JPMorgan to HSBC to Gain From $531 Billion Saudi Bourse Opening - Bloomberg

JPMorgan to HSBC to Gain From $531 Billion Saudi Bourse Opening - Bloomberg:



"HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) are among the banks set to profit after the Riyadh-based Capital Market Authority announced plans this week to open Saudi Arabia’s bourse to foreign investors.



The CMA said on July 22 that it would open up the oil-producing kingdom’s $531 billion stock market to foreigners next year. That may attract inflows of about $35 billion to the Arab world’s largest bourse, according to Aleksandar Stojanovski, a Dubai-based research analyst at Deutsche Bank AG.



Morgan Stanley, Standard Chartered Plc (STAN), and Credit Suisse Group AG (CSGN) have joined HSBC and JPMorgan in building local teams, partly in anticipation that the world’s biggest oil exporter and de facto leader of OPEC would lift barriers to one of the world’s most-restricted major stock exchanges. King Abdullah, the 90-year-old monarch, is seeking to lure capital to the $745 billion economy that has withstood political turmoil elsewhere in the Middle East."



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