WAM
ADX has signed a big direct deal on its integrated system involving IHC shares. With transaction value crossing AED149 million, the deal highlights the ongoing activity across the Emirate’s financial markets.
The transaction consisted in the simultaneous purchase and sale of 360,000 IHC shares at AED414 each.
Such direct deals as this one do not take place through the normal electronic bidding and trading and orders and therefore do not affect the company closing share price or even the index price. They do not affect the day’s high or low, or the 52-week high or low either.
This move shows that the ADX is in charge of standardizing high-value trades and ensuring market stability as investors conduct their strategic trade easily. Such deals are indicative of the self-confidence with regard to the capability of the Abu Dhabi stock market and its increasing popularity among regional as well as international investors.
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