UAE markets 10 Jul 2008

UAE market news & discussions for 10 July 2008 Both local markets saw red today with the DFM especially looking grim, with Ajman Bank the only gainer on massive turnover, while Shuaa Capital and Air Arabia suffered particularly badly. On the ADX, Aabar Investments built on yesterdays gains with another rise and heavy trading, while First Gulf Bank had a solid rise after better than expected results were released yesterday. On the DIFX at 16:30, shortly before close, DP World is down a cent to US$0.79, while Damas is flat at $1.04 and Depa is up a couple of cents to $1.40. Only a total of 5 trades for Damas and Depa combined though. Monarch Gold Mining (MON) in Australia, which has a secondary listing on the DIFX, announced they'd appointed administrators. Monarch were trying to find cash this week but it looks like they've run out of options. Monarch shares on the DIFX were untraded, as they have been since listing in June 2007. Results released today Invest Bank (INVESTB) had solid profit growth mostly from keeping costs down, and increases in Fees Income and Investment Gains, while Revenues remained relatively flat. Their shares were untraded today. Results on ADX & SCA websites after close of trading today. RAK Cement (RAKCC) profits continued to fall on rising energy costs. Which leaves us at a loss to explain the high price of RAKCC shares - more than double the market average based on earnings. RAKCC statements released on ADX website this morning before the start of trading. Results maybe expected next week (based on 2008 Q1 dates) DFM, EMAAR, ETISALAT, GGICO, GMPC, NBQ, UAB. Possibly DEYAAR, NBS, RAKBANK, AHI at the end of the week or start of the following week. ShareWadi calendar this week Thursday, 10 July 2008 DrakeScull IPO subscription period Emarat Takaful share register transferred to DFM FH 08Q2 financial statements (ADX website, am) GRAND EGM (deferred from 12 June 2008), no further details supplied by company INVESTB 08Q2 financial statements (ADX, pm) RAKCC 08Q2 financial statements (ADX website, am) TAQA convertible bond subscription period? Friday, 11 July 2008 TAQA convertible bond subscription period? DrakeScull IPO subscription period Saturday, 12 July 2008 DrakeScull IPO subscription period Dubai Bank 08Q2 results? SW estimate (Dubai Bank is part owned by Emaar) TAQA convertible bond subscription period? Sunday, 13 July 2008 DFM 08Q2 results? SW estimate. DrakeScull IPO subscription period TAQA convertible bond subscription period? Monday, 14 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Tuesday, 15 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? UAB 08Q2 results? SW estimate Wednesday, 16 July 2008 DrakeScull IPO subscription period EMAAR 08Q2 preliminary results? SW estimate ETISALAT BOD meeting at 6:00pm to discuss 08Q2 / 08 H1 dividend Thursday, 17 July 2008 DrakeScull IPO subscription end date ETISALAT 08Q2 results? SW estimate GGICO 08Q2 results? SW estimate JULPHAR BOD meeting, agenda not supplied. 08Q2 results? NBQ 08Q2 results? SW estimate Friday, 18 July 2008 Saturday, 19 July 2008 Sunday, 20 July 2008 AHI 08Q2 results? SW estimate ALFIRDOUS AGM, agenda not supplied. 08Q2 results? DEYAAR 08Q2 results? SW estimate NBS (SIB) 08Q2 results? SW estimate RAKBANK 08Q2 results? SW estimate DubaiShareTalk latest updates

• AABAR convertible bond
• ADX 08H1 performance
• CBD 08Q2 profit Dh300m +40%
• FH 08Q2 profit Dh99m +153%
• Depa AED800m new contracts
• Dubai property reports
• INVESTB 08Q2 profit Dh78m +57%
• Marketwatch ADX DFM July 2008
• Monarch Gold Mine bust
• NBAD employee stock options
• Noor Bank Aldar Sorouh MoU
• Pakistan secondary listing DFM
• RAKCC 08Q2 profit Dh12m -15%
• SALAM 2008Q2 results 26 July 2008?
• UNION convertible bond?

More UAE stock market news and discussions...

best stock rises symbol price change FBICO 4.66 +0.41 +9.6% ADAVIATION 4.88 +0.30 +6.6% FGB 28.00 +0.90 +3.3% AABAR 4.80 +0.12 +2.6% AKIC 2.80 +0.05 +1.8%

worst stock falls symbol price change SHUAA 7.01 -0.49 -6.5% JEEMA 4.00 -0.21 -5% SALAM_BAH 2.52 -0.12 -4.5% ALFIRDOUS 2.28 -0.10 -4.2% ADSB 4.90 -0.20 -3.9%

top volume symbol value (AED) price AJMANBANK 921,798,906 3.32 AABAR 217,285,160 4.80 AIRARABIA 195,002,427 1.67 EMAAR 131,287,212 10.30 AGTHIA 122,469,907 2.89

Dubai Financial Market

The DFMGI suffered an unpleasant 1.07% fall to 5348 points, with turnover increased to AED 1.58 billion but that's not as grim as it sounds since close to two-thirds of that was in AJMANBANK, which continued to defy any sort of logic, and rose 1.5% to 3.32 - the only stock on the DFM with a green arrow today.

AIRARABIA saw heavy trading as it fell 3.5% to 1.67, and took number 2 spot on the turnover table. Emaar Properties (EMAAR) was the third stock to trade more than AED 100 million today and almost looked positive with a fall of only 0.48% to 10.30.

Shuaa Capital (SHUAA) stood out at the top of the losers list, sinking 6.5% to 7.01. SALAM_BAH was not much better with a 4.55% fall to 2.52. Amlak Finance (AMLAK) dropped 2.6% to 4.48, Tabreed (TABREED) also 2.6% to 2.28, DEYAAR 2.4% to 2.03, DFM also 2.4% to 4.95, and another 16 stocks fell less than 2% or on thin trading.

