Saudi Stocks Jump to 2008-High on Foreign Access, MSCI Prospect - Bloomberg

Saudi Stocks Jump to 2008-High on Foreign Access, MSCI Prospect - Bloomberg:



"Saudi shares climbed to a six-year high after the country’s market regulator said it would open the Arab world’s biggest bourse to international investors by the middle of 2015. MSCI Inc. said the exchange may be classified as emerging markets by 2017 at the earliest.



The Tadawul All Share Index (SASEIDX) rose 2.5 percent to 9,994.56 at 1:11 p.m. in Riyadh, after climbing to 10,068.63, the highest since May 2008. Saudi Basic Industries Corp., the world’s biggest petrochemicals producer, led the gains with a 6.2 percent advance. Etihad Etisalat Co. added 4.8 percent, while Al Rajhi Bank climbed 1.8 percent. 




“International investors have been eager to accumulate blue-chip stocks in Saudi for the longest time,” Tariq Qaqish, head of asset management at Dubai-based Al Mal Capital PSC, said by e-mail. Many of the companies have a “solid track record,” he said."



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