沙特股市大涨5%，外资持股限制或将放宽

Core Insights - Saudi Arabia's benchmark stock index TASI surged by 5%, marking the largest single-day increase since 2020, driven by expectations of potential easing of foreign ownership limits [1] - If the policy is implemented, Saudi Arabia's stock market could attract nearly $10 billion in new foreign investment [1] - Al Rajhi Bank's stock price rose by 10%, reaching its maximum allowable daily increase, while Saudi National Bank also saw a 10% increase, the largest since its listing in 2014 [1] - Two ETFs in the Saudi market experienced gains exceeding 6%, reflecting strong investor enthusiasm for foreign capital inflow [1] Regulatory Changes - The Saudi Capital Market Authority (CMA) currently restricts foreign investors to a maximum of 49% ownership in any listed company, but is nearing an agreement to relax this limit [1] - CMA board member Abdulaziz Abdulmohsen Bin Hassan indicated that the policy could be effective by the end of the year [1] - The exact percentage of foreign ownership that may be allowed remains uncertain, but any adjustment above 50% would be significant for international investors [1] Market Impact - Franklin Templeton's Sara Shamma noted that lifting foreign ownership limits could release over $10 billion in passive funds and lead to significant weight adjustments in MSCI and FTSE indices, potentially increasing Saudi Arabia's weight in emerging market indices by nearly 100 basis points [2] - Currently, Saudi Arabia's market capitalization of $2.3 trillion accounts for 3.3% of the MSCI Emerging Markets Index [2] - Despite positive sentiment regarding potential policy changes, the sustainability of the Saudi stock market's performance depends on fundamental market conditions and overall economic outlook [2] - The Saudi stock market has faced challenges this year, previously declining nearly 10%, making it the worst-performing market in the Middle East, while the MSCI Emerging Markets Index has risen by 25% [2]