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21/06/2010 00:00 AST
Saudi Arabia approved its second exchange-traded fund this year as the kingdom seeks to expand investment opportunities in the Middle East’s largest bourse.
Falcom Financial Services will offer an exchange-traded fund for petrochemical companies on the bourse, the Riyadh-based Capital Market Authority said in a statement on the exchange’s website today. The market regulator approved in March its first ETF, offered by Falcom.
Saudi Arabia, the world’s largest oil supplier, is opening its stock market to more direct international investment. Previously, non-resident foreigners were only permitted to trade through share-swap transactions.
The new ETF will have 14 petrochemical companies, including Saudi Basic Industries Corp., Falcom’s Chief Executive Officer Adeeb Al-Solwailim said in an e-mailed response to questions today. “The fund aims to invest at least 95 percent of its assets in equities in the petrochemical sector and to provide investors with long-term capital appreciation.”
ETFs track indexes of commodities, bonds or currencies. Unlike a mutual fund, whose shares are priced once a day after the end of each trading session, an ETF is listed on an exchange where it is bought and sold throughout the day.
The Saudi market regulator permitted Falcom to list the first ETF on the bourse on March 28. The fund will include Islamic bonds and commodities, such as gold and silver.
The Saudi Tadawul All Share Index gained 0.6 percent to 6,450.68 today, the highest level since May 18.
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