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Saudi stocks surge after crown prince assurances
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Saudi Crown Prince Mohammed bin Salman (center) poses for a selfie with an unidentified man near Saudi billionaire Prince Al-Walid bin Talal (right) during the Future Investment Initiative FII conference in the Saudi capital Riyadh on Oct., 23. Saudi Arabia is hosting the key investment summit overshadowed by the killing of critic Jamal Khashoggi that has prompted a wave of policymakers and corporate giants to withdraw.
Bandar AL-JALOUD / Saudi Royal Palace / AFP (AFP/-)
T
he 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 programme, which is aimed at reducing the kingdom's total reliance on oil and expanding the role of the private sector.
