MAC Sharaf Securities LLC, a Dubai- based brokerage, has sought approval from the market regulator to halt operations for a year, joining more than 12 companies making similar requests after volumes and stocks slumped.
“We have decided to voluntarily suspend operations of the brokerage business as we review the market over the next year,” Gerhard Hametner, MAC Sharaf’s marketing manager, said in a phone interview today. “Volumes have not been sufficient enough to sustain brokerage firms in the market for some time.” MAC Sharaf has 25 employees, Hametner said.
The volume of shares traded in Dubai plummeted to a daily average of 160 million this year from 457 million in the year- earlier period. Dubai’s benchmark index of 32 stocks slumped 80 percent to 1,701.15 at the close today after reaching a record in November 2005.
No comments:
Post a Comment