Abu Dhabi: Despite the recent plunge in the UAE’s stock markets, Abdullah Al Turifi, chief executive officer at the Securities and Commodities Authority (SCA), said he was not worried about market performance.
“The market has gone up 4.25 per cent since the beginning of January, and this is one of the highest jumps in the region, and it’s despite all economic issues that have been going on.
I am not worried about the daily movements of the markets; it’s very normal to go up and down because this depends on supply and demand,” he told Gulf News.
Al Turifi, the head of the UAE’s market regulator, said he was optimistic about the market, adding that he was confident that investors who withdrew from the market during its fall will return.
The CEO added that SCA had many regulations in place in order to monitor market movements, and that it will update its list of regulations in 2015.
In December, the Dubai Financial Market index alone fell 11.85 per cent, with analysts attributing the drop to tumbling oil prices, which halved in a matter of weeks.
As the index fell from its regular levels of above 4,000 to its current 3,723, the market blue chips and powerhouses also slid, with many of them having their share prices cut in half as more investors sold shares.
On Monday, the DFM index fell 3.6 per cent with 30 out of 35 traded companies ending in the red, while the Abu Dhabi Securities Exchange general index declined 0.78 per cent to end at 4,534.
