Saudi's PIF supports stocks to limit Khashoggi crash, sources say | Reuters

Saudi's PIF supports stocks to limit Khashoggi crash, sources say | Reuters:

Saudi Arabia’s Public Investment Fund (PIF) has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the killing of Saudi journalist Jamal Khashoggi, sources familiar with the matter said.

Foreign investors have been dumping Saudi equities over the past two weeks. Last week, they sold 1.07 billion in Saudi stocks, in one of the biggest sell-offs since the market opened to direct foreign buying in mid-2015.

The sell-off came amid increasing investor worries over the potential blow to Saudi Arabia’s relations with the West following the death of journalist Jamal Khashoggi in Istanbul on Oct. 2.