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
-
News1 month ago
Offer Price, Overview, Investors: Here’s Everything You Need to Know About Asyad Shipping’s Mega IPO
-
OER Magazines1 month ago
OER, February 25
-
Automotive2 months ago
[REVIEW] A Legend Reinvented: The Nissan Patrol Y63 Blends Heritage with Modern Mastery
-
Alamaliktistaad Magazines1 month ago
Al-iktisaad, February 2025
-
Energy1 month ago
Dubai Supreme Council of Energy Unveils 5th Emirates Energy Award 2023–2025 in Muscat
-
News2 months ago
Oil Prices Rise as Investors Assess New US Tariff Threats
-
News2 months ago
Middle East Emerging as a Key Destination for Sports Tourism
-
News1 month ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat