Tuesday 24 April 2018

Market cap on Abu Dhabi bourse tops $80bn

Abu Dhabi, January 17, 2010

The Abu Dhabi Securities Exchange (ADX) said its general index and the market value of listed securities in the bourse rose in 2009, backed by the emirate's economic growth and interest from foreign investors.

The exchange's general index gained 15 percent by the end of 2009, lifting the market cap of listed stocks by 16.5 percent to $80.20 billion, it said in a statement on Sunday.

Foreign investors were net buyers in the exchange, with the United Kingdom accounting for about 21 percent of the total foreign trading volume, or $332.1 million.

Tom Healy, ADX chief executive, credited Abu Dhabi's growth over the past five years -- gross domestic product soared to $254 billion at the end of 2008 from $59 billion in 2004 -- and said it should underpin the equities market further.   

Abu Dhabi is the wealthiest of the seven-member United Arab Emirates federation, and contributes the most to its budget.

Among Gulf states, Qatar accounted for about 13 percent of overall trading last year, the bourse said.

ADX said shares in the real estate sector remained the most actively traded in 2009, accounting for more than 50 percent of total value of shares traded. The energy and banking sectors  contributed 19 percent and 14.6 percent respectively.   

Emirates Telecommunications Corp (Etisalat) retained its top spot as the biggest company by market capitalisation in 2009, with a market valuation of about $21.5 billion, ADX said.

ADX said there were two initial public offerings in the year -- Green Crescent Insurance and Gulf Live Stock -- taking the total tally of listed securities on the bourse to 67 companies. - Reuters

Tags: market | ADX |

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