#Saudi Stocks Enjoy Strong Start to Year as Oil, Indexes Eyed - Bloomberg

Saudi Stocks Enjoy Strong Start to Year as Oil, Indexes Eyed - Bloomberg:

Saudi Arabian stocks are enjoying their best start to a year in more than two decades amid improving prospects for oil prices and ahead of their long-awaited inclusion in major global benchmarks.

The main Saudi equities index climbed more than 7 percent in the first 20 days of the year, the best performance for the period since Bloomberg records began in 1995. The increase, more than that of any other major gauge in the Gulf, follows a gain of about 16 percent in the price of Brent crude -- the kingdom is the world’s largest oil exporter.

Brent has advanced every week this year amid expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance, supporting sentiment toward the Saudi economy. Additionally, large caps are rallying ahead of the kingdom’s inclusion in key emerging-market benchmarks compiled by MSCI Inc. and FTSE Russell later this year.