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22 April 2024

DFM turnover down 60%

Dubai Financial Market (FILE)

By Reuters

Turnover on the Dubai Financial Market fell 60 per cent in 2010, slumping to a six-year low, the company said in its annual report on Wednesday.

The bourse's traded value in 2010 was Dh69.7 billion ($18.98 billion), down from Dh173.5 billion in 2009.

Last year's turnover was the lowest since 2004 and was less than a quarter of the 2008 total.

The trading slump also hurt valuations, with Dubai's index dropping 9.6 per cent in 2010, the worst performing Gulf Arab benchmark. Qatar's index was the top performer in 2010, rising 24.8 per cent followed by Saudi Arabia which gained 8.2 per cent.

The real estate and construction sector continues to dominate bourse trading, accounting for 67 per cent of turnover in 2010.

Individual investors accounted for about three-quarters of Dubai's traded value last year and institutions made up the remainder.