2024-03-22 00:00:10
Parkin stock increased its gains at the close of trading yesterday, and its market capitalization gained more than 2.22 billion dirhams, on the first day of listing and trading on the Dubai Financial Market.
The market capitalization of “Parkin” shares rose from 6.3 billion dirhams upon listing, to 8.52 billion dirhams at the end of yesterday’s session.
The share price jumped by more than 35.2% in the first trading session, closing at 2.84 dirhams at the end of trading, compared to the offering price of 2.1 dirhams, and the highest price the stock reached during yesterday’s session was 2.92 dirhams.
“Parkin” attracted trading yesterday, with a value exceeding 487.03 million dirhams, after trading 178.1 million shares through the implementation of 12.27 thousand transactions.
The listing of Parkin received exceptional interest from international and regional investment institutions and individual investors in the UAE, as the total subscription requests for Parkin shares exceeded about 259 billion dirhams, with the value of subscription requests exceeding by about 165 times. This strong demand confirms investors’ confidence in Parkin’s growth strategy, and that it is a strong investment opportunity in light of the stable economic performance and population expansion of the Emirate of Dubai.
The first listing of “Parkin” on the Dubai Financial Market for the year 2024 is in line with Dubai’s strategic initiatives to develop the financial markets, which were announced at the end of 2021.
The Dubai Financial Market actively supports the corporate privatization program, by facilitating new listings that will enhance trading volumes, enhance growth in local markets, and further fortify Dubai’s capital markets, creating a more dynamic and diversified financial environment.
The Chairman of the Board of Directors of the Dubai Taxi Company, Abdul Mohsen Ibrahim Kalbat, rang the bell to open trading on the Dubai Financial Market, to celebrate the listing of the company’s shares, in the presence of the Chairman of the Board of Directors of the Dubai Financial Market, Helal Al Marri, and the CEO of the Dubai Financial Market and Nasdaq Dubai, Hamed. on me.
Parkin Chairman, Ahmed Hashem Bahrozyan, said: “Thanks to Parkin’s vital role in Dubai’s transportation system, both now and in the future, our listing on the Dubai Financial Market reflects strong confidence in the emirate’s long-term growth and success.”
Hilal Al Marri said: “The rapid steps in implementing the financial markets development strategy supervised by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, have contributed to making the Dubai Financial Market one of the most dynamic financial markets in the world. the world. The great interest of investors in this listing indicates the investment feasibility of (Parkin), and highlights the continued attractiveness of the Emirate of Dubai, its progress, and its long-term economic vision.”
42.2 billion dirhams in local stock gains since the beginning of Ramadan
Local stock markets strengthened their gains in the first nine sessions of the current month of Ramadan, and their market capitalization gained approximately 42.2 billion dirhams, coinciding with the start of trading of the “Parkin” company, driven by the positive performance of the leading stocks, after most of the listed companies recorded strong annual business results and approved dividends. Generous cash.
During the first nine sessions of the current month of Ramadan, the market capitalization of listed stocks rose from 3.575 trillion dirhams in the March 8 session (before the beginning of Ramadan) to 3.617 trillion dirhams at the end of yesterday’s session, distributed by 2.883 trillion dirhams for shares listed on the Abu Dhabi Securities Market. And 734.37 billion dirhams for shares listed on the Dubai Financial Market, including the market capitalization of “Parkin” shares, whose shares began trading yesterday.
In the first nine sessions of Ramadan, local stocks attracted liquidity of about 14.50 billion dirhams.
About 4.19 billion shares were traded during the nine sessions.
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