Saudi stocks continue to rise on MSCI hopes

06/06/2017 02:08 AST

The Tadawul All Share Index (TASI) fell in early trade in response to the news on Qatar but recovered later and finished 0.5 percent higher.

The market has been buoyed in recent days by expectations that MSCI will decide on June 20 to begin a review of whether to upgrade Saudi Arabia to an emerging market, which would attract billions of dollars of fresh foreign money.

Investors have, therefore, been buying stocks that foreign institutional investors are expected to favor, such as petrochemical giant Saudi Basic Industries Corporation (SABIC), which climbed 1.6 percent on Monday.

Al Baha Investment jumped its 10 percent daily limit for a second straight day; it resumed trading on Sunday after a four-year suspension because its accumulated losses exceeded regulatory standards. The suspension was lifted after Al Baha took action to reduce those losses.

Dubai’s index fell 0.7 percent, mainly because of Shuaa Capital, which lost 5.3 percent and GFH Financial, which tumbled 4.7 percent.

GFH said it had agreed to “postpone” talks to acquire Shuaa because neither party had reached acquisition terms and or received initial regulatory approval. It did not indicate when talks might resume and Shuaa did not issue any statement.

Builder Drake & Scull, which has been rebounding from a multi-year low in the last few days, surged 6.5 percent in active trade and was the most heavily traded stock. Egypt’s index edged up 0.2 percent.


Arab News

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