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DFM shareholders approve financial statements for 2020
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UAE, other Gulf stocks drop on profit taking
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Saudi Arabian stocks dropped for a fourth day running as investors fear that virus-related restrictions will delay the economic recovery, while other Gulf stocks pulled back from a recent rally.
Saudi Arabia s benchmark index dropped 0.9 per cent to 8,543 points in what was its fourth straight session of losses.
The recent rally in some major Gulf markets has bypassed the kingdom as it extended the virus-related restrictions for its citizens and banned nationals of 20 countries from entering the country as a way to combat the novel coronavirus. The kingdom took these measures as it ran into short supply of vaccines stoking investor fears about the long road ahead for its economy to stage a turnaround.
Dubai: Abu Dhabi and Dubai stock markets eased back after two back-to-back gains lured investors into encashing their positions. The financial stocks led the losses after rallying in the last sessions.
Abu Dhabi Securities Exchange traded 0.4 per cent lower to 5,675 points. The index is still up 12.5 per cent for the year and has outperformed all its peers in GCC countries.
Banking stocks led the losses with Abu Dhabi s largest lender First Abu Dhabi Bank shedding 0.9 per cent to close at Dh14.9 a share.
Results disappoint
National Bank of Ras Al Khaimah dropped 3.8 per cent to Dh3.8 a share. The lender s full-year net profit slumped 54 per cent to nearly Dh505 million reflecting the impact of the pandemic on its customer base and overall economy. The bank announced a dividend of 15 fils per share amounting to just half of the cash profit it distributed to its shareholders a year before.
Robust performance indicators and numerous strategic development initiatives
Total traded value increased 24% to AED 66 billion
The DFM attracted 4,027 new investors, including 2,350 international investors
Foreign investors accounted for 50% of trading and 19% of market capitalization
Diversification of product offering with the introduction of equity futures and ETFs
Notable business continuity capabilities owing to the Smart Borse services
Dubai Financial Market Company (PJSC) today announced its results for the financial year ending 31 December 2020, posting a net profit of AED 137.9 million, a 14% growth compared to AED 120.6 million in 2019. Total revenues increased 7% to AED 337.2 million compared to AED 315.8 million. The total revenue comprised of AED 219 million of operational revenues and AED 118.2 million of investment revenues and others. Company expenses reached AED 199.3 million during 2020 compared to AED 195.2 million in 2019.
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