MIDEAST STOCKS-Gulf consolidates, Saudi unmoved by market reforms | Reuters:
"Gulf stock markets consolidated in quiet early trade on Tuesday with Saudi Arabia's bourse unmoved by the announcement of reforms designed to stimulate trading and draw fresh foreign money into the market.
The Capital Market Authority said it would lower the minimum assets-under-management requirement for foreign institutions investing directly in the market, and allow each foreign investor to own a stake of just under 10 percent of a single company. Previously, the ceiling was 5 percent.
Meanwhile the Saudi Stock Exchange said it would introduce the settlement of trades within two working days of execution, a reform that could help the market join MSCI global indexes. Currently, settlement is same-day, which is inconvenient for many foreign investors."
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