Wednesday 28 March 2018

MIDEAST STOCKS-Saudi stalls before FTSE decision, other markets mixed

MIDEAST STOCKS-Saudi stalls before FTSE decision, other markets mixed:

"Saudi Arabia’s stock market stalled in early trade on Wednesday ahead of a decision by index compiler FTSE Russell on whether to upgrade Riyadh to emerging market status, while other regional bourses were mixed. The Saudi index was 0.1 percent lower at 7,931 points after 45 minutes of trade, with leading blue chips still heavily traded ahead of the FTSE decision, which will come on Wednesday night. The index rose 1.1 percent on Tuesday and is up about 10 percent year-to-date. Some fund managers think that could expose the market to profit-taking directly after FTSE’s announcement, but Khaled Feda, senior research manager at Alistithmar Capital, said the outlook remained strong."



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