|Bid||216.30 x 30000|
|Ask||217.25 x 30000|
|Day's range||216.15 - 217.20|
|52-week range||123.01 - 220.20|
|Beta (3Y monthly)||0.63|
|PE ratio (TTM)||32.28|
|Forward dividend & yield||2.46 (1.18%)|
|1y target est||N/A|
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Investors in a New York-listed exchange-traded fund tracking Saudi Arabian stocks withdrew the most money on record, just as MSCI Inc. completed the country’s long-waited upgrade to its widely tracked emerging-markets benchmark.Outflows from the iShares MSCI Saudi Arabia soared to $119 million on Aug. 27, the most for any day since its inception in 2015, Bloomberg Data show. It’s the biggest ETF focused on Saudi equities trading in the U.S., with $659 million in assets.It’s been a good week for those seeking to pare bets on a market that brokers including Morgan Stanley say has become too expensive, given weakening fundamentals. MSCI on Tuesday wrapped up the second phase of including Saudi shares in its developing nations index, prompting billions of dollars in inflows from passive funds. Some active managers took advantage of the increased liquidity to reduce their holdings. The main gauge in Riyadh fell 5% this week.(Updates weekly move for benchmark index in final paragraph.)To contact the reporter on this story: Filipe Pacheco in Dubai at email@example.comTo contact the editors responsible for this story: Celeste Perri at firstname.lastname@example.org, John Viljoen, Monica Houston-WaeschFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- It’s set to be a busy week for Saudi stocks, with volumes likely to surge as index compiler MSCI Inc. completes the country’s promotion to an emerging market just as trade tensions dominate investor sentiment.Saudi Arabia’s weighting on the New York-based company’s MSCI Emerging Markets Index will increase to 2.83% from 1.45%, based on Aug. 27 closing prices, the compiler said in a statement earlier this month. When the first part of the upgrade took place in May, share trading in the country leapt to almost $8 billion in a single day, the most in almost 13 years.The heightened interest expected for Tuesday would be driven mostly by foreign investors who passively track MSCI indexes. Their purchases from abroad have helped the index in Riyadh outperform equities markets in developing markets this year.The funds arrive at a time of escalating tensions stemming from trade disputes between the U.S. and China. They could help the index recover from a 2.3% drop this week amid speculation that slowing global growth will sap demand for oil, the country’s biggest export.Inflows to the Saudi market this week could exceed $6 billion, according to estimates by Mohamad Al Hajj, an equities strategist at EFG-Hermes Holding in Dubai. That’s more than 11 times the average weekly net purchases by foreigners this year.Still, some investors expect that the stronger volumes are unlikely to be sustained, given that Saudi Arabian shares trade at relatively expensive levels against a backdrop of a weak economy and escalating geopolitical tensions.Read more on why the party mood has been souring in the Saudi market.EFG-Hermes’s Al Hajj closed an overweight call on Saudi shares in July, saying a strategy built around the MSCI index inclusion had run its course, and also citing weak fundamentals for the chemical sector and lower earnings prospects for banks.(Updates stock performance in fourth paragraph and chart.)To contact the reporter on this story: Filipe Pacheco in Dubai at email@example.comTo contact the editors responsible for this story: Blaise Robinson at firstname.lastname@example.org, John Viljoen, Eddie van der WaltFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The data provider is taking advantage of several growth tailwinds in the financial sector, but is the stock worth investing in?
Iceland may soon reclaim a place on the investment stage through inclusion in global equity indexes, but with pricey stocks, a fading economy and reforms done and dusted, fund managers are not rushing back there. Iceland is already on course to join index provider FTSE Russell's Frontier Market benchmark in September and rival MSCI said late on Tuesday that it might add its Icelandic stock index to its Frontier Market (FM) equity benchmarks. Investors' reaction to the index announcement was muted however, with Reykjavik's main equity index slipping 0.6% on Wednesday -- more than the 0.2% decline in MSCI's FM 100 index of the largest and most liquid frontier market stocks.
MSCI Inc said on Tuesday it would upgrade Kuwaiti equities to its main emerging markets index in 2020, a move that could trigger billions of dollars of inflows from passive funds. The index compiler will include the MSCI Kuwait index in the emerging market index in the May 2020 semi-annual index review. MSCI, the world's largest index provider, whose emerging-market group of indexes has about $1.8 trillion of assets tied to it, also said it would start a consultation on reclassifying the MSCI Iceland Index to Frontier Markets status.
MSCI said 30 Saudi Arabian securities would be added, representing an aggregate weight of 1.42% in the MSCI Emerging Markets Index, while eight Argentinian securities would be added at an aggregate weight of 0.26% in the MSCI Emerging Markets Index. All changes will be implemented as of the close of May 28.