ESCA inaccurate media reporting

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ESCA inaccurate media reporting

Postby sharewadi » Mon 21 May 2007 14:21

Hmmm. I wonder if this is a reference to the Air Arabia listing on DFM last Thursday - as reported by Emirates Today (incorrectly).

Also today, Khaleej Times quoted ESCA saying all companies had filed 2007 Q1 results on time, however there are still some companies without statements available on ESCA's website :shock: .

So who's inaccurate there? KT? ESCA? Or me because I can't add properly :? ?

[source="Gulf News 21 May 2007"]Market watchdog calls for accurate reporting
By Ahmed A. Elewa, Staff Reporter

Abu Dhabi: The Emirates Securities and Commodities Authority (ESCA) yesterday asked the media to maintain objectivity and accuracy when reporting on UAE markets or listed firms.

The warning follows reports with alleged misleading information for promoting specific stocks or new issues.

"We hope the media do not exaggerate the market sentiment for the listed shares as this will negatively affect the markets' performance," said Abdullah Al Torreifi, Esca's chief executive officer.

He called on the media to maintain objectivity in reporting on the markets.[/source]
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Poor reporting in the UAE?

Postby sharewadi » Thu 31 May 2007 10:25

[edit] See also this topic (forgot I'd started it). Will merge the two one day ...
UAE Insider Trading and poor Corporate Governance? April / May 2007 [/edit]


Hmmm.... there was a bit of discussion on Dubai Eye's Business Breakfast this morning about this. A good effort from ESCA to try and improve reporting standards in this region. But is the problem with the media? Or with the markets? Or with ESCA? Or with the companies themselves? Here's a few examples of some misinformation or conflicting information recently. Perhaps they'll help ESCA sort out what it is they want to do...

ESCA may consolidate DFM & ADSM investors - News from ESCA statement 04 June 2007 apparently, but no ESCA statement available on their website.
ESCA says 100% success with 2007 Q1 filings but they do not have all accounts available on their website - 21 May 2007

... and even big names like Reuters and The Times don't always seem to get it right.
There may be a few more floating about :? , I'll add them later...
Last edited by sharewadi on Tue 07 Aug 2007 09:25, edited 11 times in total.
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Postby sharewadi » Tue 05 Jun 2007 11:19

Updated previous post with

ADIB stock split rumour
DFM stock market game
ESCA statement not available
TAQA foreign ownership story
NBS share trading information denial
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ESCA request to check websites

Postby sharewadi » Tue 05 Jun 2007 11:38

I see. This is the only bit of news on ESCA's site today. What are they trying to say? Ignore other news sources because they're inaccurate?

The previous news item on ESCA's website is from 31 May 2007. So if we're just going to rely on ESCA for stock news, well I guess we'll have a lot more spare time :? ...

[source="ESCA 05 June 2007"]Starting June 3, 2007, please check the official web sites of the UAE Securities Markets for any new companies' disclosures and news. 05/06/2007 11:03:56 [/source]
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UAE business news reporting updated

Postby sharewadi » Thu 14 Jun 2007 18:12

It looks like ESCA posted that news notice because they're not updating their own news section anymore :shock: . I haven't seen any further updates this week. Annoying because, although they didn't add much and were sometimes slow, they did occasionally have something that wasn't seen elsewhere.

ESCA seem to be sending mixed messages here. On the one hand you have the markets trying to attract foreign investers, as evidenced by the DFM roadshow to London and the ADSM trip to London and New York, along with ESCA themselves demanding more accurate media coverage and attempting to improve transparency and regulatory standards. But then on the other hand, ESCA suddenly decides they can't be bothered to update their own news section :shock: ?

And just in the past week, there has been a reduction in the amount of information from ADSM also.

However, ShareWadi will attempt to keep you informed :). Have updated second post with links and information related to

ADSM IPO added - first yes, then no
Air Arabia - 2005 profit reported as AED 29 billion
Air Arabia - oversubscription and listing date errors
Deyaar IPO - discrepancies in reported oversubscription rates
OILC - denial of newspaper reports
TAQA - continuing foreign ownership flip flop
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