Saudi Arabia’s Stocks Soar on Bets Ownership Limits to Be Axed

Saudi Arabia’s benchmark stock index surged on speculation the kingdom will benefit from billions of dollars of investment if limits on foreigners owning majority stakes in public companies are lifted.

The Tadawul All Share Index jumped as much as 5% on Wednesday after Bloomberg reported that Saudi Arabia may soon allow majority foreign ownership. Every industry group traded higher, with Saudi bank stocks surging a record 9%.