Record Foreign Buying of Saudi Stocks as Khashoggi Worries Fade
- January net purchases by foreigners were highest on record
- Investors see a correction after inclusion in major benchmarks
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Foreigners made their highest net purchases of Saudi shares on record last month as the inclusion of local stocks in major benchmarks outweighed concerns sparked by the killing of Jamal Khashoggi.
Investors from outside the country and the Gulf were net buyers of around 4.4 billion riyals ($1.17 billion) of Saudi-listed stocks in January, the most for a single month since data became available in 2015. International funds are seeking to build exposure as some of the stocks will be added to emerging-market indexes compiled by MSCI Inc. and FTSE Russell. Local funds, on the other hand, are buying less.