The value of Dubai's listed stocks increased last week following the opening of the United Arab Emirates second share trading floor. Trading volumes rose to 14 million dirhams ($3.8 million) during last week from 13.1 million a week earlier, reflecting the impact of the country's second official stock trading floor.
The new Abu Dhabi Financial Market (ADFM) was launched last Wednesday and already has 12 listed companies. ADFM will be electronically linked to the DFM, which was launched in March 2000 as the first official trading floor of the UAE federation.
Most of the 40 or so UAE stocks are currently traded on the DFM, up from around just seven when it opened last March. The additional trading floor is expected to give a much needed boost to investor confidence in the UAE by offering more transparent trading and financial disclosure. More companies are expected to list now that the ADFM is up and running, giving investors greater choice.
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