Saudi stocks drop after corruption probe detains businessmen, officials

Saudi Arabia’s stock market fell in early trade on Sunday after Crown Prince Mohammed bin Salman moved to consolidate his power as well as crack down on corruption which has a Cabinet reshuffle as well as 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 fresh anti-corruption committee chaired by Prince Mohammed had detained 11 princes, four current ministers as well as tens of former ministers.

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