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The capital market authority expects trading volume to increase as soon as ZAIN's deal is completed

2009-07-28

Hamed Jad wrote:

The CMA"s board of directors" chairman Mr. Maher Al Masri expected that trading volume in the stock market will witness a remarkable improvement as soon as ZAIN"s deal is completed, in addition to listing four new companies in the market to reach 42 listed companies. In a conversation with Al Ayyam newspaper, Al Masri considered the completion of the deal and the entry of new companies into the market is one of the essential elements of the market to regain its activity in terms of trading volume. He indicated that four companies had recently applied to list their shares in the market after they had convoyed the listing conditions and procedures, assuring that this is considered one of the most essential objectives of the CMA which seeks to develop the financial market"s performance. Trading value for the first half of the last year reached $887 million, while trading volume reached 244 million shares and contacts amounted more than 100 thousands, where trading value reached in the same period of this year to $335 million and trading volume 146 million and contracts of 52 thousands. Also the daily average for trading value reached $7.15 for the first half of the last year comparing to $2.70 million for the first half of the currents year. Al Masri indicated a series of legislations and procedures that the authority is tending to accomplish in order to provide the market with essentials that guarantee its position among the financial markets.