MIDEAST STOCKS-Saudi outperforms region again before FTSE index decision

MIDEAST STOCKS-Saudi outperforms region again before FTSE index decision:

"Saudi Arabia’s stock market climbed to a 31-month high on Tuesday, once again outperforming the rest of the region in anticipation of a positive decision by FTSE on Wednesday to include the kingdom in its secondary emerging markets index. The Saudi index rose 1.1 percent, bringing its gain so far this year to 9.9 percent. A positive decision by FTSE after the close on Wednesday would attract several billion dollars of passive, index-linked foreign funds to Saudi Arabia when the decision was implemented late this year or early next; inflows of active funds would probably be larger. Heavyweights Saudi Basic Industries and Al Rajhi Bank have been among the main beneficiaries of inflows anticipating a positive decision. That trend continued on Tuesday, with SABIC rising 2.6 percent and Al Rajhi up 1.4 percent. The biggest listed bank, National Commercial Bank , climbed 1.3 percent."



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