MIDEAST STOCKS- #Saudi closes at near 4-year high as it joins FTSE Russell index | Reuters

MIDEAST STOCKS-Saudi closes at near 4-year high as it joins FTSE Russell index | Reuters:

Saudi Arabia's benchmark stock index closed at its highest in nearly four years on Monday as bank shares rose on its first day as a member of FTSE Russell's emerging-market index, which is expected to attract billions in passive fund inflows.

Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is positioned for passive fund inflows of around $20 billion.

The kingdom is hoping its inclusion in the indexes will fuel its drive to become a major destination for foreign capital, after its global reputation was tainted by the murder of journalist Jamal Khashoggi in October.