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Kuwait, Saudi Arabia Stocks Climb After MSCI Review: Inside EM

(Bloomberg) — Stocks in Kuwait and Saudi Arabia rose the most in the Gulf as investors reacted positively to a review by index compiler MSCI Inc. late last week.Kuwait’s index advanced as much as 1.8% after MSCI said it will increase the weight of National Bank of Kuwait SAK, the country’s biggest lender, within its benchmarks. That’s “a big positive surprise,” analysts at EFG-Hermes said. NBK’s shares gained as much as 4.3%, the most in two years.In Riyadh, Arab National Bank climbed as much as 5.4% after MSCI said it will add the stock to its emerging-markets index. It finished …read more […]

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UBS wealth management co-head Khan unveils plans to grow business: paper

UBS executive board member Iqbal Khan wants to expand credit to rich clients as a way to grow the Swiss bank’s wealth management business, it was reported on Sunday. Khan, the former Credit Suisse star manager who is now co-head of wealth management at UBS, said in a memo to staff he wanted to see “quick wins while working on long-term strategic solutions,” Sonntagzeitung wrote on Sunday. “Financing is definitely an area where we could do more,” Khan said in the memo, according to the newspaper. …read more […]