Tadawul market flirts with 11,000 points
After reaching a six-year high a week ago, the Saudi Arabian Tadawul bourse in Riyadh remained buoyant and added on Sunday, August 24, another 1.57 per cent to reach 10,903.04 points.
At the end of July, the Saudi Arabian government announced it has ordered the capital market authority to develop a scheme that allows foreign institutional investors to buy and sell shares at the stock exchange. The new law is expected to be ready by early 2015. However, last Tuesday, Arab News reported foreign ownership would be capped by 20 per cent per listed company.
The shares of market bellwether SABIC advanced by 0.45 per cent to hit SAR129.25. Sanad Insurance and Reinsurance Cooperative Company lost the most, finishing off 3.31 per cent at SAR11.10.