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Saudi Arabia ETF Sinks as Mnuchin Pulls Out of Riyadh Conference: (KSA)

TedTed
in The Bullpen
FYI: The largest U.S.-listed exchange-traded fund tracking Saudi Arabian stocks sank Thursday as U.S. Treasury Secretary Steve Mnuchin said he was skipping an investor conference in Riyadh amid rising pressure to hold the kingdom’s leadership accountable for the disappearance of a Saudi journalist.

The $219 million iShares MSCI Saudi Arabia ETF, ticker KSA, started tumbling at around 10:30 a.m. in New York, eventually falling as much as 2.2 percent. The fund was down 1.6 percent in afternoon trading. Volume in the ETF has soared as well, with roughly 1.8 million shares worth around $50 million moving this week, almost quadruple the average weekly turnover for the past year.

Investors are also pulling cash out, with KSA seeing nearly $13 million of outflows on Tuesday, the most since its inception in September 2015.
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-10-18/saudi-arabia-etf-sinks-as-mnuchin-pulls-out-of-riyadh-conference?srnd=etfs

M* Snapshot KSA:
https://www.morningstar.com/etfs/ARCX/KSA/quote.html
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