UAE stocks to have 5 percent decline limit effective Wednesday

The Securities and Commodities Authority (SCA) has imposed a 5 percent daily lower fluctuation limit for shares effective Wednesday, March 18th, and until further notice.

A decision towards this effect has been issued by Sultan bin Saeed Al Mansouri, Minister of Economy, Chairman of SCA, in a bid to mitigate market losses amid a free fall in share prices on coronavirus concerns.

Some shares may be allowed to drop as much as 7 percent as per evaluative criteria subject to SCA's approval, according to decision.