Monday 13 November 2017

Value of Saudi sovereign fund jumps amid market turmoil

Value of Saudi sovereign fund jumps amid market turmoil:

"As Saudi Arabia’s anti-corruption purge sends the shares of some if its companies into a tailspin, the kingdom’s sovereign wealth fund has gained in value.

Last week the market value of the Public Investment Fund’s portfolio of Saudi equities jumped by almost $3 billion, Reuters calculations show, even as the arrest or questioning of more than 200 people in the probe caused stocks in many privately controlled firms to slump.

The share price of National Commercial Bank, for example, surged 8.7 percent; Saudi Arabian Mining Co gained 4.7 percent. They and the remainder of the PIF’s top 10 holdings rose, while the main stock market index moved sideways."



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