Saudi Arabian Government Propping Up Stock Market
Business Insider reports that an in-depth investigation by the Wall Street Journal has found that the Saudi Arabian government has been propping up the stock market when things take a southward turn for the country's financial markets. According to sources, the Saudi government will place enormous buy orders in the last few moments of trading on negative trade day. These massive purchases, effectively shore up a downward spiral and either stabilize the market or send it climbing. When asked about the practice, Abdullah al Marshad, a trader at Saudi Arabia's Samba Financial Group said; "It tells people: Don't worry."