The Saudi stock index fell in early trade on Sunday following news that index compiler FTSE had decided to delay including Riyadh in its secondary emerging market index, while Kuwaiti blue chips were strong after FTSE included Kuwait.
In its annual country classification review on Friday, FTSE praised Riyadh's market reforms but said it would need more time to evaluate their practical impact.
It will therefore assess Saudi Arabia again next March: "It is anticipated that Saudi Arabia will meet the requirements for inclusion as a Secondary Emerging market from early 2018."
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Read more:
Saudi Arabia left out of FTSE Russell emerging markets index, Kuwait upgraded
Saudi stocks fall on FTSE non-inclusion fears
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The Saudi index had fallen 0.6 per cent last week amid rumours that FTSE's decision would be negative. On Sunday morning it was down 0.8 per cent and blue chips that would probably be part of the emerging market index bore the brunt of selling; Saudi Basic Industries sank 0.6 per cent and National Commercial Bank lost 1.0 per cent.
FTSE said Kuwait would enter its emerging market index in September 2018. Though the news had been expected by many investors, confirmation of the upgrade boosted stocks such as the region's largest warehousing company Agility, which climbed 1.5 per cent, and National Bank of Kuwait , which jumped 3.4 per cent.
Kuwait's index of the top 15 most valuable shares was up 1.7 per cent, while the main index was up only 0.1 per cent.
Elsewhere, Qatar's index was down 0.3 per cent in thin trade, heading back near a five-year low. Lender Masraf Al Rayan lost 1.7 per cent.
Abu Dhabi's index rose 0.4 per cent on the back of blue chips; First Abu Dhabi Bank was up 0.5 per cent.
The Dubai index edged down 0.2 per cent in quiet trade; Gulf General Investment jumped 4.4 per cent in very thin volume after saying it had completed a Dh2.1 billion debt restructuring that would give it until 2023 to dispose of non-core assets. It did not give details.
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
THREE
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Killing of Qassem Suleimani
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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