Connect with us

Economy

Kuwait, Saudi Arabia stocks climb after MSCI review

(Bloomberg) –Stocks in Kuwait and Saudi Arabia rose the most in the Gulf as investors reacted positively to a review by index compiler MSCI Inc. late last week.

Kuwait’s index advanced as much as 1.8% after MSCI said it will increase the weight of National Bank of Kuwait SAK, the country’s biggest lender, within its benchmarks. That’s “a big positive surprise,” analysts at EFG-Hermes said. NBK’s shares gained as much as 4.3%, the most in two years.

In Riyadh, Arab National Bank climbed as much as 5.4% after MSCI said it will add the stock to its emerging-markets index. It finished at the highest level in over a month.

Investors were also perusing the prospectus of Saudi Aramco’s initial public offering, which will take place in Riyadh. Saudi Arabia will allow investors to start bidding for shares in the world’s most-profitable company from Nov. 17. While the document didn’t disclose the number of shares to be sold, it will allocate up to 0.5% of the stock to individual investors.

Read: World’s Most Expensive Bank Cuts Back on Water to Trim Costs

HIGHLIGHTS:

  • The MSCI Emerging Markets Index rose 1.5% in the five days through Nov. 8, and an index tracking currencies from developing countries climbed 0.1%
  • EM Review: Signs of Tariff Rollback Spur Appetite for Risk
  • NBK ends 2.8% higher at KW0.962, boosting the Premier Market index 1.1%
  • Finishes at the highest level since Sept. 25
  • Arab National Bank climbs 2.1% to finish at SAR23.30
  • National Agriculture Development Co. gains 2.7%, the most in two weeks, after proposing a 20% capital increase through the distribution of one bonus share for every five held
  • The Tadawul All Share Index advanced 1%
  • Emirates NBD falls 2.2% in Dubai, dragging down the DFM General Index, which drops 1.4%
  • NOTE: The subscription for the lender’s $1.76b rights issue starts Sunday and will close on Nov. 20
  • Also in Dubai, Emaar Development slumps 7.2% after being excluded from MSCI’s main indexes
  • Exchanges in Bahrain, Oman and Egypt are closed for holidays

Published

on

Continue Reading
Advertisement

Trending