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Thu 25 Oct 2018 07:11 PM

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Saudi bourse rebounds after crown prince's vow on reforms

Tadawul All-Shares Index rises 4.3% a day after Crown Prince Mohammed bin Salman pledges to continue reforms

Saudi bourse rebounds after crown prince's vow on reforms
The Tadawul All-Shares Index rose 4.3 percent to close trading on the last day of the week on 7,835.54 points. (FAYEZ NURELDINE/AFP/Getty Images)

The 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.

The event nevertheless went ahead and Prince Mohammed addressed delegates at Saudi Arabia's Future Investment Forum (FII) in the capital Riyadh 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.

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