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Tadawul sees various important decisions in 2018 – Year in Review

Tadawul sees various important decisions in 2018 – Year in Review
Tadawul sees various important decisions in 2018 – Year in Review

By: Thabet Shehata

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) witnessed some major decisions which were implemented over the year, aiming to boost its performance, position, to attract large foreign investments, and to enhance it to be ranked between large global bourses.

FTSE Russell upgrades Tadawul to EM status

During March, The Financial Times Stock Exchange Index (FTSE Russell) unveiled that Saudi Arabia will be assigned a secondary emerging market status (EM Status) within the index’s country classification scheme conjunction commencing in March 2019.

Saudi bourse starts to provide clearing services

In May, Tadawul announced launching the Central Counterparty Clearing House (CCP) for clearing securities, with SAR 600 million capital to develop future clearing services in accordance with the state-of-the-art global risk management standards.

Tadawul further noted that the CCP will contribute to diversifying investment opportunities in the market.

MSCI upgrades Tadawul to emerging market status

In June, The global index compiler MSCI announced upgrading Tadawul to an emerging market (EM) status, from standalone market in its annual review, while the decision will be carried out in two phases.

The first phase will be in May 2019 with the semi-annual index review, while the second will coincide with the August 2019 Quarterly Index Review.

S&P Dow Jones indices to upgrade Tadawul to EM status in 2019

In July, the international equity index compiler S&P Dow Jones Indices said that it will upgrade the Saudi bourse to an emerging market status from a stand-alone market next year.

The Saudi stock exchange closed Thursday's trading session on a positive note after its main Tadawul All Share Index (TASI) jumped 38.39 points, or 0.50%, reaching 7,749.32 points, while the secondary market's index, NOMU, levelled up 41.33 points, or 1.72%, to 2,441.65 points.

Translated by: Mohammad Hesham Azab