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SRMG Shares Upgraded to MSCI Saudi Arabia Standard Index

Logo of the Saudi Research and Media Group (SRMG)
Logo of the Saudi Research and Media Group (SRMG)
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SRMG Shares Upgraded to MSCI Saudi Arabia Standard Index

Logo of the Saudi Research and Media Group (SRMG)
Logo of the Saudi Research and Media Group (SRMG)

As the Saudi stock market continues its steady upward movement, MSCI recently announced the upgrade of the shares of the Saudi Research and Media Group - listed on the main Saudi market – after its quarterly review.

MSCI announced on Thursday the upgrade of the Saudi Research and Media Group (SRMG) from the MSCI Saudi Arabia Small Cap Index to MSCI Saudi Arabia Standard index, bringing the number of companies listed on this index to 34.

On the other hand, Saudi Cement Co. was downgraded from MSCI Saudi Arabia Standard Index to MSCI Saudi Arabia Small Cap Index, raising the number of the index constituents to 52.

Meanwhile, the Saudi Stock Exchange’s main index ended trading higher on Thursday, gaining 63.24 points to close at 12,268.71 points.

The total value of the trading reported was SAR 5.5 billion, while the toll of shares traded was 153 million.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 114.90 points, to close at 25,217.57 points, with a valuation of SAR 113 million and an overall tally of more than 1,410,000 stocks traded and divided into as many as 5,202 deals.

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Gold Rebounds as US Dollar, Treasury Yields Retreat

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
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Gold Rebounds as US Dollar, Treasury Yields Retreat

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo

Gold rose on Wednesday, helped by a slight pullback in the dollar and bond yields, while investors digested data showing an increase in US consumer prices last month and waited for further clarity on US President Donald Trump's trade policy.

Spot gold was up 0.5% at $3,337.29 per ounce, as of 0550 GMT. US gold futures edged 0.2% higher to $3,343.90, Reuters said.

The dollar index eased from a one-month peak, making gold more attractive for other currency holders. Benchmark US 10-year Treasury yields retreated from multi-week highs.

"Many countries are still negotiating with the US on the tariffs. There are still a lot of uncertainties in the market and many are looking for safe havens," said Brian Lan, managing director at GoldSilver Central, Singapore.

Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1. However, Trump said on Monday he was open to further negotiations.

US consumer prices increased in June by the most in five months amid higher costs for some goods, suggesting tariffs were starting to have an impact on inflation and potentially keeping the Federal Reserve on the sidelines until September.

Following the data, Trump said that consumer prices were low and the Fed should bring down interest rates now.

The US central bank will probably need to leave rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs, Dallas Fed Bank President Lorie Logan said.

Gold, often considered a safe haven during times of economic uncertainties, tends to do well in a low-interest-rate environment.

Market focus now shifts to the US Producer Price Index data due at 1230 GMT on Wednesday for more cues.

Elsewhere, spot silver gained 0.3% to $37.83 per ounce. Platinum rose 0.3% to $1,375.63 and palladium climbed 0.2% to $1,208.91.