March 17, 2020 / 5:56 PM / 12 days ago

UAE sets new limit of 5% for stocks' daily drops as of Wednesday - WAM

DUBAI, March 17 (Reuters) - Shares in the United Arab Emirates stock exchanges will be allowed to drop a daily maximum of 5% as of Wednesday, state news agency WAM reported.

It cited a decision by the UAE’s Minister Of Economy And Chairman Of The Securities And Commodities Authority (SCA) Sultan bin Saeed al-Mansouri as saying the stock market could increase the limit to 7% for select stocks based on criteria that need to be approved by the SCA. (Reporting by Nayera Abdallah, writing by Davide Barbuscia Editing by Chizu Nomiyama)

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