GulfBase Live Support
Tadawul, the Saudi stock exchange has announced another round of reforms designed to widen its appeal to domestic, regional and international investors — part of the Kingdom’s accelerating modernization drive.
The latest measures are designed to lift market efficiency, boost investor security and access, as well as improve liquidity in Saudi capital markets.
Last year was a groundbreaking one for Tadawul which, in conjunction with the Capital Market Authority (CMA), implemented far-ranging reforms, including introducing IFRS accounting standards for all listed companies, laying the groundwork domestic IPOs, and adopting tighter rules on corporate governance.
The latest measures take in, among other things, the updating of the Independent Custody Model (ICM) to enhance Qualified Foreign Investor access to the market by providing more flexibility in trading limits for ICM clients.
Along with this change, new procedures will be introduced to mitigate credit risk associated with the settlement process for all participants. Changes to the ICM and the introduction of the option for asset managers to aggregate orders are set to be implemented on Jan. 21, 2018. Other changes involving the methods for determining opening and closing prices are scheduled to be implemented by the second quarter of 2018.
“The cumulative impact of these measures will be a more efficient, liquid and secure market for investors and intermediaries that is further aligned to international best practices,” said Khalid Abdullah Al-Hussan, CEO of Tadawul.
He added: “These measures and reforms are creating a more attractive investment climate for domestic and international investors alike and have attracted more than 100 major financial institutions to open accounts in the Kingdom.”
The MSM30 index ended higher to close at 4452.91 points, up by 0.03 per cent. MSM Sharia Index closed at 603.43 points, down by 0.12 per cent. Oman Fisheries was the most active in terms of volume wh
Times of Oman
Shares of Deyaar Properties and Salama Insurance fell in a firm Dubai market on Wednesday as traders resorted to profit-taking.
Deyaar Properties closed 2.11 per cent lower to be at Dh0.46
QSE benchmark index rose 1.25 percent to 10,157 points, confirming a break above technical resistance at 10,003-10,028 points. The market is up 19.17 percent year-to-date (YTD).
Kuwait stocks pulled higher on Wednesday, recouping most of the previous session’s losses. The All Shares Index climbed 13.71 points in volatile session to 5,008.02 pts helped by Humansoft Holding a
The MSM30 index ended lower to close at 4451.65 points, down by 0.20 per cent. MSM Sharia Index closed at 604.13 points, down by 0.27 per cent. Bank Nizwa was the most active in terms of volume while
Times of Oman