Saudi Arabia's bourse may react on Wednesday to a surprise change of the Capital Market Authority chairman with local sentiment dictating direction in the retail-dominated market.
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Saudi King Abdullah replaced Abdulrahman al-Tuweijri with Mohammed bin Abdulmalik Al al-Sheikh in a royal decree late on Tuesday. Al Sheikh was previously the executive director of the World Bank.
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The largest Arab economy is considering allowing foreigners to invest on the stock market directly, rather than under a swap system which is now in place.
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New changes in regulations are underway in what analysts say may be preparation for allowing direct foreign investors on the Saudi exchange.
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Read more: http://www.arabianbusiness.com/saudi-may-react-surprise-cma-chairman-change-488430.html
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