Saudi Stocks Surge after Crown Prince Assurances
The Saudi stock market surged Thursday a day after Crown Prince Mohammed bin Salman made his first public comments on the murder of Jamal Khashoggi and vowed to press on with reforms.
The Tadawul All-Shares Index (TASI) rose 4.3 percent to close trading on the last day of the week on 7,835.54 points.
The market has so far regained almost all the losses it has sustained since journalist Khashoggi was murdered after entering the Saudi consulate in Istanbul on October 2.
TASI, the largest Arab bourse, is 8.4 percent higher on the year.
The market came under tremendous pressure, diving seven percent during trading on October 14 over the Khashoggi crisis before state-held funds stepped in to support the bourse.
After first insisting Khashoggi left the consulate unharmed, Saudi authorities have given various accounts before on Thursday acknowledging that evidence from Turkey indicates the killing was premeditated.
The affair prompted numerous high-profile political and business leaders to pull out of Saudi Arabia's Future Investment Forum (FII) in the capital Riyadh this week.
The event nevertheless went ahead and Prince Mohammed addressed delegates on Wednesday, when he denounced the "repulsive" murder of Khashoggi and vowed justice will prevail.
The prince also said he was determined to continue with implementing economic reforms under his Vision 2030 program, which is aimed at reducing the kingdom's total reliance on oil and expanding the role of the private sector.
Source: Agence France Presse
| Copyright © 2012 Naharnet.com. All Rights Reserved. | https://naharnet.com/stories/en/252270 |