MSCI upgrades Bank Aljazira to Saudi index for ‘leading’ companies

Morgan Stanley Capital Index (MSCI) has moved Bank Aljazira from MSCI Saudi Arabia Small Cap Index to MSCI Saudi Arabia Index for “leading” companies, the global index compiler said in its periodical review.

MSCI has also downgraded Al Tayyar Travel Group and Southern Province Cement Co. from MSCI Saudi Arabia Index for “leading” companies to MSCI Saudi Arabia Small Cap Index.

Arab National Bank (ANB), however was excluded from Saudi Index for “leading” companies.

Meanwhile, the index compiler has added Fawaz Abdulaziz Alhokair Co. (Alhokair) to Small Cap Index while Abdulmohsen Alhokair Group for Tourism & Development Co. (Al Hokair Group), Zamil Industrial Investment Co. and Al Yamamah Steel Industries Co. were removed from the index.

In 2015, MSCI launched the MSCI Saudi Arabia Domestic Index to measure the performance of the large and small-cap segments of the Saudi market, currently covering 30 leading constituents and 39 small capital constituents.

The index compiler will announce its annual market classification review list in June. The Kingdom was added to MSCI's watch list for a potential upgrade in 2018.