Abu Dhabi Securities Market

The ADX looked less grim than the Dubai index with a fall of only 0.19%, but that was enough to drag it below 5000 points ... to close at 4997. Turnover was moderate at just below AED 1 billion. Aabar Petroleum (AABAR) dominated the floor with over AED 200 billion of trading, and had a reasonable 2.6% rise to 4.71. AGTHIA was also busy but fell 0.34% to 2.86, while Sorouh Real Estate (SOROUH) was the only other stock to trade more than AED 100m worth as it fell 1.8% to 9.54.

First Gulf Bank (FGB) stood out in the gainers list with a 3.3% rise to 27.65 after announcing a good set of results yesterday afternoon. AKIC was up 1.8% and National Marine Dredging (NMDC) 1.2% on just over AED 1 million of turnover. There were another 11 gainers but nothing that stood out. Etisalat (ETISALAT) closed unchanged at 19.90.

NBQ stood out in the losers list with greater than usual trading and a 3.1% fall to 6.30. Abu Dhabi National Energy (TAQA) was down 3.0% to 2.91, RAK White Cement (RAKWCT) 2.8% to 2.40, RAK Cement (RAKCC) 2.1% to 3.76 as profits fell yet again, Aldar Properties (ALDAR) and Bank Of Sharjah (BOS) lost 2%, another 8 stocks fell between 1% and 2%, and 9 stocks fell less than 1% or on thin turnover.

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• Discuss UAE companies at Dubai Share Talk.

UAE markets 09 Jul 2008

UAE market news & discussions for 09 July 2008 The UAE markets are nothing if not contrary. Following reports of their demise this week being blamed on nervousness related to politics in the Middle East, the ADX and DFM shrugged off news this morning of Iranian test missiles being fired, and plastered the board with green paint. Ajman Bank knocked up a 15% gain and topped the traded value charts with a third of the total DFM turnover, even though there were few sellers to be seen. Ajman Bank have a total of 0 branches open for business throughout the UAE. On the ADX, Aabar Investments and Agthia traded 10% limit up (also with no sellers in the queue at the end of the day) and took 2 of the top 3 spots on turnover (Methaq was the other one but had a smaller gain). Aabar released another disclosure about their secret potential investor but still didn't tell us who it was. On the DIFX, the new stock, Damas, fell 1 cent to $US1.04 and doubled turnover from its first day, to 14 trades. DP World and Depa both finished unchanged at $0.80 and $1.38 respectively. Fitch Ratings released a report on Dubai property which seemed to say there probably wasn't anything to worry about, but if there was, then a sharp downturn in the property market could damage the UAE economy much more than the 2006 stock market crash. Mr Fitch said "Supportive factors — such as strong GDP growth, rising income levels, healthy liquidity, rapid population expansion and increasing mortgage availability — continue to underpin robust growth in Abu Dhabi, Dubai and Doha." and then they said "However, a geopolitical deterioration or a real estate downturn in Dubai real estate market may have an impact on the foreign demand, and could be more damaging to the economy than the correction in stock markets which took place in 2006." So does that mean it's time to buy or sell property in Dubai? And you thought ShareWadi was good at sitting on the fence ... Results released today Abu Dhabi National Building Materials (BILDCO) profits saw a substantial increase over the same period last year, with most income coming from core operations. Based on latest earnings, their shares now look cheaper than they have done for more than a year. Bildco shares gained slightly today but on thin trading. Results released before market opening. Commercial Bank of Dubai (CBD) - good growth in profits with shares looking cheaper than the market and bank sector average, based on earnings. CBD shares were untraded today. Results released after market closed. Finance House (FH) saw profits more than double for both H1 and Q2 compared to the same periods last year, presumably mostly from their investment portfolio. Limited information from a press release this afternoon. However, no disclosure seen on the ADX website. FH shares gained 3.1% to AED 15.00. First Gulf Bank (FGB) had a good result with profits continuing to grow faster than their share price. A caveat is that about a quarter of their income in 08Q1 came from property sale profits, that may be repeated in Q2 but is not evident from the press release. FGB shares fell slightly today overall, although the last few trades were sharply up. Results released after market closed. ShareWadi calendar this week Based on 2008 first quarter release dates, we might see results tomorrow for Dubai Financial Market, and/or RAK Cement. Wednesday, 09 July 2008 BILDCO 08Q2 financial statements (ADX website am) CBD 08Q2 financial statements (DFM website pm) Drake Scull IPO subscription period FGB 08Q2 financial statements (ADX website pm) FH 08Q2 financial results (press release, not on ADX website) GCIC Green Crescent IPO founding general assembly meeting GAM TAQA convertible bond subscription period? Thursday, 10 July 2008 Drake Scull IPO subscription period GRAND EGM (deferred from 12 June 2008), agenda not supplied TAQA convertible bond subscription period? Friday, 11 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Saturday, 12 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Sunday, 13 July 2008 Drake Scull IPO subscription period TAQA convertible bond subscription period? DubaiShareTalk latest updates

• AABAR convertible bond
• BILDCO 08Q2 profit Dh36m +127%
• CBD 08Q2 profit Dh300m +40%
• Damas IPO
• Damas expansion plans
• Damas service award
• DFM NBAD depository agreement
• Dubai property Fitch report
• FGB 08Q2 profit Dh810m +70%
• GCC stock market review
• Insider trades July 2008
• Iran missile tests
• Marketwatch ADX DFM July 2008
• NetSol Europe IT launch
• Pakistan secondary listing DFM

More UAE stock market news and discussions...

