(MENAFN - Kuwait News Agency (KUNA)) Secretary-General of the Union of Arab Securities Authorities (UASA) Jalil Tarif said Sunday the market value of the global stocks amounted to some USD 55 trillion in 2012.
"The turnover of traded stocks declined last year by 22 percent or USD 49 trillion while the turnover of financial derivatives went down by 20 percent," he said.
Tarif made the remarks in an address to the seventh session of the union of Arab stock market authorities, hosted by Kuwait today.
He attributed the decline to a dip in interest rates globally and the shortage of liquidity.
Dealing with the Arab stock market, Tarif said the market value grew to USD 958 trillion with the value of traded stock amounting to USD 586 billion in 2012.
"However, the market value is still below the record high reached ahead of the global financial crisis of late 2008," Tarif noted.
He affirmed that the union is developing programs for supervising the legislations governing the Arab stock markets and enhancing the information and experience sharing among investors.
"We are working to improve cooperation among the Arab stock exchanges in such areas as disclosure of financial statements including the electronic disclosure and the controls on trading as well as dispute settlement.
"The global challenges require closer cooperation among the Arab stock markets and harmonization of the relevant national legislations," he added.