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DUBAI: Signs of progress toward settling cases in ¶¶Òõ¶ÌÊÓƵ’s crackdown on corruption boosted its stock market on Sunday.
The Saudi index far outperformed the rest of the region as it rose 1.4 percent to 7,440 points in active trade, rising above last September’s peak of 7,429 points.
Dozens of Saudi princes, officials and top businessmen — including owners of major stakes in some firms — were detained as part of the crackdown in early November. The market’s initial panic has faded, but investors are still concerned about the fate of some of the companies involved.
On Saturday, family-owned construction giant Saudi Binladin Group, which has seen its chairman and several other members of the Bin Laden family detained, said some of its shareholders might transfer part of their holdings to the state in a settlement with authorities.
The announcement, which confirmed an earlier Reuters report, boosted banking shares on Sunday with all 12 listed banks rising. Saudi British Bank jumped 4.6 percent.
A Saudi banker said the Binladin news appeared positive for the sector in the short term because state ownership might help the recovery of financially troubled Binladin, ensuring that payments to its bank creditors continued.
However, the banker added that it remained unclear whether banks would benefit in the long term, as restructuring Binladin could also involve a restructuring of its debt or more pressure on banks to make provisions or write off some debt.