MIDEAST STOCKS-Saudi retreats after winning FTSE emerging status, rest of region strong

MIDEAST STOCKS-Saudi retreats after winning FTSE emerging status, rest of region strong:

"Saudi Arabia’s stock market fell back because of moderate profit-taking on Thursday after index compiler FTSE Russell decied to upgrade Riyadh to emerging market status, a move likely to draw billions of dollars of new foreign money. Most other Gulf markets gained, after being being depressed in recent weeks by funds flowing to Riyadh in anticipation of a positive decision by FTSE. Inclusion in FTSE’s emerging market index is expected to put Saudi Arabia on the map for many international fund managers. If rival index compiler MSCI also decides in June to upgrade Riyadh, over $30 billion could flow in over the next couple of years."



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