MIDEAST STOCKS-Dubai Financial Market soars 15 pct on merger hopes | Reuters:
"* Reuters reports advisers hired for possible merger with ADX
* Retail investors welcome news though financial details unclear
* Dubai index jumps 2.7 pct, breaks technical barrier
* Investors in other regional markets more cautious
* Kuwait blue chips continue to outperform market
By Nadia Saleem
DUBAI, Oct 2 (Reuters) - Shares in Dubai Financial Market (DFM) soared on Wednesday, pulling up many other stocks in the emirate, after Reuters reported experts had been hired to advise on a possible merger between the Gulf's only listed bourse and the Abu Dhabi Exchange.
DFM, which had already seen its stock price double this year as Dubai's recovery from its 2009-2010 corporate debt crisis revived share trading, jumped its daily 15 percent limit to 2.34 dirhams, its highest level since November 2009. Turnover in the stock spiked to its heaviest since June 3 this year.
Reuters had previously reported that merger discussions were underway, and it is not certain that they will end in success. Financial details have not been revealed, so it is unclear whether investors in DFM would actually benefit."
'via Blog this'
No comments:
Post a Comment