|Bid||0.00 x 800|
|Ask||235.73 x 900|
|Day's Range||232.63 - 236.11|
|52 Week Range||134.28 - 246.07|
|Beta (3Y Monthly)||1.41|
|PE Ratio (TTM)||36.20|
|Earnings Date||Jul 31, 2019 - Aug 5, 2019|
|Forward Dividend & Yield||2.32 (0.98%)|
|1y Target Est||230.67|
(Bloomberg) -- MSCI Inc. will probably upgrade Kuwaiti equities to its main emerging-market index this week, which could trigger $2.8 billion of inflows from passive funds, according to the head of the nation’s stock exchange.“We have ticked all the boxes that are required by MSCI,” Mohammad Al-Osaimi, the acting chief executive officer of Boursa Kuwait, said in an interview on Sunday. “We have also offered international investors additional services and products they were looking for and some changes in bylaws they requested. We have touched base with them on our roadshows. We saw a comfortable response.”The New York-based index compiler, whose emerging-market group of indexes has about $1.8 trillion of assets tied to it, will announce on June 25 whether it’s lifting the country from its current frontier classification. The decision will become public shortly after 10:30 p.m. Central European Summer Time.This is significant for the small Gulf nation and its $98 billion stock market, which is similar in size to those of Ireland and New Zealand. Local authorities have been tying to modernize trading infrastructure and attract foreign investors in the past few years. The exchange was upgraded by FTSE Russell less than one year ago. The main Kuwaiti index rose 0.4% on Monday, extending its gain this year to 21%.Kuwait’s reforms include segregating stocks based on size and liquidity, and separating shares that hardly trade in comparison to the biggest and most liquid names, primarily banks.In neighbor Saudi Arabia, MSCI’s inclusion of shares in the emerging-market gauge is expected to lead to about $11 billion of inflows once fully implemented, according to estimates by the Saudi stock exchange.Aiming to lure active fund managers that would look beyond the benchmarks, Al-Osaimi said the bourse is working with the markets regulator to ensure companies trading in the premier market have investor-relations departments. It may be made obligatory by next year, he said.More from the interview:An initial public offering of the stock exchange could happen this year or the beginning of 2020.Two or three IPOs are expected in the next 12 months.Exchange’s new board is aiming to attract local petrochemical companies to list.Short-selling will be introduced “in the upcoming days,” and will be followed by stock lending and borrowing.Bourse aims to introduce margin trading by the end of the year.(Updates index performance in fourth paragraph to close.)To contact the reporters on this story: Filipe Pacheco in Dubai at email@example.com;Fiona MacDonald in Kuwait at firstname.lastname@example.orgTo contact the editors responsible for this story: Celeste Perri at email@example.com, Paul Wallace, Paul JarvisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
"The global economic environment is very favorable for investors. Economies are generally strong, but not too strong. Employment levels are among the strongest for many decades. Interest rates are paused at very low levels, and the risk of significant increases in the medium term seems low. Financing for transactions is freely available to good borrowers, […]
Red Hat's (RHT) first-quarter fiscal 2020 results are likely to benefit from robust adoption of OpenShift and Ansible, and strong cross-selling driven by an expanding partner base.
