FTSE Russell Index funds 'likely' to debut on Tadawul today
FTSE Russell Emerging Index funds will begin trading on the Saudi Stock Exchange (Tadawul) today, Mar. 14, with all transactions executed at 10 percent of the Saudi market capitalization on the index, sources close to the matter told Argaam on Thursday.
“Most transactions will be executed during Tadawul’s closing auction, when investors will determine stock prices through buy and sell orders to set the fair price,” they said.
The closing auction starts after the regular trading hours from 3:00 pm to 3:10 pm.
Two days ago, Tadawul announced that the first phase of the FTSE Russell and S&P DJI Emerging Markets will begin on Monday, Mar. 18, 2019, based on Mar. 14 closing prices, Argaam reported.
On March 28, 2018, index provider FTSE Russell promoted Saudi Arabia to emerging secondary market status, starting from March 2019. The inclusion is expected to be fully completed by December 2019.