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Tue 17 Mar 2020 07:34 PM

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UAE set to limit daily decline in shares to 5% amid virus impact

Move comes as Dubai and Abu Dhabi's main stock indexes are both down 32% this month as Covid-19 hits financial markets globally

UAE set to limit daily decline in shares to 5% amid virus impact

The UAE has imposed a 5 percent daily lower fluctuation limit for shares from Wednesday as markets in Dubai and Abu Dhabi joined a global rout.

Some shares may be allowed to drop as much as 7 percent, according to a statement posted on the website of the Securities & Commodities Authority.

It didn’t provide further details.

Dubai and Abu Dhabi’s main stock indexes are both down 32 percent this month. The previous fluctuation limit was 10 percent.

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