Saudi Arabia announced a string of reforms to its stock market that could attract billions of dollars of fresh foreign money and smooth sales of state assets as the kingdom grapples with damage to its finances caused by low oil prices.
Saudi Arabia's stock market fell sharply in early trade on Tuesday after a 2016 state budget, announced late on Monday, that included spending cuts, rises in fuel, gas feedstock and electricity prices, and tax rises.
Saudi Arabia's benchmark index tumbled to a 35-month low on Sunday and Dubai and Egypt's benchmarks hit their lowest closes of 2015 as a renewed slump in oil prices spurred a region-wide sell-off.
Saudi's benchmark fel
US bank Citigroup Inc and emerging markets-focused investment manager Ashmore Group have won permission from the Saudi Arabian regulator to invest directly in the local stock market, industry sources said.
The kingdom opened its $
Foreign investors can own no more than 10 per cent of Saudi Arabia's stock market by value, the regulator said on Monday as it announced rules opening the $575 billion bourse to direct foreign investment next month.
A single f
Saudi Arabia's bourse surged in early trade on Sunday after the regulator said it would open the bourse to direct foreign investment from June 15.
The main index rose 3.9 per cent to 9,614 points, breaking minor technical resi
Middle East funds are bullish on Saudi Arabia's stock market despite concern it is getting richly valued, while they think the United Arab Emirates has bottomed out after a volatile few months, a Reuters survey showed.
Expectations of strong global demand for petrochemicals supported the uptrend in Saudi Arabia's stock market on Wednesday, lifting the bourse to a fresh six-year high, while Dubai builder Arabtec jumped on hopes that a key shareholder would
MubasherTrade Research, a unit of leading financial institution Mubasher Financial Services, has launched a list which highlights its top investment ideas across the Saudi market.
The KSA Favourite List comprises 16 equally-