| Submit your comments on this article |
| Arabia |
| Soddies act to stabilize Bourse |
| 2006-04-25 |
| 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 |
| #6 Why is their stock market crashing if oil is at a record high? Oil is high in large part due to jitters over Iran. Iran's their next door neighbor. High oil prices really aren't good for the stocks traded on their exchange. The "oil addiction" makes it easier and more profitable to suck from the petro teat than to build a real economy. Someone realized that all those businesses require maintenance, and there's not a single Saudi willing to do it. |
| Posted by: Rob Crawford 2006-04-25 07:31 |
| #5 The Cabinet announced that the Kingdom would go ahead with its policies aimed at expanding investment opportunities. The Religious Policeman had a hilarious take on this as well. |
| Posted by: rafael 2006-04-25 00:59 |
| #4 And then a few days later, TRP had a few more thoughts. |
| Posted by: Seafarious 2006-04-25 00:59 |
| #3 The Religious Policeman had some thoughts on the matter, Phil. |
| Posted by: Seafarious 2006-04-25 00:56 |
| #2 I mean, I feel like I'm missing something obvious, when I ask that question. |
| Posted by: Phil 2006-04-25 00:50 |
| #1 OK, a really really strange question... Why is their stock market crashing if oil is at a record high? |
| Posted by: Phil 2006-04-25 00:50 |