Dubai: On the third day of trading, the LuLu Retail stock ended positive at Dh2.05 a share, having started the day at Dh2.03. The listing price on ADX was at Dh2.04, which was November 14. That day it closed at par value.
"LuLu shareholders will be relieved to see the stock in the green, albeit a small rise," said an analyst. "The volumes have been solid and it's all been dictated by retail investors. From here on, investors can hope for some incremental gains."
Just minutes before the day's close, the stock was up 1.48% to Dh2.06, but eventually had to settle at the Dh2.05 mark.
In all, the stock had volumes of 107.7 million for a combined value of Dh220.1 million.
"Unless there is a major announcement before year-end, the heavy action on LuLu stock should come around the time they announce the 2024 annual results," said another analyst.
Interestingly, UAE Nationals seem to have picked up more of the LuLu shares in these three days. At the time of listing, their share was just over 9%, and which has now risen to 10.14%.
Foreign investors hold just over 77% of the hypermarket operator's stock, which is among the higher percentages of ADX listed entities.
