Saudi bourse soars to 6-and-a-half year peak | Economy | Saudi Gazette

Saudi bourse soars to 6-and-a-half year peak | Economy | Saudi Gazette:



"Blue-chip stocks lifted Saudi Arabia’s bourse to a new six-and-a-half year peak on Sunday, while other Middle East markets were mixed as low volumes led to choppy trading and a lack of clear direction.



The Saudi Tadawul All Share Index rose 0.48 percent to close at 10,639.04 points, its highest finish since January 2008 and its 13th gain in the 15 sessions since authorities announced plans to allow direct foreign ownership of shares early next year. At present, foreigners can only own shares via instruments such as total return swaps.



Rohit Chawdhry, Gulf Baader Capital Markets head of asset management in Muscat, estimates foreigners’ Saudi shareholdings account for less than 1 percent of market capitalization, compared with 9 percent in Qatar and the United Arab Emirates."



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