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Sunday, 18 June 2017

MIDEAST STOCKS-Cheaper oil depresses most of Gulf but MSCI hopes buoy Saudi | Reuters

MIDEAST STOCKS-Cheaper oil depresses most of Gulf but MSCI hopes buoy Saudi | Reuters:

"Most major Gulf stock markets fell on Sunday because of weak oil prices, but hopes that Saudi Arabia will join MSCI's group of emerging markets, which would trigger billions of dollars of fund inflows, buoyed that market. MSCI will announce late on Tuesday whether it is adding Saudi Arabia to a list for possible upgrade to emerging market status; the upgrade, if it happens, would probably not occur before mid-2019. The Saudi index rose 0.9 percent in thin trade as some stocks expected to be targets of incoming foreign funds rose, with Food maker Savloa jumping 5.0 percent to 48.40 riyals, its highest finish since January 2016."



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