MIDEAST STOCKS-Saudi drops after MSCI disappointment; Egypt sinks | Reuters:
"Saudi Arabia's stock market led falls in the Gulf on Wednesday after MSCI decided not to consider the country for emerging market status, while Egypt fell sharply as blue chip Orascom Telecom Media continued sliding.
In its annual classification review, MSCI praised market reforms announced by Saudi authorities but did not set a date for a review that could place the country in its emerging market index. It said that once implemented by mid-2017, the reforms would "bring the Saudi equity market closer" to inclusion.
This appeared to suggest that the Saudi market was unlikely to be included before mid-2018 at the earliest. In a research note, investment bank EFG-Hermes noted that if MSCI followed its standard time frame - which it does not always do - May 2019 would be the earliest possible inclusion date."
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