SAUDI ARABIA: Director-general of Saudi stock exchange says the "Tadawul" has made great strides in terms of disclosure standards and transparency
Record ID:
188795
SAUDI ARABIA: Director-general of Saudi stock exchange says the "Tadawul" has made great strides in terms of disclosure standards and transparency
- Title: SAUDI ARABIA: Director-general of Saudi stock exchange says the "Tadawul" has made great strides in terms of disclosure standards and transparency
- Date: 20th October 2011
- Summary: RIYADH, SAUDI ARABIA (OCTOBER 18, 2011) (REUTERS) SIGN READING 'TADAWUL' IN ARABIC AND ENGLISH VARIOUS OF TICKER SHOWING COMPANY NAMES AND SHARE PRICES VARIOUS OF SCREENS SHOWING COMPANY NAMES AND SHARE PRICES REPORTER AND DIRECTOR-GENERAL OF THE SAUDI STOCK EXCHANGE ABDULLAH AL-SUWAILEMI SEATED REPORTER TAKING NOTES (SOUNDBITE) (ARABIC) ABDULLAH AL-SUWAILEMI ,DIRECTOR-GENERAL OF THE SAUDI STOCK EXCHANGE ,SAYING: ''Thank God the Saudi market has made a lot of progress in terms of enhancing disclosure and transparency. I think disclosure of listed companies has reached excellent and unique levels in terms of content and timing." REPORTER ASKING QUESTION (SOUNDBITE) (Arabic) ABDULLAH AL-SUWAILEMI, DIRECTOR-GENERAL OF THE SAUDI STOCK EXCHANGE, SAYING: "Foreign investors participate in the market. Foreign residents have direct assets and invest in the market freely. There are also investment funds and ETFs (exchange traded funds), and working in the market without restrictions, and also there are shares through investment funds and investors across the segment increases.'' REPORTER ASKING QUESTION (SOUNDBITE) (Arabic) ABDULLAH AL-SUWAILEMI, DIRECTOR-GENERAL OF THE SAUDI STOCK EXCHANGE, SAYING: "Saudi companies' robust results reflect market conditions in general, but as analysts say, Saudi is not isolated from the world." MORE OF INTERVIEW TADAWUL SIGN ON WALL
- Embargoed: 4th November 2011 12:00
- Keywords:
- Location: Saudi Arabia, Saudi Arabia
- Country: Saudi Arabia
- Topics: Business,Economy
- Reuters ID: LVA2SRJYRLK4OPAOJ22CGAPS2WV0
- Story Text: The chief of the Saudi Arabian stock exchange, also known as Tadawul, praised the Saudi market on Tuesday (October 18) and said the market will continue to promote transparency and trust between companies and investors.
''Thank God the Saudi market has made a lot of progress in terms of enhancing disclosure and transparency. I think disclosure of listed companies has reached excellent and unique levels in terms of content and timing," said Abdullah al-Suwailemi.
Listed companies on the stock exchange, especially leading companies, showed strong growth in profits during the third quarter and full year, with analysts saying the results of Saudi companies indicates the strength of the underlying factors in the Saudi market, the largest of all Arab bourses in terms of market value.
Individual investors tend to be the driving force behind the kingdom's stock market, according to official data, and around 93 percent of of daily transactions on the Saudi bourse are from individuals.
But asked if the market would open up to foreign investors, al-Suwailemi said there are already foreign players in the market.
"Foreign investors participate in the market. Foreign residents have direct assets and invest in the market freely. There are also investment funds and ETFs (exchange traded funds), and working in the market without restrictions, and also there are shares through investment funds and investors across the segment increases,'' he said declining to give any other details.
Al-Suwailemi's comments come as the Euro zone continues to struggle with its debt crisis, and fears of a global economic slowdown.
Euro zone leaders are likely to agree to leverage their bailout fund at a summit on Sunday (October 23) by allowing it to guarantee a portion of newly issued euro zone debt, euro zone officials and the expert who first developed the plan said on Tuesday.
Under the scheme, the European Financial Stability Facility (EFSF) would promise investors who buy Spanish, Italian or other higher-risk euro zone debt at auction that it would cover a portion of any losses they made if the country were to default.
Despite the strong performance from Saudi companies, Al-Suwailemi's said the kingdom isn't necessarily immune from market tremors,
"Saudi companies' robust results reflect market conditions in general, but as analysts say, Saudi is not isolated from the world." - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None