Saudi Stocks Surge as Investors Prepare for MSCI Inclusion - Bloomberg:
Shares in Saudi Arabia surged at the close as MSCI Inc. was set to begin including some of the kingdom’s shares into its main emerging-market index.
The Tadawul All Share Index rose 2% on the day, after fluctuating throughout the session, with banks contributing the most to the increase. The Tadawul trimmed this month’s losses to 8%. MSCI is set to add the kingdom to its developing country benchmark, using Tuesday’s closing prices.
Saudi Basic Industries Corp., Al Rajhi Bank, National Commercial Bank, Saudi Telecom Co. and Samba Financial Group are expected to draw the most inflows from the first stage of the MSCI inclusion. Together, they should attract about $3.5 billion from money managers passively tracking the index, according to estimates by Mohamad Al Hajj, equities strategist at EFG-Hermes in Dubai.
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