MSCI logo
MSCI Saudi Arabia has been the best performing major country in the world this year, Bloomberg reported, citing Morgan Stanley’s note.
The index was one of the best performing last year.
Financials and materials stocks have been the best performers on the MSCI Saudi Arabia index this year, it added.
Morgan Stanley upgraded its recommendation on the country to overweight.
“Having been underweight since May 2020, we’ve clearly gotten this one wrong,” the note added.
Morgan Stanley expects high Saudi valuations are here to stay as the market is more driven by earnings, which are forecast to grow. It also noted that while foreign positioning in the country remains low, it has started to pick up.
Tadawul All Share Index (TASI) has gained 35%, or more than 3,000 points year-to-date (YTD), to hit its highest level since January 2008, Argaam reported.
The Saudi Exchange (Tadawul) disclosed the top 10 companies on the MSCI Tadawul 30 Index (MT30) by the end of September 2021. The 10 companies accounted for 74.58% of the index weight, compared to 74.47% by the end of June 2021.
Comments
{{DisplayName}}
{{ElapsedTime}}