Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. REUTERS/Faisal Al Nasser
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While billions of dollars will flow into Saudi Arabia with its inclusion in MSCI Inc.'s emerging-market benchmark in June, don't be counting on the passive money to revive the market's fortunes, Eaton Vance Corp. says. Government-related funds, which appeared to have propped up Saudi equities following the murder of columnist Jamal Khashoggi in October, will probably become sellers next year to investors tracking the MSCI index -- in classic buy-low, sell-high style, according to the Boston-based money manager.Cairo-based EFG-Hermes Holding Co. expects Saudi inclusion in emerging-market benchmarks by both MSCI and FTSE Russell to draw as much as $22 billion from active money managers, on top of about $16 billion in passive inflows.Foreign investors dumped Saudi stocks for seven straight weeks after the killing and resumed their selling last week.
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