Local stock markets gain 154 billion dirhams in the week of the "Salik" subscription

The local stock markets consolidated their gains and the profit of its market capital, more than 154 billion dirhams during the week’s sessions, amid purchases targeting the leading stocks and the start of the subscription to the offering of Salik on the Dubai Financial Market, which witnessed a turnout that exceeded expectations, which prompted the company to increase the offering ratio to 24.9 %.

The market capitalization of shares listed on the Dubai and Abu Dhabi Stock Exchanges rose from 2.649 trillion dirhams at the end of last Friday's session to 2.804 trillion dirhams at the end of today's session, distributed by 2.228 trillion dirhams for shares listed on the Abu Dhabi market, and 575.36 billion dirhams for shares listed on the Dubai market .

The Abu Dhabi market index rose during the week by 4.16%, to close at 10,204.62 points, reaching its highest level since the end of last August, exceeding again the level of 10,000 points, while the Dubai market index increased by 3.85% to close at 3,489.33 points, reaching its highest level in four months, with the banking sector shares rising Real estate, investment and transportation.

It is noteworthy that Salik, the Dubai road toll operator, obtained today, Friday, the approval of the Securities and Commodities Authority in the UAE and the Dubai government to increase the number of shares available for subscription in its initial public offering from 20% to 24.9%.

It will raise the number of shares from 1.5 billion ordinary shares to 1.867 billion ordinary shares, and the Dubai government will retain ownership of 75.1% of the company's capital after listing the shares.

The size of the first and third tranches will increase from 120 million to 145.7 million ordinary shares, representing 7.8% of the volume of the offering, and the volume of the second tranche will increase from 1,380 million shares to 1721.8 million ordinary shares, equivalent to 92.2% of the volume of the offering.

The company decided to set the final offering price at two dirhams per share, bringing the value of the company at the time of the offering to 15 billion dirhams;

This is according to the opinion of the selling shareholder after taking into account the valuation report prepared by an independent accredited expert house;

According to the financial statements and after communicating with local and international investors in preparation for listing on the Dubai Financial Market, on September 29th.

Salik shares offered for subscription were divided into three tranches.

During the week's sessions, local shares attracted more than 24.53 billion dirhams, distributed as 22.09 billion dirhams in the Abu Dhabi market and 2.44 billion dirhams in the Dubai market, and about 12.58 billion shares were traded through the implementation of more than 106.11 thousand deals.

During the week, the Abu Dhabi market witnessed the implementation of major deals on the shares of "Abu Dhabi Islamic Bank", in addition to the "TAQA" share, which on Wednesday witnessed the implementation of 102 major deals worth 11.75 billion dirhams, including 9.63 billion shares at a price of 1.22 per share, after the "ADQ Holding Company" announced Last Tuesday, it signed an agreement to sell an 8.6% stake in "TAQA" to the "Multiplay" group, the Abu Dhabi Pension Fund and a number of prominent investment companies.

During trading, today, Friday, the Dubai Financial Market rose by 0.8%, with transactions totaling 528 million dirhams, coinciding with the rise of the "Emirates NBD" share by 0.8% at 13 dirhams, and transactions that exceeded 4 million shares.

Shares of the Dubai Electricity and Water Authority rose by 1.6 percent to 2.60 dirhams, with trading of nearly 19 million shares.

The "Dubai Islamic" share decreased by 0.2% at 6.03 dirhams, with transactions exceeding 12 million shares.

The "Dubai Financial Market" share fell by 1.2% to 1.71 dirhams, with transactions exceeding 18 million shares.

The most heavily traded stock was "Emaar Properties", which rose by 0.9% to 6.45 dirhams, with transactions of nearly 26 million shares.

For its part, the Abu Dhabi Stock Exchange index rose during the Friday session, by 1.9%, with transactions worth a total of 3.1 billion dirhams, with the share of "First Abu Dhabi" increasing by 3.1% to 19.48 dirhams, and transactions that exceeded 20 million shares.

And "Etisalat" stock rose 3.8% to 25.44 dirhams, with transactions exceeding 10 million shares.

Shares of "TAQA" rose by 4.4% to 1.88 dirhams, with transactions of nearly 99 million shares, while "Multiplay" shares rose by 6.9% to 3.1 dirhams, and transactions exceeded 84 million shares.

The share of "Q Holding" was the most heavily traded stock during today's session, as it rose by 1.7% to 4.28 dirhams, with trading close to 105 million shares.

Follow our latest local and sports news and the latest political and economic developments via Google news