Foreigners Keep Buying Saudi Shares: Read This on a Loop - Bloomberg:
Qualified foreign investors from outside the Gulf were net buyers of Saudi shares by yet another record last week. It’s the third time that’s happened this year, and it probably won’t be the last.
Foreigners were the main purchasers of shares in Riyadh in the five days ended May 2, during the second phase of FTSE Russell’s inclusion of the kingdom in its emerging-market benchmarks. Buying activity should escalate later this month, when MSCI Inc. follows suit, since its indexes reference a much broader fund universe.
Those making money as foreigners arrive are mostly Saudi. Local individual and institutional investors have been net sellers almost every week this year. The institutional group includes government-related entities and mutual funds tied to the government, which stepped up purchases during an October crisis triggered by the killing of journalist Jamal Khashoggi in Turkey. As of May 2, they held about 67 percent of local shares.
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