Financial market

Dubai financial market transactions soar after commission cancellation

The number of transactions on the Dubai Financial Market (DFM) jumped more than 160%, a day after the exchange waived the minimum trading commission.

The total number of transactions on Wednesday reached 6,739 transactions, the highest number of daily transactions since the start of this year, DFM said in a statement. This compares to the 2,579 transactions on Tuesday.

The number of transactions today is also up 146% from the Year’s Cumulative Average (YTD) of 2,740.

The general DFM index had gained 13.6 points (0.50 percent) to 2,916.60 points, at the close of trade, bringing its YTD gains to 17 percent.

The DFM’s decision to forgo the minimum trading commission is part of ongoing efforts to boost retailer participation in the market. The Abu Dhabi Securities Exchange (ADX) has also removed minimum commission charges for listed securities effective today.

(Written by Brinda Darasha; edited by Daniel Luiz)

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© ZAWYA 2021

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