Gulf brokers hit by trading drought | ZAWYA MENA Edition:
A sharp slowdown in stock trading is hitting the earnings of regional brokerages as investors stay on the sidelines.
Regional political tension, global trade wars, oil price volatility and rising US interest rates have weighed on sentiment across the Gulf region and the trend is reflected in the latest crop of third quarter earnings.
Dubai-listed Al Ramz reported a 65 percent decline in third quarter profit to 4.33 million dirhams ($1.18 million) as commission income tumbled by more than a third.
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