Saudi stocks make slight recovery after Khashoggi fallout
Saudi stocks made a partial comeback Monday after days of heavy losses in economic fallout linked to political tensions over the disappearance of prominent journalist Jamal Khashoggi.
The Tadawul All-Shares Index (TASI) rose 1.8 percent after two hours of opening, a day after the index plunged 7.0 percent at one stage before closing 3.5 percent lower.
The partial recovery came after TASI shed around 8.4 percent in the previous four sessions, wiping out all gains made throughout the year.
The plunge in the Saudi bourse, the largest in the Arab world, was the worst in years and came after US President Donald Trump threatened Riyadh with "severe punishment" if Khashoggi was killed inside its Istanbul mission.
Riyadh responded by warning it would retaliate against any sanctions imposed on it, as more Western firms distanced themselves from a major investment conference in Saudi Arabia later this month.
Saudi Arabia has dismissed the allegations that Khashoggi, who has been critical of powerful Crown Prince Mohammed bin Salman, was brutally killed during an October 2 visit to the consulate and stressed he left safely.
Geopolitical tensions surrounding Saudi Arabia have battered shares in Japanese conglomerate Softbank, which has close financial ties to the kingdom.
Softbank stock on Monday plunged more than seven percent in Tokyo, as Riyadh is heavily involved in the firm's massive technology investment fund.
Source: Agence France Presse
| Copyright © 2012 Naharnet.com. All Rights Reserved. | https://mobile.naharnet.com/stories/en/251833 |