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Union Coop shares drop slightly as trading begins on DFM

The indicative price was demarcated at Dh3.9

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Union Coop shares were trading down on the first day on Monday.

The Dubai Financial Market (DFM) data showed Union Coop shares trading 1.28 per cent down at Dh3.85 per share in the first 20 minutes after the opening of the trade.

The indicative price of the Union Coop shares was demarcated at Dh3.9. The company on Sunday said the opening price shall be defined according to the buy and sell orders during the pre-trading session on the first day of listing.

The government-backed retailer had announced a share split of 1 to 10 whereby each Union Coop shareholder received 10 shares in exchange for 1 share they owned.

The Dubai-based retailer became the first consumer cooperative in the UAE to list on the stock exchange.

Union Coop is among 10 companies that Dubai aims to list on the local bourse to improve liquidity in the market. Dubai Electricity and Water Authority (Dewa) and Tecom Group were the first two entities as part of the series to list on the local bourse. Both IPOs saw a strong response and were massively oversubscribed both by retail and institutional investors.

Union Coop counter recorded 24 trades of 496,750 shares changing hands worth Dh1.93 million.

The trend was contrary to overall market performance as the DFM General Index rose 0.16 per cent to 3,165.57 points at the opening of the markets on Monday.

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