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Last week saw the historic approval by the Saudi Council of Ministers of the new Securities Law creating an independent financial market and an independent Securities Supervisory Commission.
This new capital market is to be created within six months, and breaks the current monopoly on stock trading held by the local banks. Thus new registered financial brokers will be able to buy and sell shares.
The new bourse will also promote the public listing of joint stock companies which should boost the number of companies listed in the kingdom.
News of the Securities Law was greeted enthusiastically by Saudi investors who pushed the present bourse to another all-time high with shares hitting 3,644.29 on June 16.
Bakheet Financial Advisers reported that this performance was also driven by a strong surge in Saudi Telecoms on continuous rumors of a bonus share distribution. But profit taking on most shares left the market lower by the end of the week, although still 2.5% up on the previous week's close.
Brokers expect a narrow, volatile market in the week ahead with selling pressure balanced by awareness that Q2 results are not far away.
Saudi Securities Law creates new bourse
The biggest stock market in the Middle East is about to undergo a radical overhaul, and will emerge a more liquid and transparent capital market. This is a major economic reform.
Saudi Arabia: Saturday, June 21 - 2003 at 11:43
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Peter J. CooperSaturday, June 21 - 2003 at 11:43 UAE local time (GMT+4)
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