Saudi Stocks Jump as Mobius Says Market Access a ‘Game Changer’ - Bloomberg

Saudi Stocks Jump as Mobius Says Market Access a ‘Game Changer’ - Bloomberg:



"Saudi shares climbed, making their biggest weekly gain in 10 months after the Arab World’s largest exchange said it will allow foreign investors direct access next year.



The Tadawul All Share Index (SASEIDX) rose 0.5 percent to close at 10,214.73, the strongest weekly advance since September. The gauge crossed the 10,000 level for the first time in six years on July 22. Saudi Electricity Co. led the advance with a 5.8 percent gain to 17.42 riyals, the highest close since October 2006. Riyad Bank climbed to the strongest level since June 2008.



Saudi’s capital markets are “very well developed, but if they open it up to foreign investors, that will be a game changer,” Mark Mobius, who oversees more than $40 billion as executive chairman of Templeton Emerging Markets Group in Singapore, said in a Bloomberg Television interview in Hong Kong today. “If we can invest freely, of course we’ll be able to put more money in.”"



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