Jul 30, 2024 04:54 AM

FINANCE

China Investors Pile Into Saudi ETFs as Two Nations Grow Closer

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Part of the fervor surrounding the two ETFs is the growing economic and trading ties between China and Saudi Arabia

Part of the fervor surrounding the two ETFs is the growing economic and trading ties between China and Saudi Arabia

(Bloomberg) — Chinese investors are pouring money into two new exchange-traded funds (ETFs) tracking Saudi Arabian shares as the dismal performance of local equities supercharges demand for overseas assets.

The Saudi-focused ETFs enjoyed a bumper start when they debuted in Shanghai and Shenzhen on July 16, with both jumping by the daily 10% limit on their first two trading days. They were then suspended for part of July 18 after their managers notified the exchanges that the premium of their share price over their net asset value (NAV) had become excessive.

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