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UAE Financial Markets Update
European and Asian stockmarkets took a dive today, probably prompting the boys with the red paint to splash a bit around the UAE markets as the DFM got a 4% hammering and the ADSM dropped over 1%. DPW shares were the only ones traded on DIFX today, and fell 4.9% to close at the day’s low of $0.97.Sentiment regarding dropping or revising the dollar peg with Gulf currencies, seems to be changing with the HSBC chief saying the GCC should keep it.The complicated Nasdaq takeover of the Scandanavian OMX is expected to be cleared by the Swedish finance minister on Thursday. Borse Dubai will buy the OMX shares then give them to Nasdaq in exchange for a stake in Nasdaq, resulting in the renaming of the DIFX as the Nasdaq-DIFX. Sounds like something concocted by the Swedish Chef.In the world of large public companies, behemoths like Gazprom of Russia and ExxonMobil dwarf Emaar and Etisalat, the 2 biggest UAE companies by market capitalization. In a Bloomberg report on oil companies, almost all analysts they surveyed gave buy ratings to Gazprom, and Petrobras of Brazil, while about half had buy ratings on ExxonMobil, Chevron, and Shell.Dubai’s non-oil exports for 2007 rose 43% to just under AED 170 billion, according to figures released by the Dubai Chamber of Commerce and Industry. Which is about what you’d need to buy both Etisalat and Emaar outright.Emaar Properties said 2008 profits were expected to be relatively unchanged from 2007, despite expected cashflows starting to come in later this year from Dubai Mall, Dubai Marina Mall, due to increasing costs. EFG Hermes revised their fair value from AED 20.40 to 18.50 per share. Emaar shares plummeted almost 6% today to 12.30, but so did many other stocks.Union Properties FV was upgraded to 6.10 dhs in an EFG Hermes report update after better than expected revenues and earnings. Shares fell 2% to 4.50 dhs today. 28 Jan 2008|
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