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Reuters
The region’s biggest market, Saudi Arabia, was up 0.2 percent with financial stocks among the largest gainers ahead of an expected decision by FTSE at the end of this month to include Riyadh in its secondary emerging market index.
Al Rajhi Bank, the kingdom’s second largest bank by assets, rose 1.7 percent, while Saudi British Bank was up 2.3 percent.
“It’s been a waiting game until March 28 when a decision by FTSE is expected,†said Khaled Feda, senior research manager at Alistithmar Capital. “The banking sector is outperforming the Saudi market year-to-date. We expect nine out of the 12 listed banks to be included in the index.â€
Aldar Properties was down 2.7 percent. In an announcement after the market close, Dubai’s ruler said Aldar and Emaar Properties, the top Dubai-based developer, were partnering to launch local and international projects worth 30 billion dirhams ($8.2 billion).
The Dubai index was flat as banks dropped but healthcare and industrial firms edged higher. Emaar Properties rose 1.0 percent.