http://altlanticinternationalpartnership.net/2011/05/atlantic-international-partnership-headlines-dubai-financial-market%E2%80%99s-first-quarter-net-plunges-96-amid-mideast-unrest/Dubai Financial Market (DFM) PJSC, the only Gulf Arab stock market to sell shares to the public, had a 96 percent plunge in first-quarter profit as trading volumes declined amid political unrest in the Middle East.
Net income for the quarter ended March 31 was 2.18 million dirhams ($594,000), the exchange said in an e-mailed statement today, without giving comparative numbers for the year-earlier period. The bourse had a profit of 53.58 million dirhams in the first quarter of 2010, according to Bloomberg data.
First-quarter trading volumes dropped to a daily average of 116 million from 235 million in the year-earlier period as political unrest toppled leaders in Tunisia and Egypt, according to data compiled by Bloomberg data. Abdullah Al Turaifi, chief executive officer of the Securities & Commodities Authority, said in February the market regulator would support a merger between the exchanges in Dubai and neighboring Abu Dhabi.
“Dubai Financial Market pursues an ambitious strategy to diversify revenue streams and downscale reliance on trading commissions as the main source of income,” Chairman Abdul Jalil Yousef Darwish said in the statement. “Since the beginning of this year we have started the implementation of this strategy, which will reflect positively on our revenue and profit and maximize shareholders’ value.”
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