Foreigners Bolster Saudi Stocks as Tension in the Region Mounts - Bloomberg: Rising tensions in the Gulf region aren’t stopping foreign investors from supporting Saudi Arabian stocks, just four years after funds from abroad were first allowed to trade directly in Riyadh.
International funds helped contain losses in the final trading session last week, when Gulf stocks were sold off amid escalating tensions in the region. Qualified foreign funds have been net buyers almost every week this year, helped by the addition of the kingdom to the emerging-markets benchmarks compiled by MSCI Inc. and FTSE Russell.
The Tadawul All Share Index dropped 1.6% on Thursday, trimming weekly gains to 5%, after two oil tankers were damaged near the Strait of Hormuz in a suspected attack, the second such episode in a month. The loss to the gauge would probably be steeper without passive flows, analysts said.
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