Saudi Arabia is rumored to open up its stock market, also known as the Tadawul or TASI, possibly as early as Q1 2012. That has the market giddy with excitement about the flow of foreign investment, according to Bloomberg, which reported today that the TASI index “advanced to the highest level in more than three years on investor speculation the Arab world’s biggest stock market may this year open up to foreign investors.”
According to Reuters, banks and petrochemical stocks lead the growth. Al Rajhi Bank gained 1.3 percent, Riyad Bank climbed 2.8 percent and Samba Financial Group rose 1.6 percent, Reuters reported.
As we wrote in January of 2012, this year should be a year of opening for Saudi Arabia.
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