the other big Abu Dhabi banks saw gains of 1%-3%. Of the 10 losers, only two were on trading of more than AED 1m - Waha Capital (OILC) falling 3.9% and Sudan Telecom (SUDATEL) down 2.65%. On the Nasdaq Dubai, a quiet day so far (as of 4pm) with DP World the only stock to trade and price unchanged at $0.22. On Thursday, news emerged that the John Laing Homes subsidiary of Emaar properties had filed for bankruptcy protection in the USA. Emaar paid AED 3.8 billion for JL Homes in June 2006 and in 20088 Q3 and Q4 wrote off about AED 2.7 billion attributable to the US subsidiary. Emaar shares were 10% limit down on the DFM today but as there was an early gain of about 5% it seems unlikely the bankruptcy news prompted the sell off. An Emaar statement was posted on the DFM today, 3 days after the news release. The DFM announced their 2009 annual stock game which begins in April and lasts for a month. The DFM index fell 4.3% today although the two events are probably not connected. The Aramex board of directors (BOD) will meet on Wednesday 25 February 2009 to discuss possible dividends and whether to allow GCC nationals to own up to 51% of the company's share capital. The Tabreed board of directors proposed no dividends for 2008 FY. RAK Cement AGM approved an 11% cash dividend (about an 8%-9% yield on current share price) with ex-dividend date 26 February 2009 (information not confirmed). 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

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
Marketwatch ADX DFM February 2009 Fran Sun 22 Feb 2009 15:50 Al Saqr Insider Trade Fran Sun 22 Feb 2009 15:44 DFM stock game 2009 Bimcnorth Sun 22 Feb 2009 15:21 Aramex foreign ownership limit increase sharewadi Sun 22 Feb 2009 15:19 TABREED 2008Q4 profit Dh24m +3% sharewadi Sun 22 Feb 2009 15:03 RAKCC 2008Q4 profit Dh40m +380% sharewadi Sun 22 Feb 2009 14:44 RAKPROP 2008Q4 profit Dh51m -74% sharewadi Sun 22 Feb 2009 12:45 Rak prop results? sharewadi Sun 22 Feb 2009 12:27 John Laing Homes bankrupt sharewadi Sun 22 Feb 2009 10:49 ARIG 2008Q4 loss Dh65m -233% sharewadi Sun 22 Feb 2009 10:25 Scary Dubai property slump sam111sam Sun 22 Feb 2009 08:56 Off To Dubai? Bimcnorth Sun 22 Feb 2009 03:21 DU 2008Q4 profit Dh78m +153% limitup Sun 22 Feb 2009 01:50 Dow transport 5 year low Fran Sat 21 Feb 2009 21:50 Advice needed - sell ADCB NBAD funds? Fran Sat 21 Feb 2009 21:43 RAK CC results Bimcnorth Sat 21 Feb 2009 21:33 ARMX 2008Q4 profit Dh39m +21% sharewadi Sat 21 Feb 2009 18:46

best stock rises symbol price change SCIDC 2.21 +0.20 +10% UNB 1.93 +0.15 +8.4% RAKCC 1.35 +0.09 +7.1% ADNH 2.86 +0.16 +5.9% ASNIC 3.75 +0.15 +4.2%

worst stock falls symbol price change IFA 5.31 -0.59 -10% DFM 1.28 -0.14 -9.9% AJMANBANK 0.93 -0.10 -9.7% UPP 0.75 -0.08 -9.6% ARTC 1.70 -0.18 -9.6%

top volume symbol value (AED) price DFM 441,181,745 1.28 EMAAR 330,739,308 1.89 ARTC 304,989,087 1.70 UPP 104,805,406 0.75 ALDAR 85,011,471 2.32

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