Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, 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.
The firm, which runs securities trading in Dubai, made a net profit of AED82.8m ($22.5 million) in the three months to September 30, compared with a net loss of AED1.7m in the same period of 2012, a statement said.
The results beat estimates by two analysts. HSBC expected DFM to make a profit of AED76m and Global Investment House forecast AED65m.
Third-quarter revenue more than tripled to AED122.2m, and quarterly trading value jumped to AED49bn year-on-year from AED8.1bn.
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