The UAE's Securities and Commodities Authority halved the limit that causes trading to halt once losses hit a specific level to support investor confidence amid increased selling activity in the wake of the coronavirus outbreak.
The loss thresholds triggering trading suspension were reduced to 5 per cent from 10 per cent, the market regulator said in a statement Thursday on state news agency Wam and Twitter.
The SCA said it is facilitating share buybacks for listed companies to further support local stock markets without “adversely affecting the trades taking place”. Short-selling practices “are not in place in UAE capital markets” it said.
All listed companies have also been instructed to hold their general assembly meetings remotely via a secure remote e-voting system, the SCA said.
The UAE regulator’s move comes as the coronavirus pandemic wiped $20 trillion ($73.4tn) from markets worldwide, after disrupting supply chains, global trade and severely curtailing the airline and travel industries.
In March, Boursa Kuwait was one of the first in the region to reduce the loss limit for trading to 5 per cent after the Kuwait Premier Market hit a 10 per cent down-limit three times in a period of two weeks.
A massive sell-off in US stocks also triggered circuit breakers – limits that halt trading for 15 minutes if the markets slump by 7 per cent or more- to kick in multiple times within a week last month, as investors engaged in a sell-off fearing a recession.
The coronavirus has infected more than 941,000 people globally and killed over 47,000 as of Thursday, according to Johns Hopkins University that tracks the outbreak. About 196,000 people have recovered.
Globally governments have also released more than $7 trillion in economic stimulus packages to help businesses survive the economic fall out.
The US rolled out an initial $2tn stimulus package, the largest in the country's history, to soften the impact of the coronavirus and shore up the economy. Washington is currently reviewing an additional wave of packages.
The UAE is releasing Dh126 billion stimulus to support the economy while the country's central bank urged lenders to provide payment holidays on loans for customers affected by Covid-19.
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
The Cockroach
(Vintage)
Ian McEwan
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The%20specs
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY%20PROFILE
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Killing of Qassem Suleimani
