Business | Markets

Value and volume of trading on ADX soars in first half of 2008

The value of securities traded in the first half of 2008 trebled compared to the first half of 2007 announced Tom Healy, Chief Executive of the Abu Dhabi Securities Exchange (ADX).

  • Staff Report
  • Published: 12:16 July 9, 2008
  • Gulf News

Abu Dhabi: The value of securities traded in the first half of 2008 trebled compared to the first half of 2007 announced Tom Healy, Chief Executive of the Abu Dhabi Securities Exchange (ADX).

The value of securities traded on ADX from 1 January to 30 June 2008 was Dh163 billion (US$44 billion), compared to Dh51 billion (US$14 billion) in the same period last year.

Accordingly, the number of shares traded and the number of trades also increased dramatically by 93 per cent and 60 per cent, respectively.

The most actively traded stock was Dana Gas, followed by Arkan, Aabar and RAK Properties.

“There are a number of reasons why ADX has witnessed such a huge increase in the amount of trading this year, the most of important of which is that we are seen as a stable and sustainable market, which gives investors confidence'', said Healy.

Healy added that the Exchange has been actively encouraging foreign investors into the market as well as UAE nationals as “having a broader and more international investor base is important for the long-term sustainability of our market.''

After UAE Nationals, UK investors were the most active in trading on ADX. UK investors now own Dh18.2 billion (US$5 billion) worth of shares, which is an increase of Dh15 billion (US$4.1 billion) in the first six months of 2008.

“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,'' said Healy.

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