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DUBAI FINANCIAL MARKET P.J.S.C.

(DFM)
  Report
End-of-day quote Dubai Financial Market  -  2022-11-29
1.630 AED   +5.84%
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Dubai bourse DFM to introduce changes to indices in Q4

10/03/2022 | 05:24am EST

DUBAI, Oct 3 (Reuters) - Dubai Financial Market (DFM) said on Monday it planned to adopt a new methodology for its main equities indices, which will come into effect in the fourth quarter.

The Dubai bourse's general index, Sharia index and sector indices, will be calculated by S&P Dow Jones Indices, it said in a statement.

A key improvement among the changes is a limit on the weighting of a listed company to 10% from 20%, which should result in a larger representation of companies on the DFM's benchmarks, it said.

The Dubai bourse said the index calculation will be based on actual free float adjusted market capitalisation, and that the indices will be rebalanced on a quarterly basis, from semi-annually currently.

The bourse plans to align its sectors with an industry classification standard which is followed by institutional clients, it said.

DFM will have seven sectors: financials, industrials, real estate, utilities, communication services, materials and consumer staples.

The bourse has invited market participants for consultations on the index methodology ahead of possible changes, with the revised indexes to be launched in Q4, it said.

The changes follow a flurry of initial public offerings from state-linked entities this year, part of a government programme intended to attract investors and boost activity on the stock exchange.

Toll-road operator Salik , which listed last week, raised 3.735 billion dirhams ($1.02 billion) by selling a 24.9% stake in its initial public offering (IPO), giving the company a market value of 15 billion dirhams.

Dubai business park operator TECOM Group in June raised 1.7 billion dirhams ($463 million) through the sale of 625 million ordinary shares, equivalent to 12.5% of the company in an IPO.

Dubai's Water and Electricity Authority, known as DEWA, in April raised over $6 billion for its IPO, the region's biggest since Saudi Aramco. (Reporting by Hadeel Al Sayegh, editing by Ed Osmond)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DFM FOODS LIMITED 0.58% 395.75 End-of-day quote.33.18%
DUBAI FINANCIAL MARKET P.J.S.C. 5.84% 1.63 End-of-day quote.-42.61%
SALIK COMPANY 1.74% 2.34 End-of-day quote.0.00%
SAUDI ARABIAN OIL COMPANY 0.90% 33.5 End-of-day quote.2.93%
TECOM GROUP 0.00% 2.3 End-of-day quote.0.00%
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Financials
Sales 2022 246 M 67,0 M 67,0 M
Net income 2022 126 M 34,4 M 34,4 M
Net cash 2022 3 552 M 967 M 967 M
P/E ratio 2022 109x
Yield 2022 1,53%
Capitalization 13 033 M 3 548 M 3 548 M
EV / Sales 2022 38,5x
EV / Sales 2023 33,4x
Nbr of Employees 164
Free-Float 19,3%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 1,63 AED
Average target price 1,58 AED
Spread / Average Target -3,07%
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Managers and Directors
Hamed Ahmed Ali Chief Executive Officer
Ali Al-Hashimi Executive VP & Head-Financial Services Division
Helal Saeed Salem Saeed Al-Marri Chairman
Khalifa Ahmed Rabba Al Shehhi Chief Operating Officer
Abdulwahid Alulama Independent Director
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