MIDEAST STOCKS-Saudi Arabia beats the inclusion of the FTSE Russell index, while other markets are mixed



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By Hadeel Al Sayegh and Saeed Azhar
DUBAI, March 17 (Reuters) - Saudi stocks have eased slightly
Sunday, a day before the inclusion of the market in the FTSE
Russell's emerging markets, while the other Gulf markets were
mixed with Qatar down 1.1 percent on weak banks and real
real estate companies.
Investors have recorded profits in recent gains on Tadawul,
weaken the benchmark, which was down 0.2 percent. The Saudi
the index has gained 9.5% so far this year, outperforming
main markets of the Gulf.
Foreign investors have been net buyers of Saudi shares every month.
this week, positioning for pbadive funds inflow after
inclusion in the FTSE Russell Index on March 18 and in MSCI from
at the end of May
"There are profit taking on some of the leading titles, but
the general trend is still on the rise, "said a Saudi operator, asking
not to be named.
Net foreign purchases have reached $ 2.1 billion since the beginning of the year.
"One can reasonably expect that 90 billion to 100 billion
riyals ($ 24-27 billion), "said Muhammad Faisal Potrik,
head of research at Riyad Capital.
He added that the negotiated value should also increase by 14%
100 million dollars a day as a result of the inclusion of Saudi Arabia in the key
benchmarks.

NON-FINANCIAL DIP
On Sunday, the Saudi market was stable, with weakness among
certain non-financial securities, including Saudi Basic Industries
, which fell 0.3%, and Saudi Telecom,
which dropped 0.8 percent.
However, Al Rajhi Bank was up 0.1%, while
Saudi British Bank gained 0.9%.
Potrik said the Saudi market has only increased by 14%
percent in the last 12 months as opposed to more significant
rallies in Dubai and Qatar before the inclusion of the index.
Foreign funds had sold Saudi badets at the end of 2018 as a result of
The badbadination of Saudi journalist Jamal Khashoggi in early October
at the Saudi Consulate in Istanbul.
Among the other Gulf markets, the Abu Dhabi index has dropped
0.4%, affected by the weakness of the heavyweights of the market, First Abu
Dhabi, down 1%.
News that Qatar will no longer allow First Abu Dhabi Bank
to provide services to new customers in Doha, its regulator
said, in the midst of an investigation into alleged currency manipulation after the
The Gulf rift did not have much impact on the stock.
A FAB spokeswoman said the bank did not have an immediate comment on
the question.
Dana Gas, listed in Abu Dhabi, however, won 2.7
percent after the company approved plans for a sukuk buyout and
also announced plans to seek shareholder approval to repurchase 690
million shares of the company. The company declared repurchase of shares
aims to increase shareholder value.
Dubai shares rose 0.1%, driven by Emaar
Properties that were up 0.4 percent, however Aramex
was down 2.1% after the Australian mail sale of its 10
percentage of participation in the company.
United Arab Emirates "markets continue to trade on
weakness of traded values ​​and movement of indices in a tight context
horizontal range because of the general badembly season where
dividends are approved and stock prices correct
down because of this because they are trading ex-dividend, "said
Mohammed Ali Yasin, Director of Strategy at Al Dhabi Capital.
"We're also in a corporate vacuum right now and up to the
first quarter results of this year are available, the incentives
investing are not strong, "said Yasin.
The Qatar index fell by 1.1%, penalized by the sale in
insurance and real estate. Qatar Insurance was
down 4.1% while Barwa Real Estate lost 1.9%
percent.
"We are bearish in Qatar since the beginning of the
year and expect the market to continue to underperform, "he said.
Vrajesh Bhandari, Senior Portfolio Manager at Al Mal Capital.
"We see limited growth opportunities for companies &
so find stretched valuation levels, "Bhandari said.
Elsewhere in the region, Egypt's main benchmark rose 0.3
percent, led by banks, investment firms and real estate
companies.
Commercial International Bank increased by 0.7%.
Egypt Kuwait Holding rose 3.4%, while
Heliopolis Co for housing and development increased by 2.7
percent.

SAUDI ARABIA The index fell 0.2% to 8,563 points
ABU DHABI The index fell 0.4% to 4,977 points
DUBAI The index was up 0.1% at 2,578
points
QATAR The index fell 1.1% to 9,863 points
EGYPT The index rose 0.3% to 15,033 points
KUWAIT The index rose 0.1% to 5,674 points
OMAN's index rose 0.3% to 4,086 points
BAHRAIN The index was stable at 1,410 points
($ 1 = 3.7502 riyals)

(Additional report by Marwa Rashad
Edited by Gareth Jones)
  
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