JPMorgan to HSBC to Gain as Saudi Opens $531 Billion Bourse
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HSBC Holdings Plc and JPMorgan Chase & Co. are among the banks set to profit after the Riyadh-based Capital Market Authority announced plans this week to open Saudi Arabia’s bourse to foreign investors.
The CMA said on July 22 that it would open up the oil-producing kingdom’s $531 billion stock market to foreigners next year. That may attract inflows of about $35 billion to the Arab world’s largest bourse, according to Aleksandar Stojanovski, a Dubai-based research analyst at Deutsche Bank AG.