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Dubai's Salik begins debut trading on DFM at $0.65 The public offering of Dubai's Salik, which raised 3.735 billion UAE dirhams ($1.017 billion), started today at 2.40 UAE dirhams ($0.65) per share. It is up 20% from its IPO price. The company's IPO was over-subscribed by 49 times. It also announced that it would allocate a minimum of 1,000 shares to its subscribers in the first and second batches. In the first five minutes of trading, Salik's volumes exceeded 85 million shares. This was due to the heavy buying by retail investors, who were able to surpass their subscriptions. After five minutes, the stock was trading at around 2.27, up 13 percent. On the other hand, the other DFM counters, such as DEWA, were almost flat. Salik volumes easily crossed 100 million by 10:10AM Dubai time, it's believed that it could easily reach 200 million shares. Now, the total traded value of Salik's shares is around Dh414 million. Based on the current volume, it is believed that the company is poised to become the biggest traded IPO of the year on a listing day. If the market's expectations are met, it will be a remarkable achievement for the Dubai government, which has been aggressively pursuing its efforts to monetise its assets. The strong debut of Salik shows that the country's financial assets are still regarded as top-notch.
DFM:SALIK
by bbitar
I hope I am wrong :)Well if we talk about the over all trend its still safe to say we are in a uptrend, but on daily chart surely we are seeing weakness. Deyaar could not break the resistance of 0.500 and how its under pressure. After the inverted head and shoulder pattern it broke out and also hit the target but could not continue the run. Volumes are very thing on Deyaar, it have broken the support zone today. It have to open up with a gap up tomorrow and close positive to stay positive :) Hit like & follow guys ;)
DFM:DEYAARShort
by stalkstock