Saudi stocks soar on MSCI cheer; Almarai jumps

21/06/2017 Argaam
by Brinda Darasha

Saudi Arabia’s shares climbed exponentially immediately on open Wednesday following the move by index provider MSCI to add Tadawul to a watch list for a potential upgrade to emerging market status.

 

The Tadawul All Share Index (TASI) rose 2 percent to 7,117 within 15 minutes. Blue chips lead the rise. Almarai went up to its maximum limit at SAR 90.70, the highest since listing. Around 400,000 shares changed hands within minutes.  

 

Almarai is one of the stocks that are expected to be included in the MSCI Index.

 

SABIC shares rose up to SAR 104.41 before slipping slightly. Savola, which is another contender, also gained nearly 2 percent to SAR 28.50.

 

Most other sectors advanced, with banks adding over 2 percent. Samba and Arab National Bank jumped over 4 percent each.

 

Write to Brinda Darasha at brinda.d@argaamplus.com

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