Saudi Arabia’s first exchange traded funds investing in Hong Kong’s equities market will be listed on the local stock exchange before the end of the year, as authorities try to strengthen financial ties between the two markets.
In a speech at the Bund Summit in Shanghai, Paul Chan, Hong Kong’s financial secretary, confirmed that the government is expecting “some reciprocal moves” to take place this year, which will include the listing of a pair of Hong Kong-focused ETFs on the Saudi Exchange.
The first ETF investing solely in Saudi Arabia’s equities market was listed on the Hong Kong exchange at the end of November last year, attracting $1bn in initial investment primarily from institutional investors.
The CSOP Saudi Arabia ETF, which tracks the FTSE Saudi Arabia Index and is the first such ETF with single-country exposure to the Saudi market anywhere in Asia Pacific, has seen its assets tick up to $1.25bn since launch.
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