Dubai suspends issuance of business permits until March 31

Dubai suspends issuance of business permits until March 31
Dubai suspends issuance of business permits until March 31

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Jeddah - Yasmine El Tohamy - DUBAI: The UAE two major bourses are implementing a tighter limit down cap of listed securities starting Wednesday as a precaution against market volatility because of the coronavirus outbreak.

The Securities and Commodities Authority (SCA) earlier imposed a 5 percent limit down cap, from 10 percent previously, while the limit up cap remained on its current level of 15 percent.

Some shares may be allowed to drop as much as 7 percent as per evaluative criteria subject to SCA’s approval, according to the decision issued by UAE economy minister Sultan bin Saeed Al-Mansouri, who is also chairman of SCA, in a bid to mitigate market losses amid a free fall in share prices on coronavirus concerns.

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