best stock rises symbol price change GRAND 3.47 +0.45 +14.9% AJMANBANK 3.27 +0.42 +14.7% UNION 4.33 +0.33 +8.3% INVESTB 3.45 +0.25 +7.8% AABAR 4.68 +0.33 +7.6%

worst stock falls symbol price change DRIVE 7.11 -0.78 -9.9% ADNIC 8.50 -0.90 -9.6% OEIHC 3.96 -0.21 -5% QTEL 180.00 -5.00 -2.7% ADAVIATION 4.58 -0.12 -2.6%

top volume symbol value (AED) price AJMANBANK 362,302,862 3.27 AABAR 238,685,467 4.68 METHAQ 226,212,302 7.15 AGTHIA 208,608,525 2.90 EMAAR 163,639,005 10.35

Dubai Financial Market

The DFMGI saw a reasonable 0.8% gain to 5406 points although turnover was still subdued at just over AED 1 billion. A third of that was in AJMANBANK shares which was 15% limit up to 3.27, and it's anyone's guess as to why. Emaar Properties (EMAAR) was the only other stock trading more than AED 100 million worth as it gained 1% to 10.35.

Other gains for Du Telecom (DU) up 3.2% to 5.79, DFM up 2.8% to 5.07, AIRARABIA up 2.4% to 1.73, GGICO up 2.15% to 8.07, DEYAAR up 2%, AMAN 1.45%, Islamic Arab Insurance (IAIC) 1.35%, Amlak Finance (AMLAK) 1.3%, Aramex (ARMX) 1.2%, SALAM_BAH 1.15%, and another 10 stocks up less than 1% or on turnover less than AED 1 million.

Only 2 losers today, Shuaa Capital (SHUAA) down 1.45% to 7.50 and Union Properties (UPP) down just 0.6% to 5.32. Tabreed (TABREED) and Emirates NBD (ENBD) traded unchanged.

Abu Dhabi Securities Market

The ADX rose a mere 0.1% to 5006 points but with turnover slightly higher than in Dubai, at AED 1.25 billion. The 2 standout stocks today were Aabar Petroleum (AABAR) and AGTHIA, both trading 10% limit up and closing at 4.78 and 2.98 respectively. Both had turnover in excess of AED 200 million, as did METHAQ which gained 2.4% to close at 7.29. Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH) also traded more than AED 100 million worth but share price was unchanged from yesterday.

UNION soared 8.25% to 4.00 on greater than usual trading, Finance House (FH) was up 3.1% to 15.00, RAK Cement (RAKCC) up 2.7% to 3.84, Union National Bank (UNB) up 2.3% to 9.40, Commercial Bank International (CBI) up 2.1% to 3.00, RAK White Cement (RAKWCT) up 1.6%, ARKAN up 1.5%, and another 15 stocks rose by less than 1.5% or on turnover lower than AED 1 million.

The 8 losers falling by more than 1% saw less than AED 1.5 million of turnover each. More activity was seen for Abu Dhabi Islamic Bank (ADIB), First Gulf Bank (FGB), and National Bank of Abu Dhabi (NBAD), which all fell less than 1%. Etisalat (ETISALAT) fell just 0.25% to 19.90.

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• Discuss UAE companies at Dubai Share Talk.

UAE markets 08 Jul 2008

UAE market news & discussions for 08 July 2008 Another dismal day on UAE markets today. Both the DFM and ADX indicies ended lower with losses across the board. The value of shares traded was low with under AED one billion on the DFM and just over AED one billion traded on the ADX. On the DFM, EMAAR continues to slide closing at 10.25 dirhams on worries about its H1 results being impacted by exposure to the USA property market. On the ADX, METHAQ was the top traded share closing 0.43% down at 6.98 dirhams. DIFX DAMAS started traded today closing on its highs of $1.05. Volume was a modest 331,000 shares traded. DPW closed steady at $.80 on volume of 4.5 million shares. Sharewadi Calendar Wednesday, 09 July 2008 Drake Scull IPO subscription period GCIC Green Crescent IPO founding general assembly meeting GAM TAQA convertible bond subscription period? Thursday, 10 July 2008 Drake Scull IPO subscription period GRAND EGM (deferred from 12 June 2008), agenda not supplied TAQA convertible bond subscription period? Friday, 11 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Saturday, 12 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period?

• Marketwatch ADX DFM July 2008
• ACICO Global report
• Air Arabia report EFG
• METHAQ 2008Q2 profit Dh1.5m
• DIB Hamad loan
• Insider trades July 2008
• EMAAR 08Q2 forecast EFG
• Damas 2008Q2 profit +20%?
• Damas IPO
• Emarat Emirates Takaful IPO
• AABAR convertible bond
• Drake Scull IPO
• Agility Japan Korea Guam contracts
• DIFX new CEO
• DME US regulator concerns
• TAMWEEL Sukuk rating
• Al Madina rights issue
• Etisalat Omantel
• TAQA North Sea assets
• Tabreed cool rewards
• AIRARABIA 2008 revenue forecast +17% to Dh1.5bn
• IPO questions
• AMLAK 2008H1 profit Dh270m +155%
• Rising tension between Iran and Israel
• Emirates NBD Uralsib loan

More UAE stock market news and discussions...

best stock rises symbol price change TKFL 7.81 +0.71 +10% NCTH 13.30 +1.20 +9.9% NBQ 6.46 +0.26 +4.2% DRC 16.65 +0.65 +4.1% ENBD 12.00 +0.30 +2.6%

worst stock falls symbol price change GFH 14.50 2.00 16% ALSALAMSUDAN 4.51 0.59 15.1% FBICO 4.25 0.43 11.3% UNION 4.00 0.35 9.6% AGTHIA 2.71 0.17 6.7%

top volume symbol value (AED) price METHAQ 375,124,162 6.98 EMAAR 317,878,063 10.25 ALDAR 219,173,573 12.60 SOROUH 143,085,523 9.77 AIRARABIA 111,027,697 1.69

Dubai Financial Market

The DFM index closed at 5,362 a fall of 0.41% from the previous close. 213 million shares were traded worth 865 million dirhams. Four shares advanced and twenty declined.
The Top traded share was AIRARABIA, falling 3.42% to 1.69 dirhams on turnover of 65 million shares. Emaar Properties (EMAAR) continues to decline, falling 1.44% to 10.25 dirhams.

