Saudi Crown Prince Nayef Dies Causing Plunge in Saudi Arabian Stocks
by John Galt
June 16, 2012 07:15 ET
Prince Nayef bin Abdulaziz Al Saud, who became heir to the throne last year at the age of 78, has passed away. He was also the head of the country’s interior ministry and considered a hard core traditionalist willing to work with Western governments while demanding non-intervention from world powers in Saudi Arabian affairs. The Crown Prince’s passing now brings a wee bit more instability to the region as the new successor must be found soon considering the poor health and age of King Abdullah. The immediate reaction to the news was quite obvious with the Saudi Arabian stock market, the TASE, selling off by over 2% immediately then recovering about half of those losses.
(chart from Bloomberg.com)