Saudi stock market up after King Fahd's death crisis

The Saudi stock market on Tuesday was up for the second day, following a anticipated crisis by many analysists following the announcement of the death of King Fahd Bin Abdul Aziz on Monday.

The Saudi market shares increased at 172.81 points and the value of trade transactions reached more than 7.215 billion Riyals ( USD 1.9 billion).

The Saudi financial analysist Rashed al-Fawzan said that the smooth authority transfer and the strong Saudi economy contributed to a minor effect on the Saudi stock market.

A Saudi economic source indicated that the calm in the stock market returned on Tuesday, and any reaction that might lead to heavy losses was contained.

He added that this control was reached following the decision of the stock market commission to keep the market open despite the death of the Saudi king. The market was closed by the end of morning dealings at 13439.53 points, noting that the shares of 67 companies out of the dealt with 76 were up, while only the shares of 8 companies decreased.