Abu Dhabi's stock market continues bull run
The Abu Dhabi Securities Market index closed the week up 4.9 per cent on Thursday, taking its gains since the start of the year to 36.75 per cent. Over the past year, the bourse has soared 68 per cent.
ADX now has a market capitalisation of Dh1.18 trillion ($321.6bn), with the most recent impetus coming from the listing of Alpha Dhabi, a broad investment group with 40,000 employees and revenue of Dh3.8bn.
The company's shares listed on Sunday and have gained 16.4 per cent since, giving It a valuation of Dh174.6 billion. That makes it the fourth-biggest company on the exchange by market cap, behind International Holdings Company (which owns 44 per cent of Alpha Dhabi and is valued at Dh224bn), Etisalat (valued at Dh193.1bn) and First Abu Dhabi Bank (Dh183.2bn).
"It's been an excellent year for ADX," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital. "May was a strong month for many markets and June continued to be for ADX. It has continued to lead the MSCI Emerging Market Index," he added.
MSCI's emerging market index comprises the biggest and most liquid stocks listed on emerging market exchanges around the world.
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