Saudi stocks win big in FTSE EM index review:
Index provider FTSE Russell has added many Saudi stocks such as Saudi Basic Industries, and National Commercial Bank on its global equity index, a move that is expected to attract $500 million in passive flows.
About 80 stocks have been added to the emerging market index, data from the index provider revealed. FTSE Russell is planning to add Saudi Arabia’s stocks in the emerging market index in five phases
“The Phase 1 inclusion of Saudi Arabia is along expected lines and should bring in passive inflows of roughly $700 million. In total, the 5 phases spread out until September should drive in inflows of more than $4 billion,” Vrajesh Bhandari, portfolio manager with Al Mal Capital said.
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