The Dubai Financial Market, the emirate’s publicly traded stock market, said that its second quarter net income fell 60 per cent as trading declined, lowering the commissions that the bourse gets.
Net income fell to Dh53.5 million in the three months ended June from Dh132.4m in the same period the previous year. Revenue fell to Dh100m in the second quarter from Dh178.1m in the same period last year.
“The slowdown in trading activity during the first half of 2016 has overshadowed the revenue and profit of the DFM company,” said Essa Kazim, chairman of the DFM.
“Meanwhile, the market has demonstrated a high level of resilience considering the unfavourable circumstances of lower oil prices as well as international markets’ volatility.”
The value of stocks traded on the DFM decreased 33 per cent to Dh69.5 billion during the first half of the year compared to Dh103.4bn in the same period last year.
The Dubai Financial Market General Index fell 1.3 per cent during the second quarter. Despite that drop, the index has recovered most of the losses from the massive dip at the beginning of the year amid a global equity sell off.
mkassem@thenational.ae
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