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Foreign Investments in Saudi Stock Market Reach New Record High

Foreign investments in the Saudi stock market reach a new record high. (AFP)
Foreign investments in the Saudi stock market reach a new record high. (AFP)
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Foreign Investments in Saudi Stock Market Reach New Record High

Foreign investments in the Saudi stock market reach a new record high. (AFP)
Foreign investments in the Saudi stock market reach a new record high. (AFP)

Total ownership of foreign investors in the Saudi stock market reached a new record high, reflecting the attractiveness of the capital market.

It stood at 9.25 percent after foreign investors pumping SAR1.27 billion (USD338.6 million) into the Kingdom.

The new record coincided with forecasts that foreign investment averages in Saudi Stock Exchange (Tadawul) would leap to 10 percent during the coming weeks.

Investments by non-founding foreigners rose last week to 6.4 percent of the total market compared to 6.3 percent at the end of the previous week.

This resulted from net purchases worth around SAR1.27 billion (USD338.6 million).

By this, investments by non-founding foreigners reached a record level in which the total ownership increased during the past week by 0.11 percent to reach 9.2 percent.

Regarding the performance of the stock exchange, the local shares market index dropped by around 0.9 percent. This was influenced by profit gaining operations that contributed to the decline in listed firms' prices.

The stock exchange index witnessed on Monday a drop of 69 points, closing at 7,833 points, amid trading worth around SAR2.2 billion (USD586.6 million).

In a related matter, Tadawul announced Monday that shares of Baazeem Trading Company will be listed and traded in the main market in the consumer goods sector starting Wednesday.

Tadawul said the daily fluctuation per share would be 10 percent. Baazeem Trading Company is the fifth company to move from the Saudi Parallel Market (Nomu) to the main market.

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China Expands Visa-free Entry to More Countries in Bid to Boost Economy

Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
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China Expands Visa-free Entry to More Countries in Bid to Boost Economy

Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)

China announced Friday that it would expand visa-free entry to citizens of nine more countries as it seeks to boost tourism and business travel to help revive a sluggish economy.
Starting Nov. 30, travelers from Bulgaria, Romania, Malta, Croatia, Montenegro, North Macedonia, Estonia, Latvia and Japan will be able to enter China for up to 30 days without a visa, Foreign Ministry spokesperson Lin Jian said.
That will bring to 38 the number of countries that have been granted visa-free access since last year. Only three countries had visa-free access previously, and theirs had been eliminated during the COVID-19 pandemic.
The permitted length of stay for visa-free entry is being increased from the previous 15 days, Lin said, and people participating in exchanges will be eligible for the first time. China has been pushing people-to-people exchange between students, academics and others to try to improve its sometimes strained relations with other countries, The Associated Press reported.
China strictly restricted entry during the pandemic and ended its restrictions much later than most other countries. It restored the previous visa-free access for citizens of Brunei and Singapore in July 2023, and then expanded visa-free entry to six more countries — France, Germany, Italy, the Netherlands, Spain and Malaysia — on Dec. 1 of last year.
The program has since been expanded in tranches. Some countries have announced visa-free entry for Chinese citizens, notably Thailand, which wants to bring back Chinese tourists.
For the three months from July through September this year, China recorded 8.2 million entries by foreigners, of which 4.9 million were visa-free, the official Xinhua News Agency said, quoting a Foreign Ministry consular official.