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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 ABU DHABI SECURITIES MARKET Rashid Al Bloushi Acting Director General The number of executed trades which rose to 715,742 trades compared to 565,562 trades in 2005, an increase of 26.6%. The daily average number of trades in 2006 reached 2,538 compared to 1,885 in 2005. At the end of 2006 the Abu Dhabi Securities Market (ADSM) had 60 companies listed, Whereas, the number of listed companies at the end of 2005 was 59. The index decreased from 5,202.95 in 2005 to 2,999.66 in 2006. The value of trading decreased from US$ 28.507 (AED 104.7 billion) in 2005 compared to US$ 19.2 billion (AED 70.600 billion) in 2006, a decline of -32.6%. Moreover, the daily average value of trading in 2006 decreased to US$ 68 million (AED 250 million) compared to US$ 95 million (AED 349 million) in 2005. In 2006 there were 282 trading days compared to 300 days in the previous year. The number of shares traded in 2006 increased to 11 billion shares compared to 8 billion shares traded over the previous year 2005, an increase of 36.6%. Moreover, the daily average of traded shares also rose to around 40 million shares compared with 27 million shares in 2005. The number of executed trades which rose to 715,742 trades compared to 565,562 trades in 2005, an increase of 26.6%. The daily average number of trades in 2006 reached 2,538 compared to 1,885 in 2005. The market capitalization of companies listed at the ADSM at the end of 2006 was US$ 80 billion (AED 296,5 billion), compared to US$ 132.4 billion (AED 486.3 billion) at the end of 2005 a decrease of 64%. HISTORY AND DEVELOPMENT Trading securities in the United Arab Emirates dates back to the early 1960s when public shareholding companies started to exist. It was a generic and haphazard era with a securities market created and operated by the mediation of brokerage firms. Trading in such an unstructured environment had created flaws and imbalances in the market, especially with the absence of a proper mechanism to conclusively determine the value of securities, the absence of supervision and control of brokerage firms as well as the lack of transparency and disclosure by the traded companies. This tremulous situation had an adverse impact in establishing fair policy for evaluating securities, and resulted in severe fluctuations in the market. In view of this chaos values of most of the shares were overstated leading to consequences and heavy losses to the investors. Taking the above facts into consideration, the issue of regulating the securities market became significantly important with a view to its crucial role in the domestic economy. Plans have been set up to organize the market in order to ensure integrity and smoothness of trading and the movements of prices based on the power of supply and demand and the information disclosed by the listed companies. Within this framework, intensive efforts resulted in the promulgation of Law No. (4) of 2000 concerning the establishment of the UAE Securities & Commodities Authority and the establishment of securities market. FUTURE OUTLOOK In 2007, the ADSM plans to: • continue activities to support growth in listings, turnover and liquidity: • encourage listing of family companies and foreign companies • increase system capacity to cope with growing market volumes • enhance IT processes and information distribution • enhance market standards in the areas of: • corporate governance • capital adequacy and surveillance of brokers • broker education and qualification • further enhance registry and CSD services • expand the bond market • link trading with other international Securities Markets, and; • strengthen regulations and rules including: • commercial and capital market law • securities regulation • ADSM rules for listing, brokers and trading PAGE 24
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 ABU DHABI SECURITIES MARKET OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 914.40 33.87 200.32 7.42 Aug-06 968.84 37.26 203.13 7.81 Sept-06 2,144.79 93.25 314.35 13.67 Oct-06 515.01 28.61 314.35 17.46 Nov-06 559.56 25.43 655.47 29.79 Dec-06 599.85 31.57 583.81 30.73 TOTAL 5,702.45 41.67 2,271.43 17.81 Bonds Jul-06 0.0 0.0 0.0 0.0 Aug-06 11.73 0.45 3.02 0.116 Sept-06 0.01 0.0005 0.0001 0.00005 Oct-06 0.0008 0.00004 0.0001 0.0000004 Nov-06 0.004 0.0002 0.0002 0.000009 Dec-06 0.0006 0.00003 0.00002 0.000001 TOTAL 11.75 0.08 3.02 0.02 Other Jul-06 n/a n/a n/a n/a Aug-06 n/a n/a n/a n/a Sept-06 n/a n/a n/a n/a Oct-06 n/a n/a n/a n/a Nov-06 n/a n/a n/a n/a Dec-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-06 90,557.26 3,471.00 Aug-06 95,920.18 3,596.82 Sep-06 93,979.87 3,544.00 Oct-06 91,134.49 3,399.00 Nov-06 80,645.19 2,975.00 Dec-06 80,742.57 2,999.66 CONTACT INFORMATION 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 4,000 100,000 3,500 90,000 3,000 80,000 70,000 2,500 60,000 2,000 50,000 1,500 40,000 1,000 30,000 20,000 500 10,000 0 0 July Aug Sept Oct Nov Dec July Aug Sept Oct Nov Dec Contact Name Mr. Saeed Khaouri E-mail skhaouri@adsm.co.ae Website www.adsm.co.ae PAGE 25
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