Trade jitters, strong dollar send emerging stocks, FX lower

Saudi Aramco Clears Another IPO Hurdle | OilPrice.com

It will also be included in the MSCI ACWI Index and other global and regional indexes. Morgan Stanley Capital International (MSCI) announces its MSCI 2018 Market Classification Review, which determines the inclusion of each country into the MSCI indexes.

Sebastien Lieblich, managing director and global head of equity solutions, said: "By supporting the inclusion of Saudi Arabia and Argentina in emerging markets, worldwide institutional investors confirmed that they are now able and ready to access and operate in these markets".

"The inclusion decision shall enhance the diversity of the investors' base as well as the liquidity of the Saudi Capital Market", Kuwaiz said in a statement posted on Tadawul's website.

NH Investment & Securities Co. estimates the amount of funds outflow from the domestic stock market caused by Saudi Arabia's inclusion in the MSCI EM index at US$5.8 billion (6.47 trillion won).

Saudi Aramco says its facilities are safe and operating normally
Combat has been raging at the southern runway less than a mile (one kilometer) from the main airport compound. A senior Houthi official, Mohammed al-Bukaiti, confirmed the fierce fighting at the Hodeida airport.

Blue chips dominated trading as investors bet on the leading Saudi companies that could join the MSCI index. "The regulator within Saudi, the exchange and MSCI have been working nearly in concert with each other to help bring this capital market to required levels of development". Neither decision was assured, and together, they could prompt a relief rally after a selloff knocked US$2.7 trillion from emerging economies since late January amid threats of a global trade war and higher U.S. rates.

"Since MSCI added it to its watch list in June 2017, the necessary infrastructure has been upgraded and we believe all required criteria have been met". Being upgraded will result in more investments, and therefore more liquidity.

The MSCI Argentina index is down 37% this year, the peso has fallen 33% against the dollar and Argentine bonds have.

The decision to upgrade Saudi Arabia's Standalone Market to an Emerging Market status is evidence of the success of development efforts in that regard, chairwoman of Saudi Arabia's stock exchange Tadawul, Sarah al-Suhaimi, said in a press conference on Thursday. Judging by stock-market performances, the Middle Eastern kingdom is on top.

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Among the changes announced this year include rules governing market-making, establishing a company which will ultimately clear all trades on the Saudi bourse, and introducing a new mechanism to set the closing price of shares that is more in line with global standards. Analysts expect an MSCI upgrade could attract around US$10 billion in passive fund flows.

Modernisation of the Saudi stock market is part of a broader plan spearheaded by Crown Prince Mohammed Bin Salman to steer the nation's economy away from oil and diversify the government's sources of revenue. The fact that Saudi Arabia may be coming in to the EM index obviously means that it broadens the index and gives fund managers a bit more choice.

Ziyad Al-Ashaikh, Deutsche Bank's chief country officer for Saudi Arabia, said: "This represents a major milestone".

VIDEO: How did Saudi stocks push Tadawul over 8,000 for 1st time since 2015?

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