Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - DFM to rev up exposure to new investors: Global  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/12/2013
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) Dubai Financial Market (DFM), the Gulf's only listed stock exchange, is set to attract more investors following an increase in the number of brokerage houses authorized to provide Direct Market Access service, Global Research said in its investment update.

DFM, which has swung to a third-quarter net profit due to higher trading values and bullish investor sentiment on back of continued economic recovery in the emirate, is increasing its "exposure to new investors" as it authorises more brokerage houses to conduct Direct Market Access, or DMA, said Global in its latest update.

The DMA allows investors to trade in DFM over the internet through the online portals of brokerage houses.

Recently DFM increased the total number of its brokerage firms providing this service to 11 companies which is four times as much as they had in the beginning of 2013, said the #Kuwait based research company said.

The latest brokerage to receive accreditation for DMA service is the Abu Dhabi-based Al Ramz Securities. Other brokerages given accreditation this year include Mashreq Securities, Mubasher Financial Services, HSBC Middle East Securities, Adib Securities, and EFG Hermes.

Global noted that the latest financials from DFM for the period ended in September demonstrated a massive growth in profit. Net profit for the first nine months of 2013 was Dh176 million, up from Dh37 million in the same 2012 period, a jump of 376 per cent. The third quarter net profit was Dh81 million, up from a net loss of Dh2 million in the same 2012 period. "This increase was due to the tremendous increase in the daily traded value on the indices," Global said.

The average daily traded value on DFM surged 165 per cent in the first three quarter and 505 per cent in the third quarter year on year. "This was a result of improved inveor sentiment over the news of upgrading the #UAE to emerging markets and to the most recent news of Dubai wining the bid to host the World Expo 2020. Apart from the above mentioned reason, Dubai market rallied on the real estate recovery in which majority sectors have investments," Global said.


DFM's top-line almost doubled in the first nine months to reach Dh304 million. "The main reason for the huge increase was a substantial jump in trading commission fees. The latest data showed that the trading commission fees witnessed an increase of 154 per cent to Dh231 million during the first nine months and a staggering 611 per cent increase to Dh104 million in quarter three," said the investment update.

Although it's understandable that the revenues from trading commission fees will grow at a faster pace from the momentum that DFM is going through because of the good investor expectations for the country, the other fees did not grow at a significantly level. The brokerage fees fell by 15 per cent, fees generated by ownership transfer and mortgages rose 56 per cent while the other fees grew at a stable pace of nine per cent year on year in the nine-month period.

Global said the Expo win is expected to boost Dubai's gross domestic product, or GDP, by two per cent over the coming years. "We also estimate that the upgrade of the #UAE to an emerging market will attract hefty cash flows to the country which will bring new cash flows to Dubai's NASDAQ and DFM. The implementation of the upgrade will happen at the start of second quarter 2014 and we expect a sizable flow into the markets in the quarters after the induction of the #UAE to the index."

The MSCI Emerging Market Index gave the #UAE a weight of 0.4 per cent. The upgrade had a huge bearing on our estimates which we have significantly revised, the investment update by Global said.

 


Khaleej Times




  MENA News Headlines
 Apr 24 2017 - Palestinian leader leaves KuwaitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 24 (KUNA) -- Palestinian President Mahmoud Abbas has left Kuwait following a two-day official visit to the country, where he held official talks ...

 Apr 24 2017 - Kuwait- Juncker congratulates Macron on victory in 1st round of electionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, April 24 (KUNA) -- The President of the European Commission Jean-Claude Juncker has congratulated the Centrist candidate in France's Presidential ...

 Apr 24 2017 - Kuwait- FM meets US Presidential EnvoyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 24 (KUNA) -- Kuwaiti First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah received in his office on Monday ...

 Apr 24 2017 - Int'l pledging conf. for Yemen is priority for KuwaitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) GENEVA, April 24 (KUNA) -- Kuwait gives priority to a high-profile international pledging conference for Yemen in Geneva on Tuesday, a senior Kuwaiti diplomat ...

 Apr 24 2017 - Kuwait- Briefing of KUNA main news for Monday until 12:00 GMTKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT -- Visiting US Special Presidential Envoy for the Global Coalition to Counter the So-called Islamic State (IS) Brett McGurk said on Monday that Kuwait's ...

 Apr 24 2017 - Kuwait- Al-Jarallah departs to Switzerland for Yemen's humanitarian conf.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 24 (KUNA) -- Kuwait's Deputy Foreign Minister Khaled Suleiman Al-Jarallah departed on Monday to Geneva to attend an international humanitarian ...

 Apr 24 2017 - France condemns deadly attack in AfghanistanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, April 24 (KUNA) -- France on Monday condemned a major deadly "terrorist" attack in Afghanistan that killed more than 100 people and wounded many others in ...

 Apr 24 2017 - Kuwait making much headway in IT - KUNA's chief editorKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) SHARM EL-SHEIKH, April 24 (KUNA) -- KUNA's Deputy Director-General for the Editorial Sector and Editor-in-Chief Saad Al-Ali on Monday said information technology ...

 Apr 24 2017 - Saudi- Foreign Minister receives Kazakhstan's CounterpartSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Rajab 27, 1438, April 24, 2017, SPA -- Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir received here today Kazakhstani Foreign Minister Khairat Abdul ...

 Apr 24 2017 - Saudi- World's first malaria vaccine to be tested in three African countriesSaudi Press Agency
(MENAFN - Saudi Press Agency) Johannesburg, Rajab 27, 1438, April 24, 2017, SPA -- The world's first malaria vaccine will be made available in Kenya, Malawi and Ghana starting in 2018, the World ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help