About $115 million of foreign investments had been pumped into Saudi stock market last week, according to Tadawul data. Faced with increased liquidity from foreign investors, local institutions brought about $693.3 million into the stock market last week, while Gulf investors pumped about $ 29.3 million. On the other hand, more than 100 Saudi companies announced their financial results of 2017, which showed a growth in profit of 11.1 per cent compared to 2016, bringing total profit achieved for 101 companies which announced its financial results so far to about $25 billion. The positive results occur at a time Morgan Stanley Capital International (MSCI) revealed in a recent report that the Saudi stock market is close to the upgrade, indicating that the kingdom will have a potential weighting of 2.3 percent on MSCI’s emerging-market index. In addition, the report was published when Saudi stock market was able to attract more institutional and foreign capital in recent weeks. In its report on Saudi market, MSCI expected to increase the size of the market at the launch of Aramco, indicating its decision on whether to upgrade Saudi Arabia to emerging market status will be independent of the stock market’s ability to absorb the listing of Saudi Aramco In a related context, Saudi Arabia stock market Tadawul All Share closed on an increase in 1.77 percent to hit a new 52-week high. MSCI said in its report it would consider upgrading Saudi Arabia to emerging market status, a move that would attract tens of billions of dollars of fresh foreign money as the country seeks to diversify its economy beyond oil. MSCI will announce its decision in June 2018, and any move to upgrade would take effect in two phases - in May 2019 and August 2019. The Index estimated 32 major Saudi stocks would gain emerging market status, which amounts to $124.1 billion. Saudi Arabia currently ranks second among the high-income, G20 countries in the area of reforms aimed at improving the climate for doing business, according to the World Bank’s Ease of Doing Business latest ranking.