Mideast Stocks: Saudi shares up as market enters FTSE Russell index | ZAWYA MENA Edition:
Saudi Arabia's stock market inched up on Monday, its first day as a member of the FTSE Russell's emerging-market index, which is expected to attract billions in passive fund inflows.
"We believe there is some leeway on how the FTSE inflows get affected – passive trackers can build positions over a few days prior to the actual date. On Thursday, the market traded more than 1.4 billion Saudi riyals, which is unusual. Nevertheless, we may still see strong inflows at close today," said Vrajesh Bhandari at Al Mal Capital.
Saudi's index rose 0.2 percent, with Abdullah Abdul Mohsin Al Khodari Sons surging 10 percent. The stock has risen since shareholders voted against the dissolution of the company. The company cancelled the completion of a contract, citing increased costs.
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