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Soddies act to stabilize Bourse
The Council of Ministers yesterday instructed authorities to take all necessary measures to stabilize the stock market after it plunged several times during the past two months, sending a shockwave through the Saudi investment community. The Cabinet instructed the concerned authorities to adopt all measures to bring order to the market, improve its performance and deal with all influencing factors, the Saudi Press Agency reported, quoting Culture and Information Minister Iyad Madani. The Cabinet announced that the Kingdom would go ahead with its policies aimed at expanding investment opportunities. Efforts would be doubled to monitor stock exchange scrupulously and there would not be any leniency in applying laws, the Cabinet said in an apparent move to boost investor confidence in the market that has fallen 27.74 percent so far this year. The Cabinet also emphasized the need for publishing accurate information about companies listed on the market. All measures must be carried out quickly, making use of Saudi and foreign expertise, it added.Posted by: Seafarious 2006-04-25 |
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