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Sunday, 26 March 2017

MIDEAST STOCKS-Gulf stocks mixed, reforms support Saudi shares | Reuters

MIDEAST STOCKS-Gulf stocks mixed, reforms support Saudi shares | Reuters:

"Stock markets in the Gulf were mixed in early trade on Sunday with Saudi Arabia outperforming after its exchange announced progress on reforms that could help it join MSCI's emerging market index.

The Saudi index rose 0.4 percent in the first hour with much activity focusing on smaller stocks such as Filing and Packing Materials Manufacturing Co, up 7.1 percent. Arab Bank dropped 2.5 percent as it went ex-dividend.

The exchange said late on Thursday that it would extend the period for settling trades and introduce short-selling on April 23, reforms demanded by MSCI. The reforms had already been expected sometime in the second quarter but the date is positive as it will give MSCI time to evaluate their impact before deciding in June whether to put Riyadh on its review list."



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