Trading volume of Abu Dhabi bourse soars this yearJuly 9th, 2008 - 8:55 pm ICT by IANS
Abu Dhabi, July 9 (IANS) The volume of trading in the Abu Dhabi Securities Exchange (ADX) trebled during the first half of this year, data released Wednesday showed. ADX chief executive Tom Healy said in a statement that the value of securities traded on the market from Jan 1 to June 30 this year was 163 billion dirhams ($44 billion), as compared to 51 billion dirhams ($14 billion) in the corresponding period last year.
The number of shares traded and the number of trades increased by 93 percent and 60 percent respectively.
“There are a number of reasons why ADX has witnessed such a huge increase in the amount of trading this year, the most important of which is that we are seen as a stable and sustainable market, which gives investors confidence,” Healy said.
“Furthermore, our index is up by nine percent in the first half of this year, there are more listed companies and, alongside the Securities and Commodities Authority (SCA), we offer investors a transparent and well regulated market,” he added.
The most actively traded stock was Dana Gas, followed by Arkan, Aabar and RAK Properties.
Apart from United Arab Emirates (UAE) nationals, ADX was actively encouraging foreign investors, according to Healy.
After UAE nationals, British investors were the most active in trading on ADX. British investors now own 18.2 billion dirhams ($5 billion) worth of shares, an increase of 15 billion dirhams ($4.1 billion) in the first six months of 2008.
Talking about ADX’s future plans, Healy said: “In the near future, our priorities will be to develop the debt market, list exchange traded funds (ETFs) on ADX, and develop a derivatives market.”
Established in November 2000, ADX also has trading locations outside of Abu Dhabi in the emirates of Fujeirah, Ras Al Khaimah and Sharjah.
Tags: abu dhabi, adx, arkan, british investors, dana gas, debt market, derivatives market, exchange traded funds, foreign investors, fujeirah, future plans, list exchange, rak properties, ras al khaimah, sharjah, soars, sustainable market, tom healy, uae nationals, united arab emirates