GCC stock markets resilient against challenges - Chief regulators

RIYADH, April 5 (KUNA) -- Heads of the stock exchanges of the Gulf Cooperation Council (GCC) agreed Sunday that the stock markets of their countries are resilient enough to absorb the current challenges.
During their emergency meeting, held vial a video link, the chief regulators mulled ways to mitigate the impacts of the novel coronavirus (Covid-19) on the GCC stock markets, according to a press release from the GCC Secretariat.
The discussions dealt with the role of the GCC stock markets in supporting regional financial stability and protecting the interests of investors from any fraudulent practices, capitalizing on the available tools of the regulatory authorities and the protectionist policies.
The meeting also reviewed the mechanisms that could help the stock markets continue operating, including the online transactions and the coordination with the central banks and financial institutions in the GCC states in tapping into the resources made available in the recently approved stimulus packages.
As part of their stimulus packages, some GCC states have instructed the sovereign funds to pump more investments into the stock markets as a means of alleviating the impacts of the Covid-19, the statement noted.
The chief regulators agreed to continue keeping an eye on the evolving situation of the pandemic and its spillover on regional and international stock markets with a view to adopting the necessary precautions, it added. (end) mdm.gb