Saudi Arabia To Open Stock Market To Foreigners On 15 June

Posted by: : Paul EbelingPosted on: April 16, 2015 Saudi Arabia To Open Stock Market To Foreigners On 15 June
 

Saudi Arabia To Open Stock Market To Foreigners On 15 June

Final rules covering the opening of the stock market will be published on 4 May.

Saudi Arabia will open its $532-B stock market to direct foreign investment on 15 June, allowing qualified foreign institutions to buy shares from that date, the Capital Market Authority said Thursday.

Final rules covering the opening of the stock market will be published on 4 May the regulator said in a brief statement.

Saudi Arabia announced last July that it would permit direct foreign purchases of shares in 1-H of 2015, as a way to expose companies to market discipline, diversify the economy beyond Crude Oil and create jobs.

Fund managers believe tens of billions of dollars will eventually enter the country as a result; Saudi Arabia is the Arab world’s biggest stock market and one of its most diverse.

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In draft rules released last August before a period of public consultation, the CMA proposed a 10% cap on foreign ownership of the market’s value. Among other draft rules, a single foreign investor could own no more than 5% of any listed firm, while all foreign institutions combined could own no more than 20%.

Up to now, foreign investors have been restricted to buying Saudi shares indirectly through swaps or exchange-traded funds.

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.

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