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REPORT: Saudi stocks hit by political purge

Lea Fayad

Author: Lea Fayad

Breaking Headlines

06-11-2017 | 14:47

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REPORT: Saudi stocks hit by political purge

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Saudi Arabia's stock market fell over 1.5 percent on Monday as a purge by its Crown Prince on fellow royals, ministers and businessmen appeared to be widening.

Turki Fadaak, a research and advisory manager at Albilad Investment Company said any economy undergoing restructuring had to tackle corruption and Crown Prince's decisions showed that no one is above law.

The heaviest Saudi loses saw a near 5 percent slump in the detained billionaire Prince Alwaleed bin Talal's Kingdom Holding, after it had dived almost 8 percent on Sunday.

Al Tayyar Travel plunged 10 percent too, after the company quoted media reports saying Nasser bin Aqeel al-Tayyar, still one of its board members, had also been held by authorities.

Saudi's Crown Prince Mohammed bin Salman had moved to consolidate his power and crackdown on corruption with a cabinet reshuffle and a string of detentions of prominent figures.

Dozens of people have been detained in the crackdown, which has consolidated Prince Mohammed's power while alarming much of the traditional business establishment.

REUTERS

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