World Markets

Saudi stocks drop after corruption probe detains businessmen, officials

Saudi Prince Alwaleed bin Talal
Fahad Shadeed | Reuters

Saudi Arabia's stock market fell in early trade on Sunday after Crown Prince Mohammed bin Salman moved to consolidate his power and crack down on corruption with a Cabinet reshuffle and a string of detentions of prominent figures.

The Saudi equities index was down 1.5 percent after eight minutes of trade. Investment firm Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, who was one of those detained, plunged 9.9 percent.

Saudi-owned Al Arabiya television reported a new anti-corruption committee chaired by Prince Mohammed had detained 11 princes, four current ministers and tens of former ministers.