(Bloomberg) -- Saudi Arabian stocks are benefiting from their inclusion in the emerging-market universe. But emerging-market stocks are suffering because of the Saudi presence.The kingdom’s May 29 addition to MSCI Inc.’s indexes, a decision in the works for over two years, has sent Riyadh stocks into a bull market and brought record fund inflows. But the euphoria masks the fact that the earnings outlook for Saudi companies is deteriorating faster than for peers and can barely justify the country’s record valuations.This blind-alley racing has crashed the case for emerging-market stocks as a whole. With the addition of Saudi companies’ poorer estimates, the average profit forecast for the MSCI equity benchmark plummeted on May 29. While that looks ugly on its own, it also makes the gauge’s valuation pricier given that the projections are the denominator in the price-estimated earnings ratio.In other words, any value buyer looking at emerging-market-wide exposure would have been put off by the sudden surge in its cost.Even though Saudi Arabia accounts for only 1.5% of the emerging-market universe for now, with a second batch of inclusion slated for August, a majority of the stocks included in the May 29 re-balancing were Saudi. That makes the plunge in estimates mainly a Saudi affair.The impact is even more stark for the Europe, Middle East and Africa region, where Saudi Arabia enjoys a 9.1% weighting. Before the nation’s upgrade, analysts had raised earnings projections for the region’s companies by 3.3% this year. That turned into a 1.9% drop after the inclusion. Forecasts for the kingdom are down 7.7% in dollar terms.JPMorgan Chase & Co. underscored the worsening fundamentals in Saudi Arabia this week as analysts Naresh Bilandani and Saanil A Jain downgraded some of the country’s biggest lenders to underweight and said the risk-reward equation for Saudi banking stocks looked unattractive. Banks account for 47% of the Tadawul All Share Index, which fell 0.7% in Riyadh on Wednesday.“We are yet to see a material pickup in credit growth near-term that could offer an EPS surprise and justify the greater-than 50% valuation premium that Saudi banks are trading on versus the rest of” the central and eastern Europe, Middle East and Africa region, the analysts wrote.Inflows into exchange-traded funds accelerated this year as the MSCI upgrade approached, and have continued since May 28. However, short traders are betting a more realistic assessment of the earnings potential of Saudi companies will take over soon. They have boosted bearish bets against the iShares MSCI Saudi Arabia ETF above 10% of outstanding shares for the first time since its inception.(Updates Saudi index performance in seventh paragraph.)To contact the reporters on this story: Filipe Pacheco in Dubai at firstname.lastname@example.org;Srinivasan Sivabalan in London at email@example.comTo contact the editors responsible for this story: Dana El Baltaji at firstname.lastname@example.org, Robert Brand, Justin CarriganFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Methode Electronics' (MEI) fourth-quarter fiscal 2019 results are likely to suffer from lower passenger car demand and production hiccups in Asia and Europe.
(Bloomberg) -- Rising tensions in the Gulf aren’t stopping foreign investors from supporting Saudi Arabian stocks, just four years after funds from abroad were first allowed to trade directly in Riyadh.International funds helped contain losses in the final trading session last week, when Gulf stocks were sold off amid escalating tensions in the region. Qualified foreign funds have been net buyers almost every week this year, helped by the addition of the kingdom to the emerging-markets benchmarks compiled by MSCI Inc. and FTSE Russell.The Tadawul All Share Index retreated for two consecutive sessions as of Sunday, trimming monthly gains to 4.4%, after two oil tankers were damaged near the Strait of Hormuz in a suspected attack last week. The loss to the gauge would probably be steeper without passive flows, analysts said.While the money tracking the upgrades should continue coming, “active managers might reassess the risk profile and add a geopolitical risk premium to the valuations,” said Joice Mathew, head of equity research at United Securities in Muscat, Oman.Read: Gulf Investors See Knee-Jerk Selling in ‘Difficult Neighborhood’Total stock ownership by international investors in Riyadh is about 6.6%, including stakes in traded companies, trailing neighbors with the emerging-market index classification. Foreigners from outside the six-nation Gulf Cooperation Council hold about 8.6% of shares in Doha, 9% in Abu Dhabi and 12% in Dubai, according to estimates by EFG-Hermes Holding.More: Saudi Bourse Chief Sees Foreign Bets in Market Soaring by 2022(Updates stock performance in 3rd paragraph.)To contact the reporter on this story: Filipe Pacheco in Dubai at email@example.comTo contact the editors responsible for this story: Celeste Perri at firstname.lastname@example.org, V. Ramakrishnan, James AmottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. Senator Marco Rubio has written to the CEO of global index provider MSCI Inc seeking information on why the company has included certain Chinese stocks in its widely tracked emerging market index, his office said on Thursday. The letter forms part of a broader push by Rubio and other Washington lawmakers to crack down on Chinese companies operating in the U.S. equities markets amid a broader trade war with China. U.S. investors are exposed to Chinese companies if they are listed in the United States or included in major benchmarks.
