Major investment banks say they have begun trading under new rules by Saudi Arabia that allow foreigners their first-ever access to individual stocks listed on the kingdom’s exchange, the largest in the Middle East.
Saudi authorities announced the major policy shift a week ago, but it was uncertain when trading would begin. Investors previously could invest in Saudi stocks only through locally run mutual funds — a restriction observers said limited outside investment in the kingdom. “This effectively allows international investors to pick and invest in a single stock or a couple of stocks as they please,” said Jamal Alkishi, chief executive of Deutsche Securities Saudi Arabia, a subsidiary of Deutsche Bank AG.
On Tuesday, Deutsche Securities and the Saudi arm of Morgan Stanley issued statements saying….
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