New listings, including the largest offering in the world this year so far, jumped the market value of the Abu Dhabi Securities Exchange by more than 8% during the month of March.
According to the monthly bulletin issued by the Arab Monetary Fund on Friday, which monitors the performance of the 13 Abu Dhabi Stock Exchange, the gains exceeded $55 billion, with its market capitalization increasing from $685.8 billion at the end of February to $740.8 billion at the end of March.
The Abu Dhabi National Oil Company (ADNOC) raised $2.5 billion from offering 5% of ADNOC Gas shares for public subscription in the first week of March, representing the largest ever offering in the Abu Dhabi Stock Exchange, and the largest globally in 2023 to date.
Presite data analysis company, affiliated to the G42 Group, also received requests to subscribe to its shares in March, exceeding the required amount by more than 136 times, to eventually raise $ 496 million from its offering on the Abu Dhabi Stock Exchange.
The performance of the Arab stock exchanges witnessed a remarkable variation in March, as four of them recorded an improvement, namely Saudi Arabia, Muscat, Tunisia and Iraq, according to the Arab Monetary Fund, which returned this improvement to the rise in the indices of the banking, health care, hotels and energy sectors, which contributed to the rise in the market value and trading values.
While 11 Arab stock exchanges recorded a decline in their performance, including Casablanca, Damascus, Abu Dhabi and the Egyptian pound. This is mainly due to the decrease in the indexes of the food, commodities and consumer services sectors, which contributed to a decline in trading volume in a number of them. The movement of selling pressures exerted by investors following profit-taking operations, in addition to the decline in foreign investment activity, also contributed to the decline in the performance indicators of the rest.
