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article imageSaudi stocks rebound after Khashoggi fallout

By AFP     Oct 15, 2018 in Business

Saudi stocks made a strong comeback on Monday after days of heavy losses in economic fallout linked to political tensions over the disappearance of prominent journalist Jamal Khashoggi.

The Tadawul All-Shares Index (TASI) surged 4.04 percent at close a day after the index plunged 7.0 percent at one stage before closing 3.5 percent lower.

All the sectors in the market ended higher while 183 out of 185 listed firms made gains. The index is now 4.6 percent up on the year.

TASI, the largest shares market in the region with a capitalisation of $480 billion, shed around 8.4 percent in the previous four trading sessions, wiping out all gains made throughout the year.

Sunday's plunge in the Saudi bourse was the worst in years and came after US President Donald Trump threatened Riyadh with "severe punishment" if Khashoggi was killed inside its Istanbul mission.

Riyadh responded by warning it would retaliate against any sanctions imposed on it, as more Western firms distanced themselves from a major investment conference in Saudi Arabia later this month.

Saudi Arabia has dismissed the allegations that Khashoggi, who has been critical of powerful Crown Prince Mohammed bin Salman, was brutally killed during an October 2 visit to the consulate and stressed he left safely.

Geopolitical tensions surrounding Saudi Arabia have battered shares in Japanese conglomerate Softbank, which has close financial ties to the kingdom.

Softbank stock on Monday plunged more than seven percent in Tokyo, as Riyadh is heavily involved in the firm's massive technology investment fund.

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