Saudi Gazette report

RIYADH — Saudi Arabia’s stock market surged by nearly 5 percent at the opening of Wednesday’s session, extending its winning streak to a sixth consecutive day and approaching the 11,400-point mark, with turnover exceeding SR5 billion ($1.3 billion), the strongest pace since 2020.

The rally followed reports of potential foreign inflows worth around $10 billion if the Kingdom raises the ceiling for foreign ownership in listed companies, a reform expected soon.

In an interview with Bloomberg, Abdulaziz Binhassan, a board member of the Capital Market Authority (CMA), said the regulator is close to approving a key amendment lifting the current 49 percent cap on foreign ownership.

He added the decision could take effect “before the end of the year.”

Banking stocks were the biggest drivers of the rally, with Al Rajhi Bank and Saudi National Bank both hitting the 10 percent upper limit.

Trading volumes soared past SR1 billion in exceptional activity.

Shares of oil giant Saudi Aramco, the heaviest-weighted stock on the index, rose 1.24 percent to SR25.26, while petrochemicals major SABIC climbed 2.77 percent to SR63.