Air Arabia’s market debut defies sceptics

Air Arabia’s shares yesterday gained about 14 per cent on the first day trading on the Dubai Financial Market to defy sceptics expectation for the low-cost carrier’s stocks. Trading of stocks, which opened at Dh1.07, went up to Dh1.14 and hit a low of Dh1.05 before closing at Dh1.10, up 10 per cent, registering a total volume of 695.8 million shares traded, valued at Dh767.7 million (US$209 million) or almost 50 per cent of DFM’s total transaction value of Dh1.55 billion yesterday.