DFM closes trading floor as a precaution against coronavirus

Trading activity continues as usual and participants urged to use digital platforms or licensed brokerages

Dubai Financial Market (DFM) is shutting its trading floor starting today until further notice as a precaution against the novel coronavirus outbreak, a day after similar measures were adopted by the Abu Dhabi Securities Exchange.

Trading activity will continue despite the temporary closure of the hall and the stock exchange urged investors to use digital platforms or licenced brokerage companies, DFM said on Monday.

"The temporary closure of the trading floor does not affect trading activity as it continues as usual," Hassan Al Serkal, chief operating officer of the DFM, said. "Investors can carry on with their activities through the DFM online and smart platforms as well as the licensed brokerage firms."

The DFM is the third bourse in the Gulf to temporarily close premises to traders, following statements from ADX  on Sunday and Boursa Kuwait on Saturday undertaking the same measures.

During the DFM's temporary closure of its trading hall, only employees of brokerage companies with offices located in the premises can enter, the exchange said.

The bourse successfully implemented a remote working exercise last week and reaffirmed its ability to continue its role "in spite of any circumstances", Mr Al Serkal said.

Businesses globally are adopting precautionary measures after the World Health Organization classified the coronavirus as a pandemic. Some countries have suspended all flights for a two-week period, other have scaled back or suspended flights to countries with a large number of infections.

Theme parks, cinemas and gyms across Dubai will be closed for the rest of the month to contain the spread of coronavirus, authorities announced this week. Over the past few days, as a precaution, many public areas across Dubai and Abu Dhabi have been closed off to visitors including beaches, spas and amusement parks. Officials from the Department of Economic Development in both emirates said the aim was to limit gatherings that "may be the cause of the transmission of infection" of the virus.