Local stock markets strengthened their gains in the first sessions of the week, with their market capitalization gaining more than 25 billion dirhams, amid focus on the leading sectors, the implementation of major deals on Waha Capital shares, and news of the implementation of the Dubai Transport Company’s public offering next month.
The market capitalization of listed stocks rose from 3.401 trillion dirhams at the end of last Friday’s session, to 3.426 trillion dirhams at the end of today’s session, distributed by 2.778 trillion dirhams for stocks listed on the Abu Dhabi Securities Market, and 648.417 billion dirhams for stocks listed on the Dubai Financial Market.
Local stocks attracted liquidity of more than 1.55 billion dirhams, distributed by 1.07 billion dirhams in the Abu Dhabi market and 480.97 million dirhams in the Dubai market, where about 454.87 million shares were traded through the implementation of more than 22.16 thousand transactions.
The Dubai Financial Market Index rose by 1.38%, recording the highest pace of gains since the end of the twentieth session of last September, reaching the level of 3838.76 points, and the Abu Dhabi Market Index rose by 0.52% to the level of 9285.37 points.
In Dubai, the most traded stock was “Emaar Properties”, up by 2.85% at 6.5 dirhams, with trades worth nearly 117.56 million dirhams, followed by “SALIC” stock, up by 5.6% at 3.2 dirhams, with trades worth 52.91 million dirhams, followed by “Salic”. Emirates NBD, up by 3.04% at 16.95 dirhams, with trades worth 34.5 million dirhams.
The strong performance in the Dubai Financial Market today coincided with Bloomberg’s publication of a report that the Dubai Taxi Corporation, affiliated with the Emirate’s Roads and Transport Authority, is seeking to raise about $300 million by offering a share of its shares next month, which will be the first government offering this year.
As part of the initial public offering, the corporation plans to distribute fourth-quarter profits of at least 71 million dirhams ($19 million) in April, according to the company’s presentation to investors seen by Bloomberg. After that, the institution that manages the taxi fleet in the emirate will distribute no less than 85% of its annual net profits in two installments starting in 2024, according to the offer.
The IPO of Dubai Taxi Corporation, the company that manages the parking lots, is expected to follow.
The Middle East has been witnessing a boom in initial public offerings since late 2021, fueled by rising oil prices and government privatization efforts.
As for Abu Dhabi, the most traded stock was “International Holding” stock, declining by 0.08% at 399.5 dirhams, with trades worth more than 212.98 million dirhams, followed by “Alpha Dhabi” stock, up 2.05% at 18.8 dirhams, with trades worth 109.813 million dirhams, followed by “Alfa Dhabi” stock, up by 2.05% at 18.8 dirhams, with trades worth 109.813 million dirhams, followed by “Alpha Dhabi” stock, up by 2.05% at 18.8 dirhams, with trades worth 109.813 million dirhams. “Al Waha Capital”, up by 5.29% at 1.79 dirhams, with trades worth 94.61 million dirhams, after major deals were executed today on the same stock worth 35.2 million dirhams through 6 deals on 19.6 million shares.
2023-10-30 13:30:11
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