The Dubai Financial Market (DFM), the only publicly listed exchange in the Arabian Gulf, recorded a 22 per cent drop in the third-quarter net income, pulled down by lower trading commission fees amid lack lustre trading.
Net profit in the three months ending September 30 slipped to Dh27.7 million, from Dh35.4m reported a year earlier.
Revenue fell 8.8 per cent to Dh74m, down from Dh81.1m while trading values for the third quarter plunged 23 per cent to Dh16.7 billion from Dh21.7bn recorded in the year-earlier period. Commission fees are the main source of income for the exchange.
Dubai's benchmark DFM General Index (DFMGI) has gained 2.8 per cent since the beginning of this year, while the shares of the bourse that trade as DFM Company are down 7.2 per cent year-to-date.
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Read more:
Nasdaq Dubai, DFM to launch index-linked futures contracts
Dubai stock market targets short-selling by year end
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Stock markets in the GCC region, including the DFM, have missed the global equities rally this year amid slowing economies and lower oil prices which have kept investors on the sidelines.
The S&P 500 Index in the US on the other hand, has hit multiple records in 2017 while MSCI’s benchmark tracking performance of the emerging markets has also reported significant gains.
There are now signs of a an uptick in trading activity. The DFM is working on a number of initiatives to boost liquidity, including the introduction of short-selling – the practice of selling borrowed shares in the hope of buying them back later at a lower price.
The bourse is also expecting to host new companies on its trading platform including the real estate development business of Emaar Properties, when the UAE’s biggest listed developer floats a 20 per cent stake in its unit in November.
“We look forward to see further momentum during the coming period propelled by the strong, competitive and globally reputable national economy as well as DFM’s various initiatives,” said Essa Kazim, chairman of DFM.
Nasdaq Dubai and DFM will this year launch futures contracts linked to the DFMGI that will trade on Nasdaq Dubai's equity futures market, in a move intended to expand the exchanges' offerings to investors.
Nasdaq Dubai last year initiated single-stock equity futures that now feature 13 companies, including eight traded on the DFM.
“As part of DFM’s strategy 2021, we have launched numerous initiatives including; the ETF trading platform and the liquidity provision and market making service, which currently includes two members providing the service to three listed companies,” said Mr Kazim.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Frida%20
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Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
KILLING OF QASSEM SULEIMANI
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Dunbar
Edward St Aubyn
Hogarth
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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