Other shares to fall included: Tabreed (TABREED) 2.34 (0.84%), DFM 4.93 (0.40%), Arabtec (ARTC) 17.80 (0.83%) and AJMANBANK 2.85 (4.04%).

Shares to rise included: Du Telecom (DU) 5.61 (0.53%), Emirates NBD (ENBD) 12.00 (2.56%) and Shuaa Capital (SHUAA) 7.61 (0.13%).

Abu Dhabi Securities Market

The ADX index closed at 5001 a fall of 0.87% from the previous close. 170 million shares were traded worth 1 bilion dirhams. Thirteen shares advanced and thirty one declined.
The top traded share was METHAQ falling 0.43% to 6.98 dirhams on turnover of 53 million shares.

Other shares to fall included: Aabar Petroleum (AABAR) 4.35 (5.02%), Aldar Properties (ALDAR) 12.60 (1.95%), First Gulf Bank (FGB) 27.70 (1.81%) and Sorouh Real Estate (SOROUH) 9.77 (0.31%).

Shares to rise included: ARKAN 6.14 (0.99%), Abu Dhabi National Energy (TAQA) 3.01 (0.33%), NBQ 6.46 (4.19%) and Abu Dhabi Islamic Bank (ADIB) 6.29 (0.16%).

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

UAE markets 07 Jul 2008

UAE market news & discussions for 07 July 2008 Both UAE market indices fell today by a little under one percent. The value of shares traded was just over one billion dirham on the DFM and around 1.5 billion on the ADX. On the DFM, EMAAR continues to slip closing at 10.40 dirhams and AIRARABIA descended a further 2.77% to 1.75 dirhams. On the ADX, AABAR closed nearly 10% lower at 4.58 dirhams and METHAQ lost 7.88% to 7.01 dirhams. Results METHAQ 2008 Q2 profit Dhs 1.5 million GGICO 2008 H1 profit Dhs 505 million up 93% from the previous corresponding period (pcp) SALM_BAH 2008 H1 profit Dhs 149 million up 9% (pcp) Other News TABREED won 6 environmental awards from The Int District Cooling Assoc but its share price fell by 2.9% today. Sunday, SHUAA closed its Hospitality Fund 1 with a total commitment of $165 million. It seemd liqudity for the right kind of product is not a problem. More see Sharewadi News Sharewadi Calendar Tuesday, 08 July 2008 DAMAS first day of trading on DIFX (approximately, unconfirmed) Drake & Scull IPO subscription start date GCIC excess subscriptions refunded by today NBAD EGM at 5:00pm - convertible notes to employees TAQA convertible bond subscription period? Wednesday, 09 July 2008 Drake Scull IPO subscription period GCIC Green Crescent IPO founding general assembly meeting GAM TAQA convertible bond subscription period? Thursday, 10 July 2008 Drake Scull IPO subscription period GRAND EGM (deferred from 12 June 2008), agenda not supplied TAQA convertible bond subscription period?

• Al Madina rights issue
• TAMWEEL Sukuk rating
• Etisalat Omantel
• TAQA North Sea assets
• Tabreed cool rewards
• AABAR convertible bond
• AIRARABIA 2008 revenue forecast +17% to Dh1.5bn
• METHAQ 2008Q2 profit Dh1.5m
• Drake Scull IPO
• IPO questions
• Marketwatch ADX DFM July 2008
• AMLAK 2008H1 profit Dh270m +155%
• Rising tension between Iran and Israel
• Emirates NBD Uralsib loan
• Waha Dunia Finance
• Insider trades July 2008
• Salam Bahrain 2008H1 profit 150m +9%
• NBAD IPIC loan
• TAQA convertible bond AED 4.15 bn
• Arabtec government contract Dh3bn
• DFM net foreign selling Dh774m last week
• ADX to list ETFs by end of 2008
• MASQ Banque du Caire Egypt bid
• ADX ETFs
• Tabreed Morgan Stanley report

More UAE stock market news and discussions...

best stock rises symbol price change FBICO 4.68 +0.42 +9.9% DRIVE 7.89 +0.46 +6.2% OEIHC 4.07 +0.22 +5.7% ASMAK 28.25 +1.25 +4.6% RAPCO 4.65 +0.20 +4.5%

worst stock falls symbol price change GRAND 3.02 -0.53 -14.9% ARIG 3.21 -0.36 -10.1% TKFL 7.10 -0.72 -9.2% METHAQ 7.01 -0.60 -7.9% AJMANBANK 2.97 -0.18 -5.7%

top volume symbol value (AED) price EMAAR 384,585,464 10.40 AABAR 263,453,813 4.58 SOROUH 258,561,255 9.80 METHAQ 202,305,071 7.01 AGTHIA 160,035,540 2.88

Dubai Financial Market

The DFM index closed at 5,384 a fall of 0.79% from the previous close. 272 million shares were traded worth 1.16 billion dirhams. Seven shares advanced and twenty declined.
The top traded share by volume was AIRARABIA falling 2.77% to 1.75 dirhams. Emaar Properties (EMAAR) was the top traded share by value falling a further 1.42% to 10.40 dirhams. It remains friendless and it is hard to see what will turn the share price around apart from outstanding results.

Other shares to fall included: AJMANBANK 2.97 (5.71%), DFM 4.95 (0.80%), and DEYAAR 2.05 (1.54%).

