DUBAI: Saudi stocks rallied sharply on Wednesday following news that the Capital Market Authority (CMA) is considering allowing foreign investors to own majority stakes in listed companies, while UAE markets extended losses on broad weakness.
Saudi Arabia’s benchmark index surged 5.1%, recording its biggest single-day gain in more than five years, on market-wide strength after Bloomberg News reported regulators may ease the current 49% cap on foreign ownership of listed firms, a move expected to draw fresh foreign inflows in the region’s largest equity market. Shares of Al Rajhi Bank, the world’s biggest Islamic lender, climbed 10%, hitting the exchange’s daily limit and marking the steepest gain in nearly two decades. Saudi National Bank also rose 10%, its largest advance since its 2014 listing.
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