Dubai: PureHealth, one of the pacesetters on ADX since its listing December 20, is gaining visibility on the global investors’ radar. Starting today (December 27), the Abu Dhabi headquartered hospital and healthcare services heavyweight, will be there on the FTSE All-World Index.
It will also show up on the FTSE Global Large Cap Index as well as on FTSE Emerging Index. The timing couldn’t get any better for the UAE blue-chip as international institutional funds check out UAE and Gulf capital markets. It would also fit in well with the emerging markets’ narrative of where investors can see higher growth in 2024.
In a statement, the FTSE operator said Pure Health Holding will be a ‘fast entry’ to the FTSE Global Equity Index Series.
As for PureHealth, in the UAE, investors responded overwhelmingly to the IPO and on the first day of listing on ADX, with the stock zooming 70 per cent plus in heavy trades. The stock is now trading at Dh5.96 against the offer price of Dh3.26.
PureHealth offered 1.11 billion shares through the IPO, representing 10 per cent of the issued capital.
Until now, the FTSE All-World Index had 29 UAE stocks, same as the FTSE Global Large Cap Index as well as the FTSE Emerging Index.
The current foreign ownership in PureHealth is 11.6 per cent, with UAE Nationals holding 88.15 per cent.
In addition, FTSE also tracks several UAE stocks via:
- FTSE ADX General Index: This is the primary benchmark index for ADX. It currently tracks 68 companies, according to Vijay Valecha, Chief Investment Officer at Century Financial.
- FTSE UAE Index: This broader index covers equities listed on ADX and DFM. It currently tracks 29 companies.
- FTSE Nasdaq Dubai UAE 20 Index: This focuses on the Top 20 companies by market cap listed on DFM and ADX.
These include the ADNOC entities on ADX, the likes of DEWA, Salik and Americana, the leading banking stocks, Aldar and Emaar.
- Vijay Valecha of Century Financial
