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.
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