Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
The listing of NMDC Energy at the Abu Dhabi Securities Exchange (ADX) on Wednesday was the silver lining at the UAE stock exchanges which experienced a fall following the worldwide tumble in the markets over fears of recession in the US.
NMDC Energy shares started trading at ADX on Wednesday at Dh2.80 and rose to Dh3.02 at the end of the trading. The market capitalisation of the energy giant, which is a subsidiary of NMDC Group, rose from Dh14 billion to Dh15.1 billion, a massive rise of more than a billion (7.86 percent) in a single day trading. This attests to the robustness of equities markets in the UAE and also to the business fundamentals of the company. A total of 1.15 billion shares, which constitute 23 percent of total 5 billion shares, were offered in the year’s biggest IPO in the UAE.
The general index of ADX (FADGI) saw a fall of 0.848 percent to reach 9322.72 points. It reported a total of 25,912 trades involving 324 million shares with a total value of Dh1.256 billion.
The trading session saw prices of 17 companies rise, while 51 companies experienced a decline. Additionally, 11 companies closed unchanged compared to their previous closing prices. The market capitalisation of listed companies at ADX reached Dh2.833 trillion.
NMDC Energy, RPM, ALEFEDT are among the gainers while International Holding Company (IHC), FAB, Alpha Dhabi Holding, Multiply Group and Aldar Properties are among those who saw their share prices fall.
In the Dubai Financial Market (DFM), the general index (DFMGI) was down by 0.93 percent to close at 4,346.42 points. The trading session witnessed 10,168 trades involving 179 million shares with a total value of Dh388 million.
The trading session saw prices of 6 companies rise, while 32 companies experienced a decline. Additionally, 11 companies closed unchanged.
International Financial Advisors (IFA) (12.55 percent), TECOM Group (1,97 percent), Sukoon Insurance (1.43 percent) are among the top gainers while Dubai Refreshment Company (DRC) (-9.8 percent) and Agility (-5.54 percent) and National International Holding (NIH) (-5.04 percent) are among those who experienced declines.
Elsewhere in the region, Saudi Arabia's benchmark index (TASI) declined 1.8 percent, hit by a 1.7 percent fall in Al Taiseer Group and a 5.1 percent slide in ACWA Power Co. Aramco dropped 0.7 percent.
The Qatari benchmark (QSI) finished 0.2 percent lower, weighed down by a 2.3 percent fall in Qatar Gas Transport.
