Saudi bourse slips after regulator plans to issue new rules

13/05/2013 15:11 AST

Saudi Arabia's bourse slips at open after new rules by regulator Capital Market Authority (CMA) spook investors.

The capital market authority on Sunday said it would limit volatility on firms debut to 10 per cent, changing rules from a previous no-limit move on the first day of trading on a stock. It also said it is considering placing more stringent limits on accumulated annual losses for stocks before they are suspended. This may change to 50 per cent from a previous 75 per cent.

The kingdom's benchmark sheds 0.3 per cent 7,171 per cent, heading for its second session declines since Saturday's four-week high. Stocks that are usually traded by short-term investors are leading declines in the index.

"The new management of CMA has started their work to enhance the market overall - expect a few more changes," says Mohammad Omran, an independent financial analysts in Riyadh. "These initiatives will try to organize the practices in the market and move it away from illegal and speculative trading."

With selling focused around stocks that tend to move on speculation, Omran says the declines is not as severe as expected.

Insurance stocks sector falls 2.1 per cent. Agriculture and food shares index dips 0.8 per cent.


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