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That lack of transparency is under mounting scrutiny because the kingdom home to the $485 billion Tadawul stock market has sought for the past three years to make itself more accessible and open to foreigners.Some fund managers say accessing information about Saudi stocks or companies isn't easy, sometimes near impossible. While foreigners currently own only about 5 percent of the nation's equity market, MSCI Inc'.s decision in June to include the nation's stocks in its emerging-market index next year was a recognition of the exchange's progress.r The bourse has given out more than 280 qualified foreign investor licenses. r Foreign investors have been net buyers of almost 9.5 billion riyals ($2.5 billion) of Saudi stocks this year.The Tadawul All Share Index had tumbled as much as 7 percent on Oct. 14 before partially recovering to end the day 3.5 percent lower.The gauge's 10-day volatility climbed to the highest level since January 2016, and the iShares MSCI Saudi Arabia ETF on Oct. 16 suffered its worst outflow on record.
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