The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
"Things are moving really fast in this respect, as there is tremendous interest from Pakistani side," said Rashid Al Baloushi acting director general ADSM, at a Press conference, yesterday.
The foreign listings would give further depth to the market base, and help it in its efforts to diversify the scrips, he said.
Giving his analysis on the robust stock rally witnessed at ADSM during the period January-May 8, 2007, Rashid Al Baloushi said 44 companies earned cumulative net profits of Dh5.6 billion, showing an increase of 12.3 per cent compared to same period of last year, which maintained a healthy trend on the market. He linked the buoyancy on the market with the corporate sector adopting best practices of transparency, financial disclosures and fully complying with the strict rules of corporate governance.
Baloushi said that the performance of listed companies in ADSM during the first quarter was reflected in the levels of shares traded which in turn reflected in prices and profitability.
He said that share trading in ADSM grew by 59.51 per cent, during January-May 8, 2007, to reach 6.923 billion shares with value exceeding Dh22 billion, while the share price index improved by 5.63 per cent, offering a better rate of return over bank deposits. Baloushi was of the view a price earnings ratio (P/E) of 12.3 has made ADSM listed scrips more attractive to share investors.
The net foreign investment in ADSM listed shares has reached Dh1.8 billion during January-May period. Baloushi said the number of investors has also risen by eight per cent to up to 852,000, including 36 per cent foreign investors. The real estate sector has added great value to index with share prices rising by 47.97 per cent, as three Abu Dhabi-based companies have out performed.
He added that the construction sector has contributed to the index by 8.61 per cent with better prices, since this sector is benefiting from real estate boom in Abu Dhabi.
The Telecommunication sector's profits have increased by 7.67 per cent, he said.
With regard to the banking and finance sector, he said it would benefit hugely from the real estate and industrial projects being launched or being conceived with an estimated value of Dh2 trillion, during the next 5-10 years.
He assures that ADSM's emphasis on the adoption of best international practices, especially those related to disclosure, transparency, and corporate governance will make Abu Dhabi an investment hub and will support the capital market operations.
He lauded the Emirates Securities and Commodities Authority (Esca) for encouraging corporates for disclosing their financial statements timely.
The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
Total property income posted year-on-year growth of 10% to $74m, highest value ever
All official donation channels however remain open through the outlets announced by government agencies
The Starlight Park is a four-building freehold community in Meydan
The 22-time major champion admits his farewell tour hasn't been as enjoyable as he would have hoped
Eating out, poor hand hygiene and erratic weather may be among causes, say medics
The goal-scoring striker is suffering from a muscle injury sustained during the Champions League quarter-final loss to Real Madrid