Dubai Financial Market trades surge after commission cancelled

Highest number of daily transactions since the beginning of 2021

  
An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

REUTERS/Satish Kumar

The number of trades on the Dubai Financial Market (DFM) jumped over 160 percent, a day after the bourse cancelled the minimum trading commission. 

Total number of trades on Wednesday hit 6,739 transactions, the highest number of daily transactions since the beginning of this year, DFM said in a statement. This compares with 2,579 transactions on Tuesday.

The number of trades today also increased 146 percent when compared with the average year-to-date (YTD) count of 2,740.

The DFM General Index had gained 13.6 points (0.50 percent) to 2,916.60 points, at close of trade, taking its YTD gains to 17 percent.

The DFM decision to waive minimum trading commission is part of ongoing efforts to boost retail participation in the market. The Abu Dhabi Securities Exchange (ADX) has also waived the minimum commission fee for listed securities effective today. 

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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