Saudi stock index slips in red as it opens to foreigners

16/06/2015 07:26 AST

Tadawul index reversed early gains on Monday even as the market officially opened for foreign investors.

Saudi’s Tadawul All Share Index was 0.77 per cent lower at

9,570.05, reversing from its high of 9,693.07 struck earlier.

“Saudi market opening up is a step in the right direction, however it comes with its own limitations today and we were not expecting any kind of big reaction in the market,” Rami Sidani, head of investments in the Middle East, Schroders told Gulf News.

Analysts expect foreign investors to come in post October, when the regulator is expected to approve applications of the Qualified Foreign Investors.

Saudi Arabia, which is part of the group of 20 nations, is the last of the economies of the world to open up its equity markets to international investors.

“This would attract investments not only in the kingdom, but also raise the standards of the capital markets,” Sidani said.

The capital market regulator of Saudi Arabia seeks market efficiency and motivate listed companies to improve the levels of transparency with the opening of its market.

Around 160 companies are listed on the Saudi Arabian stock exchange, covering 15 industries.


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