MIDEAST STOCKS-Saudi banks strong before FTSE upgrade decision, Egypt rebounds:
"Banks helped nudge stock markets in the Gulf higher on Monday with Saudi Arabian lenders, which may benefit from a potential upgrade of the kingdom by index compiler FTSE at the end of next month, outperforming. Egypt firmed on buying by foreign funds.
Late next month FTSE will announce its decision on whether to include Saudi Arabia and Kuwait in its secondary emerging market index. Analysts at Arqaam Capital and EFG Hermes believe the chances are high for a positive decision in both cases.
One of Riyadh’s largest listed lenders, National Commercial Bank, added 1.5 percent and Samba Financial Group rose 0.9 percent."
'via Blog this'
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