Saudi Arabia is delaying the initial public offering of its stock exchange on hopes that a potential MSCI Inc. upgrade could boost its value.
The Tadawul All Share Index rose as much as 2 percent, leading gains in Middle East equity gauges, following upbeat third-quarter earnings and deal announcements.
“All recent deals and corporate announcements are positive, so there are expectations for foreign portfolio flows into the country, which could happen starting early next year,” said Muhammad Faisal Potrik, head of research at Riyad Capital. “News and sentiment is expected to be positive until year-end or early next year.”
Saudi Company For Hardware, Yanbu National Petrochemical Company and Mouwasat Medical Services Company were among top gainers, rising at least 3.5 percent.
Highlights: Al Hammadi Company for Development and Saudi Arabian Fertilizer Company fell at least 0.6% Markets in the United Arab Emirates are closed for a public holiday Stock gauges in Qatar and Egypt declined
MIDDLE EASTERN MARKETS:
Saudi stock gauge closed up 1.8 percent in Riyadh, with 166 gainers and 12 laggards.
Saudi Company For Hardware rose 7%, Yanbu National Petrochemical Company gained 5.2% , and Mouwasat Medical Services Company climbed 3.5% Stock gauges in Oman and Kuwait were little changed, while in Qatar it declined 0.5% Egypt’s EGX30 closed down 1.3%, with 22 laggards and 4 gainers Israel’s TA-35 closed up 1.45%, with Israel Corp leading the gainers, rising 3.3%
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