Saudi Stocks Climb on Hopes for More Market Liberalization
Saudi Arabian equities climbed after the kingdom opened up its stocks to all foreign investors, a step viewed as critical toward a full liberalization of the market as the Gulf nation looks to boost investment from abroad.
The Tadawul All Share Index jumped as much as 2.5% on Wednesday, the most since September, after the Saudi Capital Market Authority said it scrapped restrictions that stipulated foreigners must meet certain qualifications to participate in the local market. The removal allows non-residents to invest directly on the main exchange starting Feb. 1.