Saudi's Kingdom Holding shares soar after Prince Alwaleed freed

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January 28, 2018 2:18 AM EST

FILE PHOTO: Saudi Arabian billionaire Prince Alwaleed bin Talal sits for an interview with Reuters in the office of the suite where he has been detained at the Ritz-Carlton in Riyadh, Saudi Arabia January 27, 2018, REUTERS/Katie Paul

DUBAI (Reuters) - Shares in Riyadh-listed international investment company Kingdom Holding <4280.SE> 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 Co <4240.SE>, 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 <.TASI> was flat, restrained by a 1.9 percent drop by top petrochemical producer Saudi Basic Industries <2010.SE>, which fell 2.1 percent after reporting lower-than-expected fourth-quarter earnings.

(Reporting by Andrew Torchia)


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