Kuwait's index advanced as much as 1.8% after MSCI said it will increase the weight of National Bank of Kuwait SAK, the country's biggest lender
Stocks in Kuwait and Saudi Arabia rose the most in the Gulf as investors reacted positively to a review by index compiler MSCI late last week.
Kuwait’s index advanced as much as 1.8% after MSCI said it will increase the weight of National Bank of Kuwait SAK, the country’s biggest lender, within its benchmarks. That’s “a big positive surprise,” analysts at EFG-Hermes said. NBK’s shares gained as much as 4.3%, the most in two years.
In Riyadh, Arab National Bank climbed as much as 5.4% after MSCI said it will add the stock to its emerging-markets index. It finished at the highest level in over a month.
Investors were also perusing the prospectus of Saudi Aramco’s initial public offering, which will take place in Riyadh. Saudi Arabia will allow investors to start bidding for shares in the world’s most-profitable company from Nov. 17. While the document didn’t disclose the number of shares to be sold, it will allocate up to 0.5% of the stock to individual investors.