Market-maker fund, IPOs announcement drive DFM market

 Market-maker fund, IPOs announcement drive DFM market

Dubai’s stock market on Tuesday registered sharp gains, reaching its highest since June 2018, as the government announced plans to increase liquidity in the market by listing 10 state-backed companies on the exchange.

The Dubai Financial Market’s General Index surged 113.77 points, or 3.94 per cent — hitting its highest since August 2018 on positive developments announced by the government to boost activity on the local bourse.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, announced plans to list Dubai Water and Electricity Authority in coming months. This move boosted the market sentiments, which were already high due to a Dh2 billion market-maker fund to boost trading on stock market.

Analysts said the latest initiative is aimed at making Dubai a more competitive market against bigger bourses in the region that are seeing larger listings…

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