Saudi stocks drop after corruption probe detains businessmen: officials

DUBAI: Saudi Arabia's stock market fell in early trade on Sunday after Crown Prince Mohammed bin Salman moved to consolidate his power and crack down on corruption with a Cabinet reshuffle and a string of detentions of prominent figures.

The Saudi equities index was down 1.5 percent after eight minutes of trade. Investment firm Kingdom Holding , owned by billionaire Prince Alwaleed bin Talal, who was one of those detained, plunged 9.9 percent.

Saudi-owned Al Arabiya television reported a new anti-corruption committee chaired by Prince Mohammed had detained 11 princes, four current ministers and tens of former ministers.