By: Mahmoud Gamal
Dubai – Mubasher: GFH Group’s stock rose on Thursday on the Dubai Financial Market (DFM) amid positive expectations with regards to the company's planned listing on the Saudi Stock Exchange (Tadawul).
By 12:40 pm UAE time, the stock added 1.43% to AED 1.42, after 44.74 million shares were traded, generating AED 63.05 million through 584 transactions.
The group is expected to succeed in its listing on Tadawul, analysts told Mubasher.
GFH Group’s listing on Tadawul is a positive sign for the stock, said Al-Sharhan Stock Centre general manager Jamal Ajaj.
The group’s management is experienced in dual-listing as seen with the stock's presence on the Bahrain Bourse, DFM, and Boursa Kuwait, Ajaj told Mubasher, noting that the Saudi market has a huge turnover.
The only negative aspects the group could face following the Tadawul listing is the decline trading facilities foreigner investors enjoy, the analyst commented.
Translated by: Muhammad Abdulwakeel