Saudi Arabia climbs into top 10 global emerging stock markets
The Saudi Stock Market, operated and managed by Tadawul, now ranks ninth among the world's major emerging stock markets by market capitalization, according to World Federation of Exchanges market capitalization statistics for 2002.
With $74.86 billion, the Saudi Market was just behind major bourses such as Kuala Lumpur and Singapore, and substantially ahead of Thailand, Istanbul and Jakarta. The Saudi market had climbed to eighth place in the rankings by the end of January 2003, when the successful Saudi Telecom Company (STC) flotation boosted its market capitalization to $97 billion.
Saudi Arabia has maintained its overall ranking since then, even though other markets have fallen back as a result of the global economic situation. Shares worth $35.7 billion were traded on the Saudi market in 2002, placing it seventh in the global emerging stock market rankings ahead of Kuala Lumpur and Mexico. — (menareport.com)
© 2003 Mena Report (www.menareport.com)