File - Brokers monitor a screen displaying stock market index at an investment bank in Riyadh, June 9, 2013. REUTERS/Faisal Al Nasser
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Saudi Arabia's bourse surged Tuesday after the financial regulator said it would open the stock market to direct investment by foreign institutions in the first half of 2015 .The main Saudi index jumped 2.8 percent, its biggest rise since last October, to a fresh six-year closing high of 10,025 points.Petrochemical giant Saudi Basic Industries (SABIC), one of the big blue chips which foreign investors would be expected to favor, was the main contributor to the rise, surging 6.9 percent. By itself the company accounts for about a quarter of the Saudi market's total corporate profits.Among other blue chips, mobile telecommunications operator Etihad Etisalat (Mobily) rose 5.1 percent, while Al Rajhi Bank, the kingdom's biggest listed lender, added 2.2 percent.Islamic lender Masraf Al Rayan added 2.0 percent after net profit rose 12.1 percent in the second quarter, beating analysts' estimates.
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