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REUTERS
Abu Dhabi, Oct 18: The UAE central bank governor said in remarks published on Sunday that public firms should be prepared to provide more corporate data to curb speculation that had pushed up share prices on the unofficial market.
Sultan Nasser al-Suweidi told the official WAM news agency that speculation based on insufficient information had driven up market capitalisation to 181 billion dirhams ($49.3 billion) in August, but it had since dropped to 151 billion dirhams.
"Shareholding companies must be prepared to issue balance sheets on a quarterly basis because the public, especially the shareholders, are entitled to know the financial situation of the company they have invested their money in," Sultan Nasseral-Suweidi told the official WAM news agency."Speculation based on insufficient information during the summer has led to huge fluctuations in prices," he said.
Suweidi told WAM that the sharp drop in UAE share prices in recent weeks has highlighted the importance of speeding up measures to set upan official bourse.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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