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Tuesday, 20 June 2017

MIDEAST STOCKS-Saudi continues pre-MSCI rally, rest of Gulf mostly sluggish | Reuters

MIDEAST STOCKS-Saudi continues pre-MSCI rally, rest of Gulf mostly sluggish | Reuters:

"Saudi Arabia's stock market continued rising early on Tuesday before a decision by index compiler MSCI on whether to consider Riyadh for a possible upgrade to emerging market status. Most of the rest of the Gulf was sluggish. MSCI will announce its decision after the close. The Saudi index rose 0.5 percent in the first half-hour; it had surged 2.4 percent on Monday after Mohammed El-Kuwaiz, vice chairman of the Capital Market Authority, was quoted as saying by the Asharq al-Awsat newspaper that he expected Riyadh to be upgraded by the end of 2018. That would be faster than the mid-2019 date which MSCI's past practice would suggest. Tuesday's rise was broad-based, with nine of the 10 most heavily traded stocks gaining. "



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