Abu Dhabi Securities Exchange crosses Dh2 trillion mark in market cap

Abu Dhabi Securities Exchange crosses Dh2 trillion mark in market cap

Dubai: Powered by a series of hugely successful IPOs, Abu Dhabi Securities Exchange’s (ADX) market cap has hit the Dh2 trillion mark for the first time. The latest IPO, from ADNOC joint venture Borouge, was enough to get past the new threshold for the Middle East’s second largest stock market. The exchange’s benchmark index - the FTSE ADX General Index - has gained 16 per cent this year, making it one of the best performing stock markets anywhere. It also comes at a time when global markets remain extremely sensitive to rate hikes and any talk about inflationary pressures. During the first quarter of 2022, ADX recorded an 87 per cent year-on-year increase in value of total trades. Traded values (buy + sell) on the exchange rose to Dh202 billion in Q1-2022 from Dh108 billion a year ago. The market value of shares owned by foreign investors shot up 163 per cent to Dh131 billion from Dh50 billion in Q1-2021. "The 25 per cent year-to-date spike in the exchange’s market capitalization was bolstered by a spate of IPOs and listings over the past year - including Abu Dhabi Ports, Fertiglobe, ADNOC Drilling, Alpha Dhabi and Multiply Group," ADX said in