By Neeraj Gangal
Dubai-based stock exchange eyes school & university students for simulated trading game.
Dubai Financial Market (DFM) announced the launch of its stock game designated for school and university students for the seventh consecutive year.
A press release on Sunday said that the stock game is an annual initiative from the Dubai Financial Market aimed at raising awareness of investment through spreading the culture of investment among the new generation.
The Dubai-based stock exchange informed that the competition has received a massive response from various educational institutions during the last six years, where almost 7779 students representing 38 different educational institutions took part.
A seminar program aimed to educate students about the stock game has already started mid-February. Interested participants can register before the deadline, Mar 31. The competition will be held throughout April and the results will be announced on May 3, followed by an awards ceremony on May 7.
Throughout the stock game, students will have the chance to virtually trade in securities listed on the Dubai Financial Market through the market website as per the live prices during trading hours of DFM.
As per the rules, the students get the chance to trade in a real market place as the corporate actions that may take place during the competition, such as dividends, bonus shares and the closure of the register are implemented similarly to the real market. Each student will get a virtual amount of AED 1,000,000 and can use it to buy shares and securities during the competition.
The value of prizes during the last six years totaled AED 224,000 ($60,983) while the total value for this year will be AED 42,000 ($11,435). Winners are defined by the gains attained during the competition. DFM would be announcing a weekly summary during the period of the competition.
The first winner will receive a cash prize of AED 15,000 ($4084), the second a cash amount of AED 10,000 ($2723) and the third a cash amount of AED 5,000 ($1361). Moreover an AED 1000 cash amount will be distributed to students falling in the fourth and fifteenth place in addition to certificates of appreciation and trophies.
Mubarak Al Doosari General Coordinator of DFM stock game said: “[DFM] stock game is an essential tool to create a new experienced and knowledgeable generation whether they seek to be investors or professionals in investment and financial services in the future.”
“Educational institutions are very enthusiastic to take part in the stock game, as they understand the importance of such event,” he added.