Dubai Financial Market (DFM), the Arabian Gulf’s only listed stock exchange, reported a 70 percent fall in third-quarter net profit on Monday as trading activity plunged, tracking a slump in oil prices.
The company, which runs securities trading in Dubai, made a net profit of Dh45.4 million in the three months to September 30, down from a net profit of Dh153.5m in the year-ago period, a statement said.
Trading commissions are the main source of income for DFM. During the third quarter, the value of trades on the exchange fell 63 per cent to Dh29 billion, year-on-year.
Dubai’s government owns a majority stake in DFM through holding company Borse Dubai.
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