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Borouj urges meeting over market crash
Borouj Securities called for an emergency meeting to discuss the sharp decline on local stock markets in the last week and find solutions to it.
- WAM
- Published: 23:41 November 15, 2008
Abu Dhabi: Borouj Securities called for an emergency meeting to discuss the sharp decline on local stock markets in the last week and find solutions to it.
The call gained support from brokerage companies, the Emirates Securities and Commodities Authority (Esca), Abu Dhabi Securities Market and Dubai Financial Market.
"It has become necessary for the private and public sectors to collaborate efforts to curb losses in stock markets," Hussam Al Ameri, director general of Borouj said in a memorandum issued to the heads of the Abu Dhabi and Dubai stock markets. He also called for engaging the UAE Central Bank in finding a radical and an effective solution to the crisis.
The move came in the wake of the sharp decline witnessed by local stock markets, especially in the last week when the Esca index fall 18.3 per cent lower than the previous week. Share index has fallen by 49.6 per cent since the beginning of this year.
The total market value of shares listed on stock markets dropped to Dh432.4 billion last week, said Al Ameri, who underlined the importance of an emergency meeting to be held under the title "Support and activate stock markets in the UAE."
The meeting will be held under the patronage of Esca in its capacity as the regulatory body of stock markets. It plays an important role in dealing with such emergency situations and takes serious and rapid decisions, Al Ameri said.
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