GCC Equities Review: Saudi market ends higher in a turbulent year | ZAWYA MENA Edition:
Saudi Arabia's stock market put in a creditable performance in 2018, finishing the year 8.4 percent higher, which is a considerable outperformance of both the MSCI World market (down 10.4 percent) and MSCI Emerging Market (down 16.6 percent) indices.
Yet the total value of stocks traded in the market during the year actually declined by 16.2 percent to $185.6 billion, according to data from KAMCO Research, and although it ended the year with over $1 billion more of foreign capital invested, this was after a tumultuous fourth quarter when $1.89 billion of capital flowed from the kingdom's markets following the international backlash resulting from the murder of journalist Jamal Khashoggi in a Saudi consulate in Istanbul in early October.
Foreigners had piled into Saudi markets earlier in the year on the back of announcements by index compilers FTSE Russell (in March), MSCI (in June) and S&P Dow Jones (in July) that the kingdom's stock market would be upgraded to their respective emerging market indices in 2019.
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