The Dubai Financial Market, the only publicly listed Arabian Gulf stock exchange, posted a 19.2 per cent drop in second quarter net profit on lower trading commission fees.
Net profit attributable to equity owners in the three months to the end of June fell to Dh43.2 million compared with Dh53.5m in a year-earlier period, the exchange said in a statement.
Total income declined 10 per cent to Dh92.1m from Dh102.3m a year earlier. Trading commission fees, the main source of income, dropped 22.8 per cent to Dh49.3m from Dh63.9m.
The stock exchange, which is up 1.81 per cent year-to-date, had a trading value of Dh70 billion in the first half of this year, a 1 per cent increase from a year-earlier period.
The DFM said that it is working on a number of initiatives to boost liquidity in the market, which has languished because of regional instability, anaemic investor confidence and lack of new entrants to the bourse.
In March, the exchange introduced a platform for exchange-traded funds.
The DFM said that it hopes to introduce regulated short-selling this year and real estate investment trusts (Reits) next year, as part of a 2021 strategy aimed at diversifying asset classes to elevate the bourse to developed market status. Short selling is the practice of selling borrowed shares in the hope of buying them back later at a lower price.
The bourse expects two initial public offerings to take place between now and the end of next year as confidence begins to pick up, Hassan Al Serkal, executive vice-president of DFM, said earlier this month.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
