沙特股市单日暴涨5%，外资持股限制或将松绑

Core Viewpoint - The Saudi Arabian stock market surged due to expectations that the country will relax strict foreign investor ownership limits, potentially unlocking hundreds of billions of dollars in new investments and significantly enhancing its position in global capital markets [1][3]. Group 1: Market Reaction - The Tadawul All Share Index experienced a significant increase, rising by 5% during trading, which resulted in a market capitalization boost of $123 billion [1]. - All industry sectors recorded gains, with Saudi bank stocks achieving a record single-day increase of 9% [3]. Group 2: Potential Capital Inflows - Morgan Stanley predicts that if the Saudi Capital Market Authority raises the foreign ownership limit to 100%, it could lead to a net capital inflow of $10.6 billion, while EFG Hermes estimates around $10 billion [4]. - The anticipated policy change is seen as a crucial step in diversifying the Saudi economy and reducing its reliance on oil, aligning its capital market with Gulf neighbors like the UAE [3]. Group 3: Current Ownership Limits and Beneficiaries - Currently, a single foreign investor is limited to a 49% stake in listed companies, and any increase above 50% would be a milestone, allowing foreign investors to hold controlling stakes for the first time [5]. - Analysts believe that the financial sector, particularly bank stocks, will be the biggest beneficiaries of this policy relaxation, with Al Rajhi Bank's stock price soaring by 10% following the news [5]. Group 4: Index Weight and Foreign Investment - The relaxation of ownership limits is expected to increase the weight of Saudi stocks in global benchmark indices, potentially raising its weight in the MSCI Emerging Markets Index from approximately 3.3% to around 4% [6]. - Some listed companies are nearing the current foreign ownership limits, with firms like Tawuniya, Rasan, and Etihad Etisalat having foreign ownership ratios exceeding 20% but below 25%, indicating significant potential for future capital inflows [6].