Saudi Arabia's petrochemical companies are expected to enjoy a surge in overseas interest if plans to open the kingdom's stock exchange to foreign investors come to fruition.
Market regulators in Jeddah are planning to open the Tadawul stock exchange to direct foreign investment after conducting trials. Selected foreign investors, meanwhile, are expected to be given access by the middle of next year.
"Saudi Arabia is moving towards opening their market for direct foreign ownership," said Aleksandar Stojanovski, an analyst at Deutsche Bank. "This is only a matter of when rather than if."
Indian markets reversed direction after hitting 1-1/2- week highs in mid-morning trade and closed on negative note as many investors staying on the sidelines in the absence of policy initiatives by the government to reverse slowing growth and concerns about upcoming Q3 December 2011 corporate earnings. Except consumer durables, all sectoral indices closed on negative note with real estate, bank, metal and power stocks were major losers. Banks stocks closed lower on concerns of asset quality of banks as borrowers face difficulty to repay loans following sharp increases in interest rates and dwindling
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