JEDDAH, 2 March 2006 — The Saudi Capital Market Authority (CMA) announced yesterday that it is going to take legal action against all entities that would publish any biased and incorrect news reports about the authority. The announcement came after a Saudi daily newspaper reported that the authority revoked the suspension of two speculators who manipulated the stocks of several companies. The CMA denied the revoking of the speculators’ suspension.
The newspaper reported yesterday on the front page that the CMA had revoked the suspension of two stock market speculators whose investment accounts were frozen last week. The traders speculated on the shares of Alujain, Ardco, Saptco, Saudi Industrial and Development Co. and Bishah Agriculture.
The newspaper reported that the CMA is to change its suspension regulations and measures. The authority denied that as well and said on its website that the newspaper had published several biased and incorrect news reports on the market and the CMA.
