Monday 29, October 2018 by Kudakwashe

Foreigners sell $624 million worth of Saudi stocks

 

The Tadawul is up about eight per cent compared to the same period last year although has weakened in this quarter.

Foreigners investors sold a net SAR 2.34 billion ($624 million) in the Saudi stock market in the week ending 25 October, but the Tadawul was supported by local institutions which bought SAR 8.06 billion riyals worth of stocks.

The foreign selling slowed from a record SAR 4.01 billion in Saudi stocks in the previous week following investors’ concern over the Kingdom's deteriorating relations with foreign powers following the killing of journalist Jamal Khashoggi.

The Public Investment Fund (PIF) has been indirectly supporting local stocks, using local institutions to limit a market crash caused by the killing of Khashoggi, reported Reuters.

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