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Saudi's Kingdom Holding shares soar after Prince Alwaleed freed

Published 01/28/2018, 02:19 AM
Updated 01/28/2018, 02:20 AM
© Reuters. Saudi Arabian billionaire Prince Alwaleed bin Talal sits for an interview with Reuters in the office of the suite where he has been detained at the Ritz-Carlton in Riyadh, Saudi Arabia
TASI
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2010
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4240
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4280
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DUBAI (Reuters) - Shares in Riyadh-listed international investment company Kingdom Holding (SE:4280) 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 percent daily limit to 10.04 riyals in unusually active trade.

Shares in Saudi fashion retailer Fawaz Abdulaziz Alhokair Co (SE:4240), whose major shareholder Fawaz Alhokair was also detained in the sweeping investigation and released at the weekend, jumped 7.6 percent in the opening minutes.

© Reuters. Saudi Arabian billionaire Prince Alwaleed bin Talal sits for an interview with Reuters in the office of the suite where he has been detained at the Ritz-Carlton in Riyadh, Saudi Arabia

The Saudi stock index (TASI) was flat, restrained by a 1.9 percent drop by top petrochemical producer Saudi Basic Industries (SE:2010), which fell 2.1 percent after reporting lower-than-expected fourth-quarter earnings.

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