Saudi Stocks Slump After King Salman Admitted To Hospital
Tyler Durden
Mon, 07/20/2020 – 09:50
The Saudi Arabian stock market slumped in early trading on Monday following the news King Salman bin Abdulaziz had been admitted to the hospital, reported Reuters.
State news agency SPA reported the king is suffering from inflammation of the gallbladder, was checked into a hospital in the capital Riyadh. The news sent the Saudi Stock Exchange Tadawul down 62bps to close at 7,377.36.
Foreign Minister Prince Faisal bin Farhan Al Saud said a meeting with Iraqi Prime Minister Mustafa al-Kadhimi had been canceled due to the king’s hospitalization.
“In recognition of the importance of the visit and keenness to make it a success, our wise leadership in coordination with our brothers in Iraq decided to postpone the visit until after King Salman leaves the hospital,” bin Farhan tweeted.
The de facto ruler and next to the throne is the king’s son, Crown Prince Mohammed bin Salman (MBS).