Saudi ins. stocks soar with entry of female drivers
Sunday, 06 24 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi insurers posted significant gains on Sunday, on hopes that insurance volumes will rise as women began driving in Saudi Arabia, in the end of the world’s last ban on female drivers.
This lifted the Saudi exchange, which outperformed other regional markets, and which was still riding the wave of MSCI’s announcement last week that it would add the kingdom’s stock market to its emerging markets benchmark.
Saudi Arabia’s addition could help attract $40 billion from foreign funds, the chairman of the Saudi Capital Market Authority told Reuters last week. The move followed the decision by another index provider, FTSE Russell, to give Saudi Arabia emerging market status earlier this year.