MIDEAST STOCKS-Saudi's Kingdom soars on Alwaleed release, earnings hit SABIC:
"Shares in Saudi Arabia’s Kingdom Holding soared on Sunday after owner Prince Alwaleed bin Talal was released from detention, but top petrochemical producer Saudi Basic Industries fell on weak fourth-quarter earnings.
Because of heavily weighted SABIC, the Saudi stock index rose only 0.2 percent, but rising stocks outnumbered losers by 109 to 67.
The release of Prince Alwaleed and at least several other senior Saudi businessmen at the weekend, after they were detained for over two months in a corruption probe, was seen as positive for their companies - and also for the market as a whole, by suggesting the probe, which sent shockwaves through political and business circles, was winding down."
'via Blog this'
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