Monday 22, October 2018 by Kudakwashe

Foreigners sell net $1.1 billion of Saudi stocks


The sell-off follows a week when investors were rattled by the Kingdom’s deteriorating relations with foreign governments.

Foreign investors have sold a net SAR 4.01 billion ($1.07 billion) in Saudi stocks last week, one of the biggest selloffs since the market opened to direct foreign buying in mid-2015, reported Reuters.

The exchange data showed that foreigners sold SAR 5 billion and bought SAR 991.3 million worth of stocks.

The stock exchange data also showed Saudi individual investors such as retail investors and high net worth individuals sold a net SAR 3.4 billion worth of stocks, however Saudi institutions bought a net SAR 7.8 billion worth of stocks.

Saudi Arabia’s credit default swaps rose to 100 basis points late last week for the first time since June.

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