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Saudi Arabia is seeking to open its $509 billion stock exchange to foreign investors in April, according to three people briefed on the country's plans.Investors from outside the six-nation Gulf Cooperation Council are not allowed to buy shares directly and have to access the market through equity swaps and exchange-traded funds.Under the August draft regulations, foreign investors with a minimum of 18.75 billion riyals ($5 billion) of assets under management and at least five years experience in the business will be eligible to trade Saudi stocks. Saudi Arabian Mining Co. (Ma'aden) surged 7.8 percent to 33.10 riyals, continuing the leg up which started late last week when Riyad Capital lifted its price target for the stock to 49.00 riyals from 46.00 riyals.
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