Argentina and Saudi Arabia to join MSCI emerging markets index
23 June, 2018, 13:32 | Author: Natasha Holloway
The index will reclassify Saudi Arabia with implementation of its indexes starting in June 2019. Saudi Arabia hopes to sell 5 percent of the world's largest oil exporter, valuing the company at more than $2 trillion.
South Africa's rand fell 0.8 percent, extending early losses after data showed the current account deficit widened more than expected in the first quarter to register its largest shortfall in two years. Separately, MSCI said it would upgrade Argentina to the category as well.
MSCI also said it will include the MSCI Kuwait Index in its classification review next year for a potential move from frontier to emerging markets.
He said: "It's a change in the universe but frankly, it doesn't make that much difference".
Index maker MSCI Inc., a major indirect decision maker on asset flows due to the growth of passive equity investing, awarded emerging market status for the first time in almost a decade.
"It is a recognition of the progress Saudi Arabia has made in implementing its ambitious capital markets transformation agenda".
Maurel estimates it will lead to $35 billion of inflows. FTSE will bring Saudi stocks on board in several stages between March and December 2019, while MSCI said on Wednesday the kingdom would enter in phases coinciding with index reviews in May and August 2019.
Anita Yadav, head of fixed income research at Emirates NBD, told Khaleej Times that the inclusion of Saudi equities into the MSCI EM index could trigger passive inflows of $10 billion. Around $3bn in foreign flows have already come into the Saudi market in 2018, taking total foreign investment in the Tadawul stock exchange to approximately $9bn.
"It is our job to ensure the market is ready for such events, and this is what we have done", he added. "The part privatisation of Aramco is vital for boosting the government's forex reserves and GDP growth outlook through higher investment".
In the past three years, the Saudi stock market "has become much more open and much closer to worldwide standards", said Mazen Alsudairi, head of research at Al Rajhi Capital Co.in Riyadh.
The decision, which came as part of MSCI's semi-annual index review, follows the implementation of regulatory changes in the Saudi Arabian equity market which opened to global institutional investors. The global listing of the oil giant has been shelved for the time being.
Other Gulf markets declined in largely muted trading as many investors are still on holiday for the Muslim festival of Eid.
"As of today, foreign investor ownership in the Saudi market is around $9.2 billion, and we expect this ownership to increase until the actual inclusion date". Allowing foreign funds into the Saudi stock market will facilitate the sale of the planned IPO.
"Saudi Arabia's market performance over the next few sessions is of little relevance in our view. In some ways, Saudi's local market meets these thresholds to a higher level than Argentina does".
"It is very good to have more opportunities for investors to invest", said Akira Takei, a fund manager at Asset Management One in Tokyo, which oversees around US$500 billion.
And sure enough, the rumored couple flew to India together and while there, one insider told ET that Jonas met Priyanka's mother. Then on to New Jersey for a wedding , where they gave paparazzi much cute photo ops.
Sources close to the team also told Bloomquist that the Phanatic "feels terrible" about causing her injuries. And hard", McVay said about the hot dog. "It's going to go down the side of my face", she told ABC 6 .
As a result, the Department of Homeland Security has published a supposed fact check of its family separation policy . On Monday, speaking to the nation's sheriffs at a gathering in New Orleans, again defended the zero tolerance policy.
I'll scream louder than you, okay? Seems like he was getting frustrated. "I would have gone ballistic if that was any of my kids". When the crying still continues he raises his voice, slaps the boy on the cheek and tells him: "You're going to calm down ".
Despite the criticism and the pressure, Cuccittini told "Diario de Mariana" that Messi seems relaxed, calm, and confident. Lionel Messi has all the support of his Argentina team-mates and they will "keep by his side", according to Paulo Dybala.
The announcement comes days after speculation that his Christening would happen between of June and first weeks of July . George's christening at the same venue in October 2013 was an intimate occasion, with only 23 guests attending.
New Zealand has long had a progressive reputation and was the first country to give women the right to vote in 1893. Gayford, who hosts a television show about fishing, will be their daughter's full-time caregiver.
The only time the ball was in midfield was when it was passing through to either end, with the teams combining for 18 shots. Commentators anxious that family tensions could distract the players from their goal of winning World Cup matches.
Panama defender Cummings fires warning to England
Southgate has rejected reports that notes from a training session revealed his starting XI for Sunday's clash with Panama . Until the manager actually names the team it doesn't matter what comes out or leaked or anything.
Man arrested in rapper XXXTentacion's shooting death
The 20-year-old hip hop star - real name Jahseh Dwayne Onfroy - was shot dead while sitting in his vehicle in an ambush on Monday. Monday when XXXTentacion , 20, of Parkland whose given name is Jahseh Onfroy , drove his BMW to the motorcycle dealer.
Oil Falls on Spiraling US-China Trade Dispute, Rising Output
Non-OPEC members including Russia, Oman and Mexico also agreed to cut 558,000 bpd off their production to stabilise the market. Indeed, the single largest factor that could push prices down going forward would be a sizable increase in OPEC plus supply.
USA court backs states over web sales tax
South Dakota has estimated that it could take in up to $50 million a year in additional revenue with these taxes being collected. In response to the ruling, the stocks of several internet retailers, including Amazon, eBay and Wayfair , all dropped.