MIDEAST STOCKS-Saudi edges up ahead of FTSE Russell index inclusion, other mkts mixed | Reuters:
Saudi stocks were trading 0.2 percent higher on Sunday, a day ahead of the exchange’s inclusion in the FTSE Russell’s emerging market index, while other Gulf markets were mixed with Qatar down 0.8 percent on weakness in banks and real estate firms.
The Saudi index has gained 9.8 percent so far this year, outperforming major Gulf markets. Foreign investors have been net buyers of Saudi stocks every week this year, positioning for passive fund inflows after its inclusion in the FTSE Russell index on March 18 and MSCI in late May.
Foreign net buying has hit $2.1 billion year-to-date. “We can reasonably expect between 90 billion to 100 billion riyals ($24-$27 billion) inflows,” said Muhammad Faisal Potrik, head of research at Riyad Capital.
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