AIRLINK 172.90 Decreased By ▼ -2.83 (-1.61%)
BOP 13.23 Increased By ▲ 0.11 (0.84%)
CNERGY 7.43 Decreased By ▼ -0.11 (-1.46%)
FCCL 43.50 Decreased By ▼ -0.41 (-0.93%)
FFL 14.91 Decreased By ▼ -0.10 (-0.67%)
FLYNG 26.50 Decreased By ▼ -0.40 (-1.49%)
HUBC 129.31 Decreased By ▼ -0.92 (-0.71%)
HUMNL 13.35 Increased By ▲ 0.01 (0.07%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 6.00 Decreased By ▼ -0.06 (-0.99%)
MLCF 55.58 Decreased By ▼ -0.45 (-0.8%)
OGDC 213.25 Decreased By ▼ -1.52 (-0.71%)
PACE 5.89 Decreased By ▼ -0.09 (-1.51%)
PAEL 41.19 Increased By ▲ 0.29 (0.71%)
PIAHCLA 16.62 Increased By ▲ 0.30 (1.84%)
PIBTL 9.58 Decreased By ▼ -0.17 (-1.74%)
POWER 11.54 Decreased By ▼ -0.22 (-1.87%)
PPL 179.00 Decreased By ▼ -2.48 (-1.37%)
PRL 33.81 Decreased By ▼ -0.41 (-1.2%)
PTC 22.87 Decreased By ▼ -0.19 (-0.82%)
SEARL 94.20 Decreased By ▼ -1.52 (-1.59%)
SILK 1.17 Increased By ▲ 0.03 (2.63%)
SSGC 35.10 Decreased By ▼ -0.35 (-0.99%)
SYM 15.73 Decreased By ▼ -0.02 (-0.13%)
TELE 7.82 Decreased By ▼ -0.05 (-0.64%)
TPLP 10.83 Decreased By ▼ -0.15 (-1.37%)
TRG 60.85 Increased By ▲ 0.35 (0.58%)
WAVESAPP 10.69 Decreased By ▼ -0.12 (-1.11%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,052 Decreased By -1.3 (-0.01%)
BR30 36,449 Decreased By -17.8 (-0.05%)
KSE100 113,944 Decreased By -412.5 (-0.36%)
KSE30 35,132 Decreased By -215.3 (-0.61%)

BERLIN: Less than three months after a high-profile stock market debut, luxury carmaker Porsche is set to join Germany’s blue-chip DAX index, edging out sportsgear maker Puma. Porsche will be promoted onto the Frankfurt index of Germany’s 40 leading firms on December 19, stock exchange operator Deutsche Boerse said in a statement late Monday.

The firm’s “fast entry” into the DAX showed that “our business model is robust and attractive to investors, even in a challenging environment,” Porsche’s chief finance officer Lutz Meschke said on Tuesday.

The maker of the iconic 911 sports car raced onto the Frankfurt stock exchange in late September with one of Europe’s biggest listings in years.

Parent company Volkswagen raised around nine billion euros ($9.4 billion) in the IPO, money that will help finance the group’s costly shift to electric vehicles.

Porsche has quickly become an investor favourite, its share price climbing by almost 30 percent from 82.50 euros initially to around 106 euros in early afternoon trading on Tuesday.

The company’s current valuation, at just over 96 billion euros, now surpasses that of its parent VW at 83.5 billion euros, according to Bloomberg.

Porsche has also outpaced fellow German carmakers Mercedes-Benz, valued at 68.8 billion euros, and BMW at 56.5 billion.

Porsche’s arrival in the top 40 will push Puma out of the DAX.

It will instead be listed on the MDAX index for medium-sized companies, Deutsche Boerse said.

Like its competitors, Puma is going a through turbulent time as high inflation and ongoing Covid 19-related restrictions in key market China weigh on demand. The company recently lost its CEO, Bjorn Gulden, to German rival Adidas.

Comments

Comments are closed.