The Saudi stock index fell in early trade on Sunday following news that index compiler FTSE had decided to delay including Riyadh in its secondary emerging market index, while Kuwaiti blue chips were strong after FTSE included Kuwait.
In its annual country classification review on Friday, FTSE praised Riyadh's market reforms but said it would need more time to evaluate their practical impact.
It will therefore assess Saudi Arabia again next March: "It is anticipated that Saudi Arabia will meet the requirements for inclusion as a Secondary Emerging market from early 2018."
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Read more:
Saudi Arabia left out of FTSE Russell emerging markets index, Kuwait upgraded
Saudi stocks fall on FTSE non-inclusion fears
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The Saudi index had fallen 0.6 per cent last week amid rumours that FTSE's decision would be negative. On Sunday morning it was down 0.8 per cent and blue chips that would probably be part of the emerging market index bore the brunt of selling; Saudi Basic Industries sank 0.6 per cent and National Commercial Bank lost 1.0 per cent.
FTSE said Kuwait would enter its emerging market index in September 2018. Though the news had been expected by many investors, confirmation of the upgrade boosted stocks such as the region's largest warehousing company Agility, which climbed 1.5 per cent, and National Bank of Kuwait , which jumped 3.4 per cent.
Kuwait's index of the top 15 most valuable shares was up 1.7 per cent, while the main index was up only 0.1 per cent.
Elsewhere, Qatar's index was down 0.3 per cent in thin trade, heading back near a five-year low. Lender Masraf Al Rayan lost 1.7 per cent.
Abu Dhabi's index rose 0.4 per cent on the back of blue chips; First Abu Dhabi Bank was up 0.5 per cent.
The Dubai index edged down 0.2 per cent in quiet trade; Gulf General Investment jumped 4.4 per cent in very thin volume after saying it had completed a Dh2.1 billion debt restructuring that would give it until 2023 to dispose of non-core assets. It did not give details.
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Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
SPECS
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
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