{"id":599283,"date":"2019-06-24T04:00:35","date_gmt":"2019-06-24T04:00:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/has-saudi-arabias-inclusion-among-msci-ems-actually-hurt-the-index\/"},"modified":"2019-06-24T04:00:35","modified_gmt":"2019-06-24T04:00:35","slug":"has-saudi-arabias-inclusion-among-msci-ems-actually-hurt-the-index","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/has-saudi-arabias-inclusion-among-msci-ems-actually-hurt-the-index\/","title":{"rendered":"Has Saudi Arabia\u2019s inclusion among MSCI EM\u2019s actually hurt the index?"},"content":{"rendered":"

<\/a> Has Saudi Arabia\u2019s inclusion among MSCI EMs actually hurt the index? <\/b>The highly anticipated inclusion of Saudi stocks in the MSCI Emerging Markets Index has fueled a rally on the Tadawul, raising both inflows and valuations \u2014 but these have not been accompanied by a rise in earnings. On the contrary, the earnings outlook for Saudi companies appears to be deteriorating faster than its peers, according to Bloomberg<\/a>. This has had the effect of lowering the earnings projections for the entire region. Analysts had projected that earnings for the region\u2019s companies would rise 3.3% this year prior to Saudi\u2019s inclusion. Since then, the projections have turned into a 1.9% drop. Forecasts for the kingdom are down 7.7% in USD terms, the news outlet says. This has also had the effect of making the MSCI EM Index pricier in terms of valuations, which could drive away investors.<\/p>\n

The shorts are circling: <\/b>Short sellers think the bull market for the Tadawul will fall in line with the negative earnings outlook, Bloomberg notes. \u201cThey have boosted bearish [positions] against the iShares MSCI Saudi Arabia ETF above 10% of outstanding shares for the first time since its inception,\u201d the article reads.<\/p>\n

Why didn\u2019t Saudi\u2019s inclusion meet expectations? <\/b>The country\u2019s fundamentals are worsening, JPMorgan Chase analysts Naresh Bilandani and Saanil A Jain say. The investment bank said the risk-reward equation for Saudi banking stocks looked unattractive, downgrading some of the country\u2019s biggest lenders to underweight. The FT noted last week<\/a> that private-sector companies in Saudi Arabia are griping at the negative impact of de facto Saudi ruler Mohamed bin Salman\u2019s reforms.<\/p>\n

Not helping matters is the continued pummeling of the country\u2019s reputation<\/b>, which took another hit last week when a UN expert said there was \u201ccredible evidence\u201d that MbS was involved in the murder of journalist Jamal Khashoggi, according to the FT<\/a>. Agnes Callamard, the UN special rapporteur on extrajudicial executions, has called for a follow-up investigation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Has Saudi Arabia\u2019s inclusion among MSCI EMs actually hurt the index? The highly anticipated inclusion of Saudi stocks in the MSCI Emerging Markets Index has fueled a rally on the Tadawul, raising both inflows and valuations \u2014 but these have not been accompanied by a rise in earnings. On the contrary, the earnings outlook for […]<\/p>\n","protected":false},"author":1,"featured_media":599284,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[115,72,1317,118,219,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-emerging-markets","tag-enterpriseam","tag-mohammed-bin-salman","tag-msci","tag-saudi-arabia","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"9a0fc6b1-6d26-4a50-8092-f35b176edc66","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/6\/950.png","photo_position":"above","related_issue":[599260],"teaser":"","voice_url":""},"yoast_head":"\nHas Saudi Arabia\u2019s inclusion among MSCI EM\u2019s actually hurt the index? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/has-saudi-arabias-inclusion-among-msci-ems-actually-hurt-the-index\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Has Saudi Arabia\u2019s inclusion among MSCI EM\u2019s actually hurt the index?\" \/>\n<meta property=\"og:description\" content=\"Has Saudi Arabia\u2019s inclusion among MSCI EMs actually hurt the index? The highly anticipated inclusion of Saudi stocks in the MSCI Emerging Markets Index has fueled a rally on the Tadawul, raising both inflows and valuations \u2014 but these have not been accompanied by a rise in earnings. 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This is especially\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/6\/716.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598835,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/the-thin-grey-line-between-frontier-markets-and-emerging-markets\/","url_meta":{"origin":599283,"position":1},"title":"The thin grey line between frontier markets and emerging markets","author":"enterpriseam admin","date":"10 June 2019","format":false,"excerpt":"EXPLAINER FOR NON-FINANCE GEEKS- The thin grey line between frontier and emerging markets: In a recent explainer on frontier markets, Bloomberg makes a point of calling them the \u201csmaller siblings\u201d of emerging markets, a very popular \u2014 albeit simplistic \u2014 comparison. The reality is a little more nuanced considering the\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/2130.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622157,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/did-mark-mobius-just-tell-investors-to-ditch-saudi-and-go-to-egypt\/","url_meta":{"origin":599283,"position":2},"title":"Did Mark Mobius just tell investors to ditch Saudi and go to Egypt?","author":"enterpriseam admin","date":"28 November 2018","format":false,"excerpt":"Did Mark Mobius just tell investors to ditch Saudi for Egypt? The Khashoggi murder has really put off foreign investors from Saudi Arabia, said Mobius Capital Partners Mark Mobius. \u201cIf the leadership has questionable governance, how about the companies?\u201d Mobius told Bloomberg in an interview. \u201cThere are other things going\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/5\/39.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556451,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/26\/msci-em-index-rises-off-of-better-than-expected-earnings\/","url_meta":{"origin":599283,"position":3},"title":"MSCI EM index rises off of better than expected earnings","author":"enterpriseam admin","date":"26 October 2021","format":false,"excerpt":"Things are looking up for EM equities on the MSCI Emerging Market (EM) Index, buoyed by constituent companies reporting better-than-expected earnings, reportsBloomberg. The market is now waiting on results from index heavyweights Samsung Electronics, China Construction Bank, and Sberbank of Russia to come in later this week, potentially extending the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599418,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/27\/egypts-equities-are-attractively-priced-compared-to-global-and-historical-averages\/","url_meta":{"origin":599283,"position":4},"title":"Egypt\u2019s equities are attractively priced compared to global and historical averages","author":"enterpriseam admin","date":"27 June 2019","format":false,"excerpt":"Egypt\u2019s equities are attractively priced compared to current global averages and relative to their own historical averages, Shuaa Securities\u2019 Ahmed Abdelnaby suggests in a research note (pdf). According to Abdelnaby, equities on the benchmark EGX30 index are the third-cheapest in the Arab world, and the sixth-cheapest globally. Across MENA, Egypt\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/486.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589293,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/msci-could-review-our-emerging-market-status-amid-fx-crunch\/","url_meta":{"origin":599283,"position":5},"title":"MSCI could review our emerging-market status amid FX crunch","author":"enterpriseam admin","date":"25 June 2023","format":false,"excerpt":"MSCI says low FX liquidity is impacting the accessibility of the Egyptian market","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=599283"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599283\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599260"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599284"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599283"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599283"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}