Shares to rise included: Amlak Finance (AMLAK) 4.64 (2.65%), Dubai Islamic Bank (DIB) 8.16 (0.61%), GULFNAV 1.65 (1.2%) and Tamweel (TAMWEEL) 8.25 (1.47%).

Abu Dhabi Securities Market

The ADX index closed at 5,042 a fall of 0.90% from the previous close. 293 million shares were traded worth 1.4 billion dirhams. Fifteen shares advanced and twenty seven declined.
The top traded share was Aabar Petroleum (AABAR) falling 9.96% to 4.58 dirhams on turnover of 57 million shares traded.

Other shares to fall included: Aldar Properties (ALDAR) 12.85 (1.15%), AGTHIA 2.88 (3.68%), RAK Cement (RAKCC) 3.80 (4.28%) and METHAQ 7.01 (7.88%).

Shares to rise included: WAHA 2.64 (1.54%) and Sorouh Real Estate (SOROUH) 9.80 (0.41%).

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

UAE markets 06 Jul 2008

UAE market news & discussions for 06 July 2008 There was not a speck of green on the DFM today as the index fell 1.5%, while the ADX had a more positive day with a slight rise. Aabar, RAK Cement, and Agthia all soared on heavy trading, while Methaq Insurance had a smaller rise but topped the turnover charts. On the DFM, Ajman Bank and Gulf Navigation suffered the most with sharp drops and busy trading. The Department of Planning and Economy in Abu Dhabi was reported this morning as calling for a rethink on the UAE currency peg, saying it was adopted when oil prices were low and the dollar was strong, and now that oil prices are high and the dollar is low, the dirham should be depegged. Al Salam Bank Bahrain released 2008 H1 financial statements with Net Profit of AED 150 million, apparently an excellent performance despite a "market marred by financial crisis and tight liquidity,". We didn't know there was a financial crisis in Bahrain. Hopefully it will be resolved soon. Aabar said they had no information that might affect their share price, apart from the previous announcement about the BOD meeting to discuss the Aabar convertible bond proposal from last week. Their shares continued to climb, heading 10% limit up again to AED 4.85 today. Amlak 08H1 profit figures were released after the close of trading today. Net Profit was up 155% for 08H1 compared to the previous year, and they said about half their Revenue came from property financing. Presumably the rest came from property sales and revaluation. An annualised PE of about 12 makes their shares look like good value compared to the market average, but not as cheap as Aldar, another property revaluation company, with a Q1 PE of about 5.9. Amlak shares fell 1.7% today. ShareWadi calendar this week 2008 Q2 results might be released this week for First Gulf Bank, Dubai Financial Market, Finance House, RAK Cement (based on release dates in 2008 Q1), but most results will probably appear in the third and fourth week of July, and the first week of August. Saturday, 05 July 2008 SALAM_BAH (Al Salam Bank Bahrain) 08Q2 financial statements released to the DFM Sunday, 06 July 2008 AMLAK 08Q2 financial results released DANA share price setting date convertible sukuk SHOP capital increase start date? Unclear disclosure TAQA convertible bond subscription period? Unclear disclosure Monday, 07 July 2008 AABAR BOD meeting at 4:00pm to discuss convertible bond issue Drake & Scull possible IPO start date (comment on radio)? TAQA convertible bond subscription period? Tuesday, 08 July 2008 DAMAS first day of trading on DIFX (approximately, unconfirmed) Drake & Scull IPO subscription start date GCIC excess subscriptions refunded by today NBAD EGM at 5:00pm - convertible notes to employees TAQA convertible bond subscription period? Wednesday, 09 July 2008 Drake Scull IPO subscription period GCIC Green Crescent IPO founding general assembly meeting GAM TAQA convertible bond subscription period? Thursday, 10 July 2008 Drake Scull IPO subscription period GRAND EGM (deferred from 12 June 2008), agenda not supplied TAQA convertible bond subscription period? Friday, 11 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Saturday, 12 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Sunday, 13 July 2008 Drake Scull IPO subscription period TAQA convertible bond subscription period? DubaiShareTalk latest updates

• Abu Dhabi Aviation competition - Falcon FAS
• ADX ETFs
• AMLAK 2008H1 profit Dh270m
• Arabtec government contract Dh3bn
• DFM net foreign selling Dh774m last week
• DIFX Nasdaq platform change
• Drake Scull IPO
• Emirates NBD Uralsib loan
• Insider trades July 2008
• Marketwatch ADX DFM July 2008
• MASQ Banque du Caire Egypt bid
• NBAD IPIC loan
• Royal Jet expansion
• Salam Bahrain 2008Q2 profit Dh77m
• Tabreed Morgan Stanley report
• TAQA convertible bond AED 4.15 bn
• Waha Dunia Finance

More UAE stock market news and discussions...

best stock rises symbol price change OEIHC 3.85 +0.35 +10% AKIC 2.70 +0.24 +9.8% AABAR 4.82 +0.41 +9.3% AGTHIA 2.99 +0.21 +7.6% RAPCO 4.45 +0.27 +6.5%

worst stock falls symbol price change ALSALAMSUDAN 5.10 -0.90 -15% FBICO 4.26 -0.47 -9.9% TKFL 7.82 -0.86 -9.9% JEEMA 4.21 -0.22 -5% EKTTITAB 2.88 -0.12 -4%

top volume symbol value (AED) price METHAQ 622,272,845 7.61 RAKCC 535,197,607 3.97 AGTHIA 402,909,197 2.99 AABAR 314,785,975 4.82 SOROUH 281,262,905 9.76

Dubai Financial Market

It was a dismal start to the week for the DFM as the index headed south by 1.5% to 5427, with not a single stock rising, although turnover wasn't too unnerving at AED 850 million. AJMANBANK had the floor with over AED 200 m of trading and a 3.4% drop to 3.15. Emaar Properties (EMAAR) was the only other stock trading more than AED 100 million, and fell 1.9% to 10.55.

