MIDEAST STOCKS-Conservative ownership rules may slow Saudi uptrend

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The rise of Saudi Arabia's bourse may pause on Sunday after the kingdom's stock market regulator published on Thursday restrictive draft rules for direct foreign ownership of shares - though the market had largely expected a conservative approach. The Capital Market Authority proposed limiting total foreign ownership of the market's value to 10 percent, and to cap it for each listed company at 5 percent for a single foreign investor and 20 percent for all foreign institutions combined. The draft rules also require foreign funds to have at least $5 billion of assets under management, and investment experience of ** less than five years in order to buy Saudi stocks. Such strict rules - which the authorities will **w discuss with the market before finalising - indicate the CMA is likely to allow only slow inflows of foreign money when the region's largest stock market opens up early next year.

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