Global index builder Morgan Stanley Capital International (better known as MSCI) has published its latest reshuffle of international equity indices, upgrading some Kingdom-based companies and listing others for the first time. Changes will take effect as of the close of Friday, 30 August, MSCI said in a statement (pdf).

Al Rajhi Cooperative Ins. got an upgrade: The company stepped up to the MSCI Global Standard Index (pdf), moving up from the Saudi Arabia Small Cap Index (pdf) and the GCC Small Cap Index (pdf).

Our friends at Cenomi Centers made their debut on the MSCI Saudi Arabia Small Cap Index which tracks regional small cap stocks, according to the latest MSCI GCC countries MSCI domestic small cap indexes (pdf). Modern Mills for Food Products was also added to the small cap indexes for the first time.

SOUND SMART- MSCI indexes are widely used by investors, portfolio managers, and financial advisors to track equity and fixed-income markets across different regions.

Why it matters: While getting added to the MSCI indexes attracts investor attention to the company’s stocks, being excluded isn’t necessarily a sign for concern given that it could be based on not meeting specific index criteria, including a change to the company’s structure, among other things.

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