GULFNAV was the worst of the more actively traded losers, falling by 3.55% to 1.63. AMAN fell 2.9% to 3.63, Union Properties (UPP) 2.9% to 5.37, DEYAAR 2.8% to 2.07, DFM 2.35% to 4.99. Aramex (ARMX) and Islamic Arab Insurance (IAIC) both fell 2.3%, AIRARABIA 2.2%, and another 16 stocks fell less than 2% or on turnover of less than AED 1 million.

If you're looking for something positive, you could say Shuaa Capital (SHUAA) and Tamweel (TAMWEEL) were the least unfortunate stocks, both falling by just 0.5%.

Abu Dhabi Securities Market

The ADX rose just 0.14% to 5088 but turnover was a resounding AED 2.5 billion worth, dominated by METHAQ up 1.7% to 7.10, RAK Cement (RAKCC) up 4.75% to 3.92, AGTHIA up 7.55% to 3.05, and Aabar Petroleum (AABAR) 10% limit up to 4.85 with very few sellers on the floor.

AKIC was also 10% limit up to 2.70 on thin trading after a BOD meeting, but without any information disclosed. RAK Poultry (RAPCO) traded just over AED 1 million and rose 6.5% to 4.59. Other notable gainers included RAK White Cement (RAKWCT) up 3.6% to 2.51, Sorouh Real Estate (SOROUH) up 2.1% to 9.61, while the remaining gainers were up less than 1% or on light turnover. Etisalat (ETISALAT) rose 0.75% to close at 20.20.

In the losers list we had Abu Dhabi National Energy (TAQA) falling 2.8% to 3.04, ASMAK 2.7% to 27.00, RAK Properties (RAKPROP) down 1.9%, NBS by 1.6%, Commercial Bank International (CBI) and Abu Dhabi Commercial Bank (ADCB) 1.4%, First Gulf Bank (FGB) 1.05%, and the remainder by less than 1% or on thin trading.

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UAE markets 03 Jul 2008

UAE market news & discussions for 03 July 2008 Both local markets fell today but there was a good performance from Arabtec racing ahead - there was news yesterday that they were one of the bidders for an AED 1.5 billion contract on Saadiyat Island but nothing further has been seen yet. Ajman Bank was heavily traded again and rose more than 10% in intra-day trading, Union Properties was also popular with a small rise, while Aabar stood out in Abu Dhabi with a solid gain. On the DIFX, DP World is down 4.7% and Depa is untraded as of 15:30 UAE time. A Middle East Investor Relations Society has been formed to improve transparency and investor relations in the region, with a Board of Directors including the Emaar Investor Relations head and the Taqa CEO. The irony is delightful. Taqa released a disclosure today that didn't appear to comply with ADX / ESCA guidelines. Aabar must have been surprised today by the "conditional proposal received this morning from a potential Abu Dhabi based strategic investor for a convertible bond". The market appears to have known about it sooner than Aabar did - Aabar shares have been climbing on increased turnover since Sunday, with a 10% limit up day today and no sellers in the queue. As Aabar already have a big pile of cash they don't seem to be doing anything much with, we wonder why they'd want more. Amlak are reportedly interested in buying a small UAE bank, which might be easier than trying to get a bank licence. Amlak shares fell slightly but Ajman Bank shares rocked ahead 12% today before falling back and closing 2.9% ahead of yesterday's close, with the highest level of turnover since they listed. Commercial Bank International, another small bank, was up 9% on thin trading, and the other small bank shares fell today. Amlak this afternoon issued a statement clarifying that the "the statements of the Chief Executive Officer were taken out of context." The CEO was quoted as saying " ... we are also evaluating options and assessing opportunities to acquire a small bank in the UAE," Drake & Scull IPO was announced with subscription period from 08 to 17 July 2008, shares priced at AED 1 dh with minimum AED 20,000, a DFM listing expected in Q3 2008, and IPO open to nationals and foreigners. Little in the way of financial information was supplied. Tabreed's ratings were placed on CreditWatch by Standard & Poor's as a result of Tabreed's new business model announcement on Sunday. Tabreed shares fell slightly. A UAE Telecom report from Al Mal Capital was upbeat on Etisalat shares (33% upside) and flat on Du shares. Etisalat traded unchanged, and Du fell slightly today. ShareWadi calendar for next week 2008 Q2 results might be released next week for Amlak, First Gulf Bank, Dubai Financial Market, Finance House, RAK Cement (based on release dates in 2008 Q1), but most results will probably appear in the third and fourth week of July, and the first week of August. Thursday, 03 July 2008 AKIC BOD meeting at 3:00pm, agenda not supplied TAQA convertible bond subscription period - changed to 06-15 July 2008? Friday, 04 July 2008 Saturday, 05 July 2008 Sunday, 06 July 2008 DANA share price setting date convertible sukuk SHOP capital increase start date? Unclear disclosure TAQA convertible bond subscription period? Unclear disclosure Monday, 07 July 2008 AABAR BOD meeting at 4:00pm to discuss convertible bond issue TAQA convertible bond subscription period? Tuesday, 08 July 2008 DAMAS first day of trading on DIFX (approximately, unconfirmed) Drake & Scull IPO subscription start date GCIC excess subscriptions refunded by today NBAD EGM at 5:00pm - convertible notes to employees TAQA convertible bond subscription period? Wednesday, 09 July 2008 Drake Scull IPO subscription period GCIC Green Crescent IPO founding general assembly meeting GAM TAQA convertible bond subscription period? Thursday, 10 July 2008 Drake Scull IPO subscription period GRAND EGM (deferred from 12 June 2008), agenda not supplied TAQA convertible bond subscription period? Friday, 11 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Saturday, 12 July 2008 DrakeScull IPO subscription period TAQA convertible bond subscription period? Sunday, 13 July 2008 Drake Scull IPO subscription period TAQA convertible bond subscription period? DubaiShareTalk latest updates

