DFM clarifies Reuters report about a possible merger with ADX
The buying spree continued at the local Dubai market, the DFM, sending the DFM General Index 0.91 per cent higher to 4,786.32 points on Wednesday, April 9. As the only Arab bourse traded on an exchange, the DFM’s listed shares edged up by 3.13 per cent to close at AED3.62. The DFM announced in a filing to the securities and commodities authority – the national regulator of UAE capital markets – that it was not involved in any discussions between the Abu Dhabi government and the Dubai government on a possible merger between the DFM and the Abu Dhabi exchange. On Monday, Reuters quoted Sheikh Ahmed bin Saeed Al-Maktoum, the head of Dubai’s supreme fiscal committee, in a report saying that both emirates had agreed in principle to put the two UAE exchanges together, but the details had yet to be discussed. “We have no further information that can be disclosed,” says the DFM, adding that the bourse as committed fully to disclosure and transparency regulations.