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The Abu Dhabi Securities Exchange (ADX) is coordinating with brokerages to introduce short-selling on the exchange by the end of March, according to Rashed Al Baloushi, the chief executive.
Mr Al Baloushi told Bloomberg the exchange was working on final touches to the regulations, and expected the practice to be permitted from next month onwards.
The ADX initially announced plans in December for technical short-selling, to boost market liquidity and attract more foreign investors.
The Dubai Financial Market last month announced plans to introduce the practice for selected securities "in the coming months".
Short-selling has been practised by institutions throughout the region, despite being illegal outside Kuwait, and has been blamed for sharp falls in local stock markets. The Securities and Commodities Authority introduced regulations enabling short-selling in 2012 for licensed market makers, with other institutions requiring permission from the regulator and the relevant exchange.
A market maker is a broker and dealer that balances supply and demand for shares by matching buyers and sellers. It also stands ready to buy or sell shares when there are no public buy or sell orders, thus creating a market.
The Abu Dhabi bourse licensed Al Ramz Securities as a market maker in September. The DFM has yet to licence any such institutions.
Saudi firms started announcing fiscal results of third quarter of the current year, amid positive indicators that affirm enhancement of listed companies' results. The outcome revealed an initial prog
Strong buying on the last day was of no avail to the Qatar Stock Exchange, which settled 170 points lower last week that saw Doha outline its ‘positive” economic outlook before the International Mone
The Qatar Stock Exchange snapped four days of bearish spell, mainly on the back of strong buying in insurance, real estate and transport equities.
Local retail investors and Gulf instituti
Abu Dhabi National Oil Co. plans to sell shares in its gas stations unit this year and list them on Abu Dhabi’s stock exchange, according to a person with knowledge of the matter.
It was green almost across the board on the Dubai bourse on Thursday, with stocks recording modest gains and the main index ending the day 0.75 per cent higher.
Trade values were also higher