Foreigners Splurge on Saudi Shares as FTSE Begins Upgrade - Bloomberg:
Foreign investors increased purchases of Saudi equities last week to the highest value on record as they positioned for the kingdom’s inclusion in major benchmarks.
Foreigners were net buyers of about 1.6 billion riyals ($427 million) of stocks in the five days through March 14, more than any other week since the data were first disclosed in 2015. The inflows picked up as FTSE Russell begins to include the country in its emerging-market category on Monday, attracting fund managers that follow the indexes passively.
Qualified foreign institutional investors, who were first allowed to directly access the Saudi bourse in 2015, were the leading category of purchasers. They’ve been net buyers almost every week this year, reversing a trend that started in October when they sold heavily amid increased volatility following the murder of Saudi journalist Jamal Khashoggi.
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