Saudi Arabia's cabinet has given permission to the country's financial regulator to open the stock market to direct investment by foreign financial institutions, the government said."The cabinet authorised the Capital Market Authority - at a time it sees as appropriate - to allow foreign financial institutions to purchase and sell stocks on the Saudi stock market, according to rules to be laid down by the CMA," the cabinet said in a one-sentence statement seen on Tuesday.The statement did not specify a timetable for the market to be opened, or give any details of the rules under which the reform would take place.The opening of the Saudi market, the Arab world's biggest with a capitalisation of about $530 billion, would be one of the most keenly awaited economic reforms in the world's top oil exporter.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 0.98% or $-0.22/share to $22.23. In the past year, the shares have traded as low as $18.39 and as high as $26.59. On average, 40675 shares of FISI exchange hands on a given day and today's volume is recorded at 38296.
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