World Markets

Saudi Arabia's Kingdom Holding shares soar after Prince Alwaleed freed

Saudi Prince Alwaleed bin Talal
Fahad Shadeed | Reuters

Shares in Riyadh-listed international investment company Kingdom Holding 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, 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.

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