UAE sets new limit of 5% for stocks' daily drops as of Wednesday - WAM

Shares in the United Arab Emirates stock exchanges will be allowed to drop a daily maximum of 5% as of Wednesday, state news agency WAM reported.

It cited a decision by the UAE's Minister Of Economy And Chairman Of The Securities And Commodities Authority (SCA) Sultan bin Saeed al-Mansouri as saying the stock market could increase the limit to 7% for select stocks based on criteria that need to be approved by the SCA.