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They allegedly raised share price of company by 1,106% in a year The Saudi Stock Exchange (Tadawul) in Riyadh. For illustrative purposes only. Image Credit: Reuters
Abu Dhabi: The Saudi Capital Market Authority referred 11 suspects to the Public Prosecution for allegedly carrying out manipulative and misleading practices in the stock market.
They reportedly illegally traded shares of Anaam Holding and Al Kathiri over the past 11 months, from December 2019 until last month, by entering purchase orders with the aim of influencing the share prices, the Capital Market Authority said.
According to Okaz, the shares of Anaam Holding Company rose by 1,106 per cent from its lowest to highest annual price, as its lowest annual price reached 18.44 riyals, while its highest reached 222.4.