MSCI Inc. (MSCI)’s move to resume coverage of Saudi shares in standalone indexes could pave the way for emerging-market status should the market open to foreign investors, Schroder Investment Management Ltd. and Citigroup Inc. said.
“This is a very positive development and a step in the right direction for a potential inclusion into the MSCI Emerging Markets Index (MXEF), once the market opens up for foreign investments,” Rami Sidani, the Dubai-based head of Middle East and North Africa investments at Schroder Investment Management, whose parent company oversees about $291 billion, said in a telephone interview.
The Capital Market Authority in Saudi Arabia, the world’s top oil exporter and home to the biggest stock market in the Persian Gulf, said in January it will allow overseas companies to list securities on the bourse. The decision spurred speculation the kingdom is taking steps to open up its exchange to foreign, non-regional investors, who currently can’t directly invest.
No comments:
Post a Comment