Saudi Arabia's cabinet gave permission to the financial regulator to open the Arab World's biggest stock market to direct investment by foreign financial institutions.The opening of the Saudi market, capitalised at about $530 billion, is one of the most keenly awaited economic reforms in the world's biggest oil exporter. The bourse would be one of the world's last major exchanges to begin welcoming foreign money."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 statement seen on Tuesday.The one-sentence 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.
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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