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☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

LONDON, Nov 12 (Reuters) - Foreign investors pulled a record amount of money from U.S. equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's business-friendly narrative. The iShares MSCI Saudi Arabia ETF saw record net outflows in October of more than $200 million, LSEG data shows, cutting 20% from what it held at the beginning of the month. "Capital flight can be quite indiscriminate," said Torbjorn Soltvedt, principal analyst for the Middle East and North Africa with Verisk Maplecroft. The iShares MSCI Qatar ETF (QAT.O) lost $7.7 million in funds in October, while the iShares MSCI UAE ETF (UAE.O) suffered outflows of $2.75 million. Nearly all the region's main economies are strong enough to weather some turmoil, investors say.

Persons: Torbjorn Soltvedt, Verisk, Natalia Gurushina, Israel, Gurushina, Bonds, Sergey Dergachev, Maplecroft, Dergachev, Libby George, Alexander Smith Organizations: Saudi Arabia ETF, . Exchange, Exchange, ARK Israel Innovative Technology, BlueStar, BlueStar Israel Technology, Hamas, Union Investment, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Qatar, UAE, Israel, East, North Africa, BlueStar Israel, outflows, Saudi, London, Bengaluru

There's a burgeoning bull case for Saudi Arabia stocks. The iShares MSCI Saudi Arabia ETF (KSA) is up more than 8% year to date and almost 20% over a three-year period. The MSCI Saudi Arabia Index is composed of almost 45% in financials, followed by 22.1% in materials, mostly consisting of petrochemicals groups. More foreign investment The kingdom's Vision 2030 economic blueprint aims to raise foreign direct investment contributions to 5.7% by 2030 from 0.7% currently . Another fund that does this is the Franklin FTSE Saudi Arabia ETF (FLSA) .

Persons: Morgan Stanley, Carlos Asilis, Ramzi Sidani, — it's, they've, It's, Andrew Miller, Miller, Glovista's, HSBC's Sidani, Mondrian, — CNBC's Michael Bloom Organizations: Glovista Investments, JPMorgan —, HSBC's Global Research, Saudi, HSBC's Frontier Equity, United Arab Emirates, Mondrian Investment Partners, Franklin FTSE, Franklin FTSE Saudi Arabia, Aramco, Al, Al Rajhi Bank Locations: Saudi Arabia, Saudi, Russia, Ukraine, East, Korea, Australia, Chile, Poland, financials, Qatar, Franklin FTSE Saudi, Al Rajhi

☆ Bank of America expects SABIC Agri-Nutrients shares to rise by 50% due to a worldwide fertilizer shortage
▼ + stars: | 2023-01-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of Sabic Agri-Nutrients are expected to rise by more than 50% over the next year thanks to a limited fertilizer supply worldwide, according to Bank of America. In contrast, BofA analyst Sashank Lanka said Sabic Agri-Nutrients pays $1.25/MMBtu for the gas, owing to its relationship with Saudi petrochemicals company Sabic, which is a majority shareholder. "We also expect the urea cost curve to steepen, supported by rising gas prices in EU and Asia along with high coal prices," Lanka added. Although gas prices have eased since their August peak, analysts expect demand to pick up in Europe during the winter. Sabic Agri-Nutrients reported an increase in net profits by 93.3% to 2.3 billion Saudi riyals ($610 million), compared to the previous year.

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