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Dubai Financial Market Q1 net profit falls 8 pct

2010-05-02

 Dubai Financial Market DFM.DU (DFM) said on Saturday it saw positive indications for "significant stability" in the market after posting an 8.4 percent fall in first-quarter net profit. The firm made 53.6 million dirhams ($14.6 million) in the three months ended March 31, compared to 58.5 million dirhams in the first quarter of last year, it said in a statement."The revenue and profits of Q1-2010 are clear evidence that our market is more stable and in a better condition compared to a year ago," Executive Chairman Essa Kazim said in the statement."Market performance during the last few months shows positive indications for significant stability and relative progress which allows us to look forward more optimistically," DFM"s Kazim added.Trading value in the first quarter rose by an annual 5 percent to 28.98 billion dirhams, the firm said. DFM"s profit fell by almost half in 2009 as market turnover slumped 43 percent to a five-year low of $47.2 billion. ADX turnover slid 70 percent last year to $19.1 billion.]This collapse in trading was spurring UAE bourses to consolidate, analysts say, with many questioning the wisdom of having three stock exchanges -- DFM, ADX and Nasdaq Dubai - in a country of 5 million people, while consolidation would boost liquidity and with it valuations.Kazim said in March DFM owners and the Abu Dhabi Securities Exchange have held merger talks, and last week two people familiar with the matter said a merger of the two was imminent.


 

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