MSCI Inc. (MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today that it would publish the historical values of the assets under management (“AUM”) in ETFs linked to its indexes as of the last day of, and the monthly average for, May 2019 on or about June 14, 2019. The information can be found under the link “AUM in ETFs Linked to MSCI Indexes” on MSCI’s Investor Relations website at http://ir.msci.com/aum-etf. Until further notice, MSCI expects this AUM data to be published mid-month going forward.
MSCI and FTSE Russell are increasing the inclusion of China A-shares in key indices, sending an unequivocal message about the index providers' (and institutional investors') confidence in China. What does it mean for international investors? A year after the initial inclusion of China A-shares in the MSCI indexes, MSCI has initiated a three-step process to lift the China A-shares inclusion factor from a symbolic 5% to a meaningful 20% by the end of November 2019.
MSCI Inc. (MSCI), a leading provider of research-based indexes and analytics, announced the results of the MSCI 2019 Global Market Accessibility Review. The detailed report, covering market accessibility assessments for 84 markets, has been made available on MSCI's web site at https://www.msci.com/market-classification. As previously announced, the MSCI Kuwait Index is currently included on the MSCI 2019 Annual Market Classification Review list for a potential reclassification to Emerging Markets status and hence Kuwait is not included in the MSCI 2019 Global Market Accessibility Review report released today.
Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
MSCI Inc. (MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today that Henry A. Fernandez, Chairman and CEO, will speak at the William Blair 39th Annual Growth Stock Conference at the Loews Hotel in Chicago, Illinois on Wednesday, June 5, 2019 at 10:00 AM CDT. The live audio webcast of the presentation will be available via the events and presentations section of MSCI’s Investor Relations homepage, http://ir.msci.com/events.cfm. MSCI is a leading provider of critical decision support tools and services for the global investment community.
Reversals of the trend seen during the previous few months tend to beat momentum trading, analysts including head of Asia quantitative research Yinan Zhang wrote in a report dated May 28. While chasing recent winners has been a successful strategy in most markets, it doesn’t work so well in China over a 12-month period, they wrote. “Retail investors tend to trade stocks on historical price trends and market rumors, a practice in China known as ‘stir-frying stocks,”’ the report said.
MSCI added twenty-six China shares, 30 equities from Saudi Arabia and eight Argentine securities to its emerging-market stock benchmarks, at the expense of South African stocks in changes that took effect Tuesday. Net sales of Naspers Ltd. were the largest Tuesday, at 4.9 billion rand. Nedbank Group Ltd., Hyprop Investments Ltd., Bidvest Ltd. and FirstRand were also in the top five, the JSE figures show.
The currency has gained 0.3% against the dollar in May as of 3:45 p.m. in Bangkok on Wednesday, making it the sole gainer among developing-nation currencies this month. Net foreign inflows into stocks surged to the biggest in more than six years on Tuesday on speculation Thailand would win a larger weighting in the MSCI Emerging Markets index. The baht is set to reclaim the top spot among emerging-market currencies after political gridlock post a March election and seasonal headwind of dividend outflows pushed the currency to give up being Asia’s best-performing currency in the first quarter in April.
Johannesburg’s FTSE/JSE Top40 Index of the largest companies by market capitalization had slumped 7.3% this month as of Tuesday’s close. South Africa’s economy probably contracted an annualized 2% in the first quarter, Bank of America analysts said this week. Investors are awaiting evidence that President Cyril Ramaphosa, who is still to name his cabinet after the African National Congress won the election three weeks ago, will be able to lead a revival of the continent’s most industrialized economy.
Saudi Arabia's stock market rose sharply on Tuesday ahead of its introduction into the MSCI emerging markets index after this session's close, while all major Gulf bourses rallied. Saudi's index rose 2% ...
MSCI is set to add the kingdom to its developing country benchmark, using Tuesday’s closing prices. Saudi Basic Industries Corp., Al Rajhi Bank, National Commercial Bank, Saudi Telecom Co. and Samba Financial Group are expected to draw the most inflows from the first stage of the MSCI inclusion. Together, they should attract about $3.5 billion from money managers passively tracking the index, according to estimates by Mohamad Al Hajj, equities strategist at EFG-Hermes in Dubai.