Saudi's Kingdom Holding shares soar after Prince Alwaleed freed

Source: Reuters | By I.G. Bhatkali | Published on 29th January 2018, 3:06 AM | Gulf News | Don't Miss |

Riyadh: Shares in Riyadh-listed international investment company Kingdom Holding soared at the opening on Sunday after the company's owner, Prince Alwaleed bin Talal, was released after being detained for over two months in a corruption probe.

The stock immediately jumped its 10 per cent daily limit to 10.04 riyals in unusually active trade.

Shares in Saudi fashion retailer Fawaz Abdulaziz Alhokair Co, whose major shareholder Fawaz Alhokair was also detained in the sweeping investigation and released at the weekend, jumped 7.6 per cent in the opening minutes.

The Saudi stock index was flat, restrained by a 1.9 per cent drop by top petrochemical producer Saudi Basic Industries, which fell 2.1 per cent after reporting lower-than-expected fourth-quarter earnings.

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