SoftBank Group shares slide 5 per cent as Saudi ties cause concern

Saudi Arabia, which provided much of the funding for the SoftBank Vision Fund, is seeing a growing number of attendees pull out of the "Davos in the Desert" investment conference after the disappearance of a prominent Saudi journalist.

By: Reuters | Tokyo | Published: October 15, 2018 9:10:02 am

The benchmark Nikkei index was down 1.4 per cent in morning Tokyo trade (Reuters/Representative image)

SoftBank Group Corp shares tumbled 5.3 per cent on Monday, hurt by worries over its ties to Saudi Arabia as well as a broader market sell-off.

Saudi Arabia, which provided much of the funding for the SoftBank Vision Fund, is seeing a growing number of attendees pull out of the “Davos in the Desert” investment conference after the disappearance of a prominent Saudi journalist.

“With misgivings emerging about Saudi involvement in the journalist’s disappearance, SoftBank’s stock price is responding negatively,” said Takashi Oikawa, an analyst at Ichiyoshi Securities.

The benchmark Nikkei index was down 1.4 per cent in morning Tokyo trade as investors fretted over Sino-U.S. trade disputes and a possible slowdown in the Chinese economy.

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