Kingdom Holding tumbles nearly 10% as Tadawul opens

05/11/2017 Argaam
by Nadeshda Zareen

Kingdom Holding Co. (KHC) plunged 9.92 percent to SAR 9.26 within minutes of trading opening on Saudi Stock Exchange (Tadawul) on Sunday, following reports that chairman Prince Alwaleed bin Talal was among the 11 princes to be detained through the country’s newly formed anti-corruption committee.

 

The investment firm, which swung to net profit in Q3 2017, was the top decliner in the early hours.

 

The Tadawul main index fell 1.5 percent in the first 10 minutes to 6,852 as reports of the corruption probe and detentions played on investor sentiment. The advance-decline ratio held at 12-159.

 

Among other key decliners were: Emaar EC (down 5.8 percent), SABIC (0.3 percent), and Saudi Research and Marketing Group (down 2.8 percent).

 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com

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