Sunday 24 August 2014

MIDEAST STOCKS-Conservative ownership rules may slow Saudi uptrend | News by Country | Reuters

MIDEAST STOCKS-Conservative ownership rules may slow Saudi uptrend | News by Country | Reuters:



"The rise of Saudi Arabia's bourse may pause on Sunday after the kingdom's stock market regulator published on Thursday restrictive draft rules for direct foreign ownership of shares - though the market had largely expected a conservative approach.



The Capital Market Authority proposed limiting total foreign ownership of the market's value to 10 percent, and to cap it for each listed company at 5 percent for a single foreign investor and 20 percent for all foreign institutions combined.



The draft rules also require foreign funds to have at least $5 billion of assets under management, and investment experience of no less than five years in order to buy Saudi stocks."



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