• AABAR convertible bond
• Agility acquires Geologistics
• Amlak bank buying
• Damas IPO
• Drake Scull IPO
• Emaar MGF debt rating
• ETISALAT France Telecom
• Insider trades July 2008
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• Middle East Investor Relations Society
• QTEL rights issue 2008
• Shuaa CEO interview
• RAK Properties
• TAQA convertible bond AED 4.15 bn
• UAE stock trading from overseas?
• UAE telecoms Al Mal report

More UAE stock market news and discussions...

best stock rises symbol price change ARIG 3.57 +0.45 +14.4% ALSALAMSUDAN 6.00 +0.70 +13.2% ARTC 18.20 +1.65 +10% OEIHC 3.50 +0.29 +9% CBI 2.94 +0.24 +8.9%

worst stock falls symbol price change FBICO 4.73 -0.52 -9.9% INVESTB 3.14 -0.21 -6.3% DRIVE 7.43 -0.47 -5.9% JEEMA 4.43 -0.23 -4.9% NMDC 12.50 -0.50 -3.8%

top volume symbol value (AED) price AJMANBANK 965,430,406 3.26 METHAQ 367,851,819 7.48 EMAAR 289,178,484 10.75 AABAR 282,196,438 4.41 UPP 251,644,093 5.53

Dubai Financial Market

The DFM index fell 0.4% to 5509 with turnover of AED 2.17 billion - close to half of that from AJMANBANK which saw its highest volume day since listing, and rose 2.9% to 3.26. Arabtec (ARTC) was the star of the day however, with a very substantial jump of 10% to 18.20, while Union Properties (UPP) had a heavy trading day and a 1.8% rise to 5.53.

Shuaa Capital (SHUAA) did well with a 2.7% rise to 7.70, AMAN and Dubai Islamic Bank (DIB) rose just 0.5%, and the other 3 gainers rose on minimal turnover.

Apart from a single trade in Jeema Mineral Water (JEEMA), the worst loser was GULFNAV falling by 2.9% to 1.69. Dubai Investments (DIC) was down 2.5% to 3.86, Aramex (ARMX) 2.3% to 2.60, GGICO 2.2% to 8.07 and the remainder by less than 2%, including most of the more actively traded stocks. Emaar Properties (EMAAR) fell 1.8% to 10.75.

Abu Dhabi Securities Market

The ADX index saw a drop of 0.3% to 5081 on moderate turnover of AED 1.58 billion with METHAQ yet again at the top of the traded value table, rising 1.6% to 7.56. As mentioned, Aabar Petroleum (AABAR) had a splendid day heading 10% limit up to 4.49 and solid trading of AED 282m - probably limited by the lack of sellers at the limit up price.

Other good gains for Commercial Bank International (CBI) up 8.9% to 2.85, AGTHIA up 3.0% to 2.83, RAK Poultry (RAPCO) up 1.2%, and the remainder up by less than 1% or on thin trading.

Qatar Telecom (QTEL) was the worst of the losers trading more than AED 1m worth, falling by 2.6% to 185.00, First Gulf Bank (FGB) was down 2.1% to 26.20, Union National Bank (UNB) by 1.8%, Dana Gas (DANA) by 1.5%, ARKAN and RAK Properties (RAKPROP) by 1.4%, Abu Dhabi National Energy (TAQA) 1.2%, Oasis Leasing (OILC) 1.1%, Abu Dhabi Commercial Bank (ADCB) 1% and the remainder by less than 1% or on turnover of less than AED 1 million.

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UAE markets 02 Jul 2008

UAE market news & discussions for 02 July 2008 The DFM takes a breather while the ADX index continues to climb. The DFM index closed marginally down today with another 15% rise in AJMANBANK offfset by falls in DFM and EMAAR. The ADX index rose just over one percent with shares traded by value of 2.2 billion dirhams. The banks had a good day lead by FGB rising 4.12% and SIB 3.69%. However, AABAR was the standout share rising 7.63% to 4.09 dirhams. In other market news: Dow Jones has launched to indexes to cover the GCC stock markets (excluding Saudi). The indexes will be called the the Dow Jones GCC and the DOW Jones Islamic Market GCC. Standard and Poors also announced the launch of the (SP) GCC 40 index. Both these indicies may come in handy with the DIFX launching derivatives trading in September 2008. However, more importantly they will help attract more foreign investment to the markets. Damas announced the pricing of its shares at US$1.00 to be listed on the DIFX on/about 8 July 2008.

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best stock rises symbol price change AJMANBANK 3.17 +0.41 +14.9% OEIHC 3.21 +0.27 +9.2% AABAR 4.09 +0.29 +7.6% TAQA 3.22 +0.20 +6.6% AGTHIA 2.70 +0.16 +6.3%

worst stock falls symbol price change ADNIC 8.70 -0.92 -9.6% NCTH 12.10 -0.90 -6.9% ADSB 4.88 -0.31 -6% AKIC 2.54 -0.14 -5.2% EKTTITAB 2.86 -0.13 -4.3%

top volume symbol value (AED) price AJMANBANK 778,357,063 3.17 FGB 351,040,505 29.05 METHAQ 344,168,751 7.36 ALDAR 315,656,484 12.90 AABAR 279,323,888 4.09

Dubai Financial Market

The DFM index closed at 5,531 a fall of 0.16% from the previous close. 490 million shares were traded worth 1.6 billion dirhams. Eight shares advanced and fifteen declined.
The top traded share was AJMANBANK closing limit up 15% at 3.17 dirhams on volume of 257 million shares traded.

Other shares to rise included: Arabtec (ARTC) 16.55 (0.91%), Dubai Investments (DIC) 3.96 (1.79%), Union Properties (UPP) 5.43 (3.42%) and GGICO 8.25 (2.23%).

Shares to fall included: AIRARABIA 1.87 (1.05%), DEYAAR 2.17 (2.25%), DFM 5.16 (1.14%), Emaar Properties (EMAAR) 10.95 (0.45%) and GULFNAV 1.74 (0.57%).

Abu Dhabi Securities Market

The ADX index closed at 5,096 a rise of 1.05% from the previous close. 437 million shares were traded worth 2.2 billion dirhams. Twenty seven shares advanced and fourteen declined.
Dana Gas (DANA) topped trading rising 2.50% to 2.05 dirhams on turnover of 89 million shares.

Other shares to rise included: First Gulf Bank (FGB) 29.05 (4.12%), SIB 3.09 (3.69%), Aldar Properties (ALDAR) 12.90 (1.57%), Sorouh Real Estate (SOROUH) 9.65 (0.84%), Aabar Petroleum (AABAR) 4.09 (7.63%), ARKAN 6.25 (0.32%) and METHAQ 7.36 (2.36%).

Shares to fall included: RAK Cement (RAKCC) 3.82 (0.52%), ADAVIATION 4.84 (1.22%), Gulf Cement (GCEM) 6.47 (0.46%) and Bank Of Sharjah (BOS) 3.06 (0.97%).

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UAE markets 01 Jul 2008

UAE market news & discussions for 01 July 2008 What a difference a day makes. Both UAE market indicies finished higher by more than one and a half percent on share trading of more than 1.5 billion dirhams for each market. Despite calls in the morning press for more transparency in UAE markets to give traders more confidence, markets shrugged off the recent malaise and recorded strong gains in all sectors. On the DFM, AJMANBANK closed limit up 15% at 2.76 dirhams and DEYAAR put recent troubles behind it closing 7.76% higher. For the ADX, METHAQ continued its rise closing 9.94% higher and AABAR and DANA both finished more than 4% higher. However, one day does not make a fundamental shift in sentiment. Lets see what happens Wednesday. Calendar items for this week Tuesday, July 1 DANA sukuk pricing Dar Takaful first Founders General Assembly meeting Dar Takaful IPO starts TAQA convertible bond subscription period starts Wednesday, July 2 AABAR Sukuk additional voluntary redemption date GCIC Green Crescent IPO allotment and refund of oversubscribed shares TAQA convertible bond subscription period Thursday, July 3 TAQA convertible bond subscription period UAE stock news links to latest articles

• Reason for market movement?
• Marketwatch ADX DFM July 2008
• Why Methaq Shares UP
• DP World dividend?
• Drake & Scull IPO
• Derivatives DIFX
• UAE stock analysts
• UPP Credit Suisse rating
• ARTC Credit Suisse rating
• Live chatroom for UAE stocks
• IIG 2007 FY profit AED 290m -10% 27 Mar 2008
• QTEL rights issue 2008
• ALFIRDOUS 2007 FY profit AED 19m +4,775% 18 May 2008
• DP World Greece
• Marketwatch ADX DFM June 2008
• Insider trades June 2008
• UPP 2008 FY profit forecast +18% to AED 800m
• TABREED new business model
• Green Crescent IPO
• Abyaar DFM listing
• UPP government JV
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• BOS Lebanon
• NetSol new DIFX listing

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best stock rises symbol price change AJMANBANK 2.76 +0.36 +15% ADNIC 9.62 +0.87 +9.9% METHAQ 7.19 +0.65 +9.9% NBF 7.25 +0.65 +9.8% UAB 7.84 +0.70 +9.8%

worst stock falls symbol price change SICO 5.68 -0.63 -10% DRIVE 7.90 -0.85 -9.7% JEEMA 4.66 -0.24 -4.9% SCIDC 5.30 -0.14 -2.6% QCEM 2.84 -0.06 -2.1%

top volume symbol value (AED) price ALDAR 538,563,342 12.70 AJMANBANK 381,685,613 2.76 SOROUH 244,812,312 9.57 DEYAAR 232,420,261 2.22 RAKCC 221,394,084 3.84

Dubai Financial Market

The DFM index closed at 5,540 a rise of 1.77% from the previous close. 473 million shares were traded worth 1.5 billion dirhams. Twenty three shares advanced and two declined.
AJMANBANK led the trading by volume rising 15% limit up to 2.76 dirhams on volume of 144 million shares.

Other shares to rise included: AIRARABIA 1.89 (3.27%), DEYAAR 2.22 (7.76%), DFM 5.22 (2.55%), Emaar Properties (EMAAR) 11.00 (1.38%), GULFNAV 1.75 (6.70%) and Islamic Arab Insurance (IAIC) 3.18 (4.95%)

Tamweel (TAMWEEL) falling 1.54% to 8.27 dirhams was the only loser on significant volume.

Abu Dhabi Securities Market

The ADX index closed at 5,043 a rise of 1.81% from the previous close. 308 million shares were traded worth 1.8 billion dirhams. Twenty nine shares advanced and thirteen shares declined.
Trading was led by Dana Gas (DANA) rising 4.17% to 2.00 dirhams on volume of 54 million shares.

Other shares to rise included: First Gulf Bank (FGB) 27.90 (4.49%), Aldar Properties (ALDAR) 12.70 (1.20%), Sorouh Real Estate (SOROUH) 9.57 (3.13%), Aabar Petroleum (AABAR) 3.80 (4.40%) and METHAQ 7.19 (9.94%).

Shares to fall included: ARKAN 6.23 (0.32%) and RAK White Cement (RAKWCT) 2.47 (1.20%).

RAK Cement (RAKCC) closed steady at 3.84 dirhams on volume of 57 million shares traded.

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