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By Andrew Torchia
DUBAI, June 18 (Reuters) - Most major Gulf stock markets fell on Sunday because of weak oil prices, but hopes that Saudi Arabia will join MSCI's group of emerging markets, which would trigger billions of dollars of fund inflows, buoyed that market.
MSCI will announce late on Tuesday whether it is adding Saudi Arabia to a list for possible upgrade to emerging market status; the upgrade, if it happens, would probably not occur before mid-2019.
The Saudi index
National Commercial Bank
The Saudi labour ministry said it was working to transfer around 8,000 remaining workers at financially troubled construction company Saudi Oger to other firms. A spokesman for Oger could not be reached for comment, while a source close to the company said there was no decision to close it down.
Most Saudi banks are exposed to Oger debt, but many have already taken partial provisions for it, while any wind-up process could be prolonged. Bank shares in general did not appear to be hurt by the Oger news.
In most other big Gulf markets, however, the mood was glum. Brent oil futures
"Oil prices above US$50/bbl are conducive to helping reforms succeed while oil prices below US$40/bbl are likely to endanger macro stability," Bank of America Merrill Lynch said in a report last week.
Dubai's stock index
But Union Properties
Qatar
HIGHLIGHTS
SAUDI ARABIA
* The index
DUBAI
* The index
ABU DHABI
* The index
QATAR
* The index
EGYPT
* The index
KUWAIT
* The index
BAHRAIN
* The index
OMAN
* The index
(Editing